CaribPR Wire, NEW YORK, NY, Fri. June 7, 2013: “The ‘Caribbean is ripe for significant investments to spur the region in sustained economic and human growth.”
That’s the consensus of 30-year investment veteran, Alan Loewenstein, managing partner of Wedgewood Investment Group. In delivering the keynote speech at the 2013 Avalon Invest Caribbean Now forum in New York City on Wednesday, June 5th, Loewenstein said “the government that can lure the most investment will be the long term winner because these investments will spur the local economy.”
He said the Caribbean is a safer bet for investors compared to Africa and Latin America since growth in the LATAM has much more political risk than the Caribbean while investments in Africa is “still too early stage with unstable governments that cause the potential for tremendous risk.”
“Investments now will be on the ground level of a growth and a building boom that will spur more growth in the future,” predicted Lowenstein, adding that the time to buy is when valuations are cheap.
But he said governments must do their part to attract the baby boomers and new millionaires and billionaires who are growing globally including in China and Russia.
“These people are accustomed to the modern conveniences of society,” said Loewenstein, so to entice them to come, all the technology needs to be in place, the marina has to be built, the service industry has to be trained and all the comforts of home need to be transported and this requires significant investment.”
Other speakers and presenters at the Avalon ICN 2013 included Anthony Eterno of the Caribbean Affairs Office of the Western Hemisphere Division of the U.S. State Department; Dr. Rufus Ewing, Premier of the Turks & Caicos Islands; C. Washington Misick, finance minister of the Turks & Caicos Islands; Felicia Persaud, founder of Invest Caribbean Now and CMO at Hard Beat Communications; Chairman of the Caribbean Tourism Organization and Commissioner of tourism of the USVI, Beverly Nicholson Doty; Miguel Reyna, director, Port Business Development and Asset Management, Royal Caribbean Cruises, Ltd.; Heather Flossiac of Belle Vue Properties of St. Lucia; E. Jay Saunders, CEO of Digicel TCI; Brian Lilly, founder of One Caribbean Television and Ganesh Ramanathan, creative director at Hard Beat Communications; Dr. Grace Lappin of Avalon Partners, Inc. and Arthur Piccolo of the Bowling Green Association.
Private sector attendees included representatives from JP Morgan Chase, Nomura, Aegis Capital, Merrill Lynch, Royal Caribbean Cruises, Ltd, Frontier Markets Capital, Ltd.; Waterloo Investments Holdings Ltd.; RBC Merchant Bank Caribbbean; efm Hospitality; CIBC World Markets; RBC Royal Bank and Ibis Investments among others.
Over twelve dozen delegates attended the Avalon Invest Caribbean Now Forum at the Radisson Martinique Hotel in mid-town, Manhattan, including Premier of the Turks & Caicos Islands, Dr. Rufus Ewing and his Minister of Finance C. Washington Misick; Minister of Tourism & International Transport, International Trade, Industry, Commerce & Consumer Affairs St. Kitts, Ricky Skerritt; Minister for Tourism, Heritage and Creative Industries, St. Lucia, Lorne Theophilus; Minister of Tourism Nevis, Mark Brantley; Minister of Tourism of Antigua & Barbuda, John Maginley; Minister of Tourism, Sports & Culture, St. Vincent & The Grenadines, Cecil McKie; Assemblyman Tracy Davidson-Celestine, Deputy Chief Secretary and Secretary, Division of Tourism and Transportation, Tobago; Nicolaas Sneek, Commissioner, St. Eustacius; Minister of Tourism of The Bahamas, Obie Wilchcombe and Chairman of the Caribbean Tourism Organization, and Commissioner of the United States Virgin Islands, Beverly Nicholson Doty.; Parliamentary Secretary of Tourism of Anguilla, Haydn Hughes; Juliana Johan-Boodram, Permanent Secretary of Trinidad & Tobago’s Ministry of Tourism; and Russell Harrigan, chairman of the Board of Directors of the British Virgin Islands Tourist Board.
Meanwhile, Royal Caribbean International copped the prestigious “ICN Corporate Leadership Award” for 2013 for it’s over $200,000,000 investments in the Caribbean region in the past 10 years.
Invest Caribbean Now is the brain child of Felicia Persaud and is now in its third year.
Kara Coleman, news anchor of One Caribbean Television emceed the forum which was sponsored by Avalon Partners; The Turks & Caicos Islands Investment Agency; Royal Caribbean Cruise, Ltd; One Caribbean Television, the American Chinese Commerce Development Association and The Chinese American Business Development Center.
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