New NDC Act Clears Way for One-Stop Investment Agency

October 4, 2001 - The way has been cleared for establishment of a new and improved National Development Corporation (NDC) that will act as a one-stop shop for investors.

Prime Minister Dr Kenny D Anthony introduced at the last sitting of the House of Assembly the National Development Corporation Act of 2001, which will fundamentally change how the NDC operates.

Under the new Act, which repeals the previous Act of 1971, the new NDC will be re-established as “a Corporation to stimulate and promote investment opportunities for investors, to promote the economic development of St. Lucia and for related matters.”

Unlike its predecessor, the newly established corporate entity's involvement in land development transactions will be greatly reduced. The new Act allows for the Minister, with the approval of Cabinet and by Order published in the Gazette, to “transfer to the Southern Development Corporation, or any other body, such immovable property belonging to the Corporation as he or she may determine.”

The new NDC will be expected to “stimulate, facilitate and promote investment opportunities for foreign or local investors” in the areas of tourism, hotel development, information technology, agro business, entertainment  “or any other activity deemed conducive to the economic development of St. Lucia.”

The new Act gives the Minister responsible for the NDC - in this case the Minister of Finance and Economic Development – “equal power and authority as the relevant minister to process applications by investors for fiscal incentives, trade licenses, work permits and tourism incentives” and all such applications will be forwarded through the NDC to the minister.

The new NDC Act, which was passed in the House of Assembly on September 25, 2001 also makes provisions for acquisition of land in special development areas, transfer of completed development works and services, acquisition of shares in development companies, divestment and transfer of properties, forfeiture of leases and recovery of land illegally occupied.

Since the new Act repeals the original Act of 1971, all things done and undertaken by the NDC under the repealed act -- including rights privileges and interests accrued, assets and liabilities - shall apply to the Corporation under the current Act.

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