Government of Saint Luca

Go to Homepage

[Feedback]

[Site Map]

[Contact Us]

Search this Site

Overseas Investor says Saint Lucia is a Stable Environment for Investment


Governor General
Prime Minister
The Cabinet
The Senate
House of Assembly
St. Lucia Ambassadors
The Constitution
The Staff Orders

National Television Network

Saint Lucia Gazette
Press Releases
Speeches
Features
Notices
Vacancies

Saint Lucia 25th Independence Celebrations

About Saint Lucia
Frequently Asked Questions
Web Links
Government Directory
Browse by Agency
Site Help
Subscribe to NEMO News
Updates to Hurricane Frances

Weather Information Service Number

(758) 454-3452

Contact: Virnet St. Omer-Fontenelle

Tuesday, April 27, 2004 - The Government of Saint Lucia has signed a Memorandum of Understanding with geothermal exploration company, United Network of the Eastern Caribbean (UNEC) for work on finding alternative energy source in Soufriere.

The US$10 million dollars project is to begin in 6 months’ time and will last for a period of three year. President and CEO of UNEC, Steven Baker says Saint Lucia has the right conditions for investment. “One of the reasons we came to Saint Lucia and what attracted us is the economy here is very strong, it’s very stable, it has a developing economy. Saint Lucia is doing from our perspective and from what we’ve seen all the right things in moving forward in establishing themselves to have a good working future.” Baker said.

Mr. Baker also praised the Office of Private Sector Relations (OPSR) in the Prime Minister’s Office for facilitating the process which led to Tuesday’s signing. He says the fact that such an agency exists as a go-between to do the ground work for setting up shop in Saint Lucia is invaluable.

The project is expected to create employment in the construction sector as well as employment within the plant.
UNEC has pledged to transfer the technology within five years of operations in Saint Lucia, with a number of openings to be created in the field of Engineering.

Prime Minister Dr Kenny Anthony says his government is committed to the success of the project and thanked UNEC for bearing all the risk and cost of a project with tremendous economic benefits for St. Lucia.

The benefits include a reduction in the cost of electricity, a lowering in harmful carbon emissions, and a reduction in the country’s dependence on imported fuel.

 

 


Home ] Up ] Search 2004 Press Releases ] [Site Help]

© 2004 Government Information Service. All rights reserved.

Read our privacy guidelines.