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| INTRODUCTION-10/20/99 |
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WHERE IS THE CARIBBEAN?
The Caribbean is an archipelago stretching from Florida in the North down to Trinidad and Tobago in the South. It also includes those parts of the Continent of Central and South America that are washed by the Caribbean Sea or Atlantic Ocean.
ABOUT THE OECS STATES
The former Colonies located in the Eastern Caribbean have been selected as destinations that offer the best opportunities for Off-Shore Investments.
These island states have come together under an umbrella grouping known as the Organisation of Eastern Caribbean States ? OECS. The OECS comprises of the following Independent States, i.e:-
1. Antigua & Barbuda.
2. The Commonwealth of Dominica.
3. Grenada.
4. St. Kitts-Nevis.
5. St. Lucia.
6. St. Vincent & the Grenadines.
Monsterrat and Anguilla still under British rule have a full relationship with the OECS, sharing the services of the Eastern Caribbean Central Bank and the OECS Secretariat but their foreign affairs is directed by the British Government.
AUTONOMY OF GOVERNMENTS
At the current time all the Independent States are headed by a Governor General, appointed by the Queen and their final Court of Justice, the Privy Council is administered by the British. In the States of Monsterrat and Anguilla, the Queen is represented by a Governor and the Government is administered by a Chief Minister as they exercise governance under the status of statehood. In the case of the independent Countries the affairs of Government is administered by a Prime Minister.
Moves are currently afoot to establish a Caribbean Court of Appeal in collaboration with the Governments of the wider English speaking Caribbean region and Guyana which will bring about total autonomy of the administration of the affairs of Justice of all the states represented in the wider Caribbean Association of Caricom, the Caribbean Community.
THE CARIBBEAN COMMUNITY
The Caribbean Community - Caricom, celebrated 25 years of existence earlier this year and has grown from the initial grouping of the More Developed, MDCs, including Barbados, Bahamas, Belize, Guyana, Jamaica, and Trinidad & Tobago, former British Colonies and were joined subsequently by those OECS states already mentioned over time. In recent months Suriname and Haiti joined the Community.
TREATIES: BILATERAL & MULTI-LATERAL AGREEMENTS
The Caricom Treaty primarily is about Free Trade and over the years inspite of spasmodic instances of debates on the small states demanding preferential treatment, the institutions of Caricom has grown to the point where several protocols are in place to set the stage for a Free Market and Ecomony.
Bilateral and Multilateral Agreements have also been established and we have seen Latin and Central America opening up their markets to Caricom member Countries, especially Trinidad & Tobago which has a strong industrial base.
The English Speaking Caribbean has a history of trading and an equally strong base in industry. Our Manufacturing Sector, apart from traditional products; Sugar, Rum, Bauxite, Rice, Bananas, has expanded considerably over the years.
INVESTMENT OPPORTUNITIES
Investment opportunities abound. In recent years Governments of the OECS States have become more creative and aggressive. Casino Gaming on Shore and Gaming on the Internet are being promoted in several destinations. The Off-Shore Financial Services Sector has been very active over the last decade and today most OECS States have an active Off-Shore Financial Services Sector. The most recent is St. Lucia where the Government has learnt from the experiences of its predecessors in the Industry and is currently formalising final legislative procedures to fully operate by January, 2000.
St. Lucia is very concerned about the aspect of Money Laundering and attracting the wrong type of investor and no stone is being left unturned to ensure that the St. Lucia destination operates above board.
TOURISM
Tourism continues to be the growth sector in the OECS and many brand name Hotels are now joining in on the action. Hilton and Hyatt have a presence in St. Lucia with the latter scheduled for opening December 1, 1999 and will be establishing St. Lucia?s first Casino Gaming operations. Legislation to this effect is due any day now.
There is plenty of room for investments in the Tourism Sector and the Governments of the region are very generous with concessions, including; Fiscal Incentives of up to 15 years Tax Holiday, Waiver of Withholding Tax, etc.
MANUFACTURING
In keeping with the realities of Trade Liberalisation and Globalisation, given the impact of the Internet, the playing field for the first time is levelled and whether you are a small or large organisation what matters is the product offered. Therefore, for the innovative and dynamic Entrepreneur, the OECS islands in general and St. Lucia in particular offer unique investment opportunities in the manufacturing and services sectors.
IMPLEMENTATION
In selecting your destination, it is necessary to network with a local counterpart who understands the local business psyche and as a result will be able to make effective representation on behalf of potential Investors.
Establishing a business in an offshore location could be an expensive proposition. Establishing a local counterpart relationship could be a very cost effective method and it may be quite possible for the whole package to be put together on your behalf allowing you to arrive at the destination to implement the project. Yes, sometimes it can be as easy as this.
THE FUTURE
For several decades Entrepreneurs have expanded Off-Shore but never with the technological capability that is available to them today. It is against this background that as the 20th Century draws to a close, and the new millennium dawns upon us, the future has never been brighter.
IMPORTANT
This Report will be updated regularly providing statistics and trends as they emerge in the Caribbean.
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