CaribPR Wire

CARIBPR WIRE, Basseterre, St. Kitts, Dec. 12, 2022: Prime Minister Terrance Drew of the island nation of St Kitts and Nevis was in Dubai recently for a state visit that not only aims to strengthen bilateral relations but also glean lessons from the United Arab Emirates that will pivot the island into a sought-after business and leisure hub in the Caribbean.

The new prime minister and his delegation had several meetings and engagements over the four-day trip which took place from 29 November to 3 December 2022.

The two regions have enjoyed years of fruitful relations that have resulted in several areas of cooperation in which both countries have achieved together. This includes the signing of a historic Air Services Agreement. The seminal move paved the way for air traffic between the Federation of St Kitts and Nevis and the UAE.

The UAE also expressed previous interest in assisting the twin island Federation in adapting stronger climate change resilient measures, particularly as it relates to infrastructure. As climate related weather patterns become more fierce, St Kitts and Nevis is looking to tap into Dubai’s knowledge and expertise in constructing durable and resilient structures.

Just as recently as the 1960s, Dubai’s economy was merely dependent on the revenues generated from trade and oil exploration concessions. A major chunk of revenue obtained from oil reserves started to flow in 1969 and the rapid development of Dubai began – including major infrastructure like schools and hos­pitals and, over the years, it trans­formed Dubai into the business hub we know today.

St Kitts and Nevis developed and instituted its citizenship by investment programme in 1984 as a way to increase and diversify revenue generation. For nearly 40 years the programme has been instrumental in catapulting the nation from just a small island in the Caribbean to a globally recognized investment destination.

Without this foreign direct investment into the nation, St Kitts and Nevis would have certainly progressed at a much slower pace than desired.

The government of St Kitts and Nevis has made considerable progress in reducing its public debt and is among other countries in the Caribbean that supplement their economic activity through CBI programmes which provide astute investors with the option to obtain citizenship by investing in the country. The new government administration of St Kitts and Nevis believes that residents of the United Arab Emirates (UAE) have a lot to benefit from its CBI programme.

The country is looking to build its reputation on the international stage and the CBI programme is one way to direct foreign direct investment to innovative projects across the spheres of education, health, agriculture and tourism.

For example, the travel and tourism sector accounted for one tenth of the gross domestic product (GPD) in St Kitts and Nevis in 2021, dropping for the second consecutive year. Part of the funds channeled the citizenship by investment programme will be used to revitalize the sector and re-establish St Kitts and Nevis as must-visit destination.

Attracting the right kind of developers who will inject cash into developing attractive real estate projects that will charm discerning investors, is one way to grow the tourism sector. Not only that but the upgrading and development of important infrastructure such as schools, hospitals, airports and hotel chains is another way the funds will be used to not only bring up tourist numbers but investors too.

The visit was also aimed at deepening relationships with important stakeholders including international investors and government approved agents, who play a vital role in promoting and supporting the country’s recently upgraded citizenship by investment programme.

St Kitts and Nevis is the first country of the Caribbean Community to establish a formal diplomatic presence in the UAE, recently opening an embassy and consulate in the region.

The members of the delegation which included, Cabinet Secretary, Dr Natta, Attorney General, Mr. Wilkin, Minister of Tourism, Ms. Henderson, Mr. Anthony and Ms. Galloway, were positive following the visit and believe that there were many lessons learned from visit that they could take back home and implement.

The visit also signifies to the world St Kitts and Nevis is open for business. During the visit, business partners, investors and citizens were able to meet the Prime Minister and the accompanying delegation members at an exclusive cocktail event that was hosted by the High Commission of St Kitts and Nevis during the trip.

The visit provided an opportunity for St Kitts and Nevis to attract investors who seek mutually beneficial partnerships with the nation.

Saint Kitts and Nevis administers one of the most successful citizenship by investment programmes in the world. This government delegation was aimed at showing investors, entrepreneurs and families from the UAE that they are all welcome in Saint Kitts and Nevis.

The Prime Minister’s visit has come at a time when the economies of many countries are affected by the lingering impact of the COVID-19 pandemic and by the consequences of the Ukraine-Russia conflict.

Prime Minister Drew is on a drive to find and implement solutions that will prosper St Kitts and Nevis and one of those actions included upgrading the country’s CBI programme – the government is taking measures to sustain and enhance the image of the twin-island federation’s CBI programme, so it is more transparent and follows the principles of integrity and good governance.

The St Kitts and Nevis government also recently launched its “Venture Deeper” campaign. This is a branding campaign aimed at highlighting the country’s famous and marked natural environment while introducing elements of introspective self-discovery and intention.

The campaign’s visual assets, showcased at a May 20 media premiere in New York, highlighted St Kitts and Nevis’ lush natural environment, including the territory’s rainforest, abundant historic landmarks and immersive cultural experiences.

St Kitts and Nevis’ revamped citizenship by investment programme is aimed at intelligent investors looking not only to prosper themselves, but those who are sustainability minded in their investment decisions.

DUBAI, United Arab Emirates, Nov. 29, 2018 /PRNewswire-HISPANIC PR WIRE/ — Tourism, food security, manufacturing, logistics, and renewable energy have been identified as high-potential areas where companies in the UAE and Caribbean region can expand economic cooperation, according to new analysis from Dubai Chamber of Commerce and Industry.

The findings, released on sidelines of the first UAE-Caribbean Cooperation Forum in Dubai, revealed that the value of non-oil trade between Dubai and Caribbean countries totaled $273 million in 2017.

Bilateral non-oil trade was dominated by imports from the Caribbean which were valued at $183 million in 2017, while $90 million worth of exports contributed 33% to Dubai’s trade with the region.

Suriname ranked as Dubai’s top Caribbean trading partner in 2017, with bilateral non-oil trade valued at $113.8 million, accounting for 42% of the emirate’s trade with the region. Guyana ranked second with $52.1 million in bilateral trade, followed by Dominican Republic and Trinidad and Tobago.

In addition, the findings revealed that the number of Caribbean companies registered with Dubai Chamber increased by 54% from 403 in 2013 to reach 621 in 2018.

Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, noted that the findings reflect the tremendous potential to boost bilateral trade and investment in the future as the UAE and Caribbean countries push ahead with plans to diversify their economies and explore business opportunities abroad.

“Dubai can serve as a global gateway for Caribbean exporters who are keen to broaden their horizons and access markets across the Middle East, Africa, and Asia, while the Caribbean region is fast emerging as an attractive investment destination, providing plenty of advantages which UAE companies can benefit from,” added Buamim.

Held on November 24th-26th, the UAE-Caribbean Cooperation Forum was co-organised by the UAE Ministry of Foreign Affairs and International Cooperation and Dubai Chamber of Commerce and Industry, in partnership with the UAE Ministry of Economy and the UAE Ministry of Culture and Knowledge Development.

Editor’s note

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

(Logo: https://mma.prnewswire.com/media/791443/UAE_Caribbean_Cooperation_Forum_Logo.jpg )
(Photo: https://mma.prnewswire.com/media/791444/HE_Hamad_Buamim.jpg )

Xiaoguang Liu is consul in charge of economic & commercial affairs of the Consulate General of China in New York addressing delegates at Invest Caribbean Now 2013. (Hayden Roger Celestin image/ICN)

CaribPR Wire, NEW YORK, NY, Sun. March 2, 2014: The biggest investment summit on the Caribbean held outside the region annually, returns with a bang this Caribbean American Heritage Month to the U.S. Diaspora.

Global investors, business leaders and dignitaries from China, Russia, Africa, Dubai, the United States and the Caribbean will come together for Invest Caribbean Now 2014, (ICN) summit during Caribbean Week in New York this June 4, 2014 at the prestigious Harvard Club of New York City from 11:30 a.m. to 4 p.m.

ICN returns with a revamped agenda and a focus on advancing wealth in the Caribbean region. The summit will kick-off with a panel on Global Investment Trends & The Caribbean with representatives from China, Russia, Africa, the U.S. and Dubai.

Also on the agenda this year will be a focus on medical tourism as an economic earner for Caribbean nations with CEO of Global Med Choices, Colin Childress, and Dr. Paul Angelchik, founder of American World Clinics. ICN will also spotlight on the Emerging Relationship Of Chinese Tourism & Investments In The Caribbean;  IT and Clean Energy in the Caribbean and The Caribbean Diaspora: A Real Source For Investment?  with the World Bank Group’s Qahir Dhanani, the US State Department’s IdEA’s Leigh Moran and Irwine Clare, advisory board member of the Jamaica Diaspora USA, North East.

Harvard, Princeton and Colombia graduate and Caribbean-born scholar, Dr. Isaac Newton, will deliver the keynote address on the issue of economic development and investment outreach while bridging the wealth gap to the people of the Diaspora and the Caribbean while this year’s project focus will be on the Caribbean Market Village, a brilliant, new innovative $30 million resort project/theme park set to be built in Dunnery, St. Lucia.

The summit will wrap up with the launch of the Woody Wilson Tropical Collection for the Caribbean. Woody Wilson is a renowned designer to stars like Brad Pitt, Matt Damon, Dwayne ‘The Rock’ Johnson and Terrance Howard among others.

Immediately following the Summit, ICN will present its 2014 networking awards and cocktail reception from 4:30 to 6:30 p.m. in the Harvard Club’s Cambridge Room, where a Hollywood celebrity will join delegates and honorees who will include the 2014 Leadership Awardee, Gordon, Butch Stewart, chairman of Sandals Resort.

A special addition to the ICN Summit of 2014 is the Diamond Dinner event for 20 individuals to network and do business privately. Attendance is by invitation only  from Joe Bernstein at [email protected].

ICN Founder and Chairman Felicia Persaud, CMO of communications consultancy, Hard Beat Communications, says the 2014 Summit will be the best and biggest in the event’s four-year history because of the new team and board that’s been put in place to run the event and to market the Caribbean to the world.

ABOUT ICN

Invest Caribbean Now has as its main focus wealth creation for the region by capitalizing on global trends and indigenous creativity while managing scarce resources intelligently and building sound economics, investment in human development, and a strong alliance with nature.  In the past three years alone, over 600 investment bankers, private equity investors, Chinese and U.S. government officials, Caribbean ministers of governments and premiers, hotel developers, architects, real estate developers, financial advisors, entrepreneurs and the media have attended the event.  Past ICN honourees have included billionaire Sir Richard Branson and billion-dollar company, Royal Caribbean Cruise Lines.

PARTNERSHIP

For special partnership and co-branding opportunities for this prestigious event, contact [email protected] or log on to ICN’s brand new summit page at Investcaribbeannow.com.

TICKETS

Early bird tickets are going fast but a few limited seats for the June 4th summit are still available at investcaribbeannow.com/earlybird.

ICN PARTNERS

Partners for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, CaribPR Wire and News Americas Now.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now