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GOVERNMENT RESPONDS TO CURRENT NEGATIVE TRENDS FOR EASE OF DOING BUSINESS IN SAINT LUCIA

Contact:  Office of the Prime Minister

On Wednesday, February 29^th, 2011, while addressing the Chamber of Commerce, Industry and Agriculture Luncheon, Honourable Emma Hippolyte, Minister for Commerce, highlighted Government’s initiatives to address the current negative trends in the ease of doing business in Saint Lucia.

In presenting the Government’s response to the current situation, Minister Hippolyte stressed her Ministry’s commitment to ensuring that the requisite action is taken to “stimulate, support and fuel business activities in areas that will generate and sustain economic growth and development in the medium term.” As such, the Government of Saint Lucia will do the following:

1. Restructure the National Development Corporation (NDC) into an investment Promotion Agency and consolidating into its mandate all support services required to facilitate both local and foreign direct investment; so that this agency effectively functions as a single window or one stop shop for prospective investors.

2. Accelerate the work of the National Trade Facilitation Task force in addressing all administrative and regulatory hurdles identified in the World Bank Ease of doing Business Survey.

3. Implement the electronic business registry (A projected funded by the World Bank) which will allow new businesses to simultaneously register with all relevant agencies.

4. Enacting E-Commerce legislation and developing a Services Policy that will facilitate and encourage new modes of business and electronic transactions.

5. Establishment of a Business Incubator in the very short term, to provide a structured and more supportive environment (both physically and virtually) for businesses that are at critical start-up and/or scale-up phases

6. Revising the fiscal incentives and trade concessions that government has provided to businesses in the past.

A comprehensive statement will be made in the2012/2013 Budget on Government led initiatives to restore confidence in Saint Lucia’s investment market.

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