Belfast and Dublin companies go Caribbean
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| Published on Monday, April 9, 2007 |
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By Dr Christopher Stange
BELFAST, Northern Ireland: Instead of limiting investment and supply of services regionally, some local companies are extending their portfolios internationally. Globalisation is steadily increasing the available opportunities for tender and direct foreign investment, especially in developing regions. Unfortunately, information on government programmes and incentives offered to direct foreign investors for enhancing economic development are not widely known.
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| St Lucia port |
The country of Saint Lucia is an emerging hot spot, located in the south-eastern Caribbean and part of the Windward Islands. Its two mountainous ‘Pitons’ were officially added to the UNESCO World Heritage List in 2005 and provide the silhouette backdrop for the nation. Being one of the most scenic islands in the world it is surrounded by coral reefs, crystal blue waters, lush forests and immaculate sandy beaches. Saint Lucia is currently one of the host nations for the 2007 ICC Cricket World Cup with group stages, including the semi final, to be played in the modern Beausejour Cricket Stadium. Several airlines currently provide direct flights to Saint Lucia from Manchester and London with plans to extend services from Dublin and/or Belfast.
Saint Lucia has historically been an agrarian economy focused on agriculture products, particularly bananas, for export. Through world trade Saint Lucia has diversified its economic strategies with the government clearly promoting its pro-business policies and the importance of direct foreign investment. Saint Lucia has a population of 160,000 and gained its independence from the United Kingdom (UK) in 1979. It is a stable democratic state based on a Westminster style parliament, UK education and legal system, combined with strong global trade relations.
Various programmes of investment are available in Saint Lucia, not only for large enterprise but the individual. Two highly successful recent collaborations between the Saint Lucia government and indigenous companies are:
Lagan Holdings Ltd – Belfast
Financed by the Caribbean Development Bank, Lagan Holdings Ltd through the Road Development Programme (RDP) in Saint Lucia was awarded the RDP 001/2 contract. This £11 million project comprised the reconstruction of 28 km of existing main motorway from Vieux Fort to Soufriere, passing through Choiseul. Completed in 2006, it forms the main trunk road for traffic along the west coast of Saint Lucia, Hewanorra International Airport and access to many hotels and tourist attractions.
The work involved horizontal and vertical alignment improvements, drainage updates, utility relocation, strengthening of key structures and construction of bridges. During the project approximately 300 local jobs were created amongst the usage of local plant hire, equipment and materials. The mutual cooperation of the Saint Lucia government and the expertise of the Lagan group improving the infrastructure have ensured future expansion and access to this commercially vibrant area of the island.
Roebuck International Ltd - Dublin
In October 2005, Roebuck International Ltd, announced plans to develop an exclusive luxury resort in Saint Lucia with the first phase of 78 condominiums sold off plan in 12 days. The world acclaimed Ritz-Carlton Hotel Group then came into partnership with Roebuck naming the resort: The Residences at the Ritz-Carlton and will be the operator for the next 50 years.
This high profile branding will see owners receive an outstanding return on their property. Other Ritz-Carlton projects in the Caribbean have seen a tripling of value of the original equity investment within two years. Saint Lucia being a more striking location has been forecasted to surpass even these margins. The Third Phase was just launched on March 20th 2007, with properties still available, including pre-negotiated government concessions and tax incentives for buyers. This project will not only add to the selection of accommodation in Saint Lucia but has clearly set new standards in the luxury market.
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