The twin island of Federation of St Kitts and Nevis has reached a significant milestone in receiving one million cruise visitors over two consecutive seasons.
According to the study released by Business Research & Economic Advisors (BREA), Economic Contribution of Cruise Tourism to the Destination Economies to the FCCA, cruise tourism directly generated US$143 million to the St. Kitts economy, along with nearly 2,065 jobs, paying more than US$17 million in wage income.
During the last cruise year the average cruise passenger spend was US$135.94 in St. Kitts, the third highest in the Caribbean.
Work is progressing on the construction of the second pier at Port Zante which is funded by Citizenship by investment (CBI) program, and will be ready to accommodate ships in the next cruise season. The US$48-million project is designed to host two of the largest world-class vessels. The second pier will enable St. Kitts to host up to three Oasis class ships at Port Zante at once. This gives St. Kitts another competitive edge in the cruise industry as lines begin moving towards larger ships.
St. Kitts and Nevis had an estimated gross domestic product of USD 820.4 million in 2018, with forecast growth of 3.08 percent for 2019, according to the Eastern Caribbean Central Bank (ECCB). During the last fiscal year, the economy of St. Kitts and Nevis remained buoyant, fueled by revenue from its citizenship by investment (CBI) program, a robust construction sector, and increased tourist arrivals. The government remains committed to creating an enhanced business climate to attract more foreign investment. The CBI program played a pivotal role in reshaping the economy especially in tourism, real estate and hotel sectors. A number of five star luxury hotels and resorts currently being funded by CBI scheme in the twin islands.
St. Kitts and Nevis has identified priority sectors for investment. These include financial services, tourism, real estate, agriculture, information technology, education services, renewable energy, and limited light manufacturing. The Government of St. Kitts and Nevis strongly encourages foreign direct investment (FDI), particularly in industries that create jobs, earn foreign currency, and have a positive impact on its citizens. The Government provides a number of investment incentives for businesses who are considering establishing operations in St. Kitts or Nevis, encouraging both domestic and foreign private investment. Foreign investors can repatriate all profits, dividends, and import capital.
