INVESTMENT PROFILES
Member State
St Kitts and Nevis Capital city: Basseterre Independence: 19 September 1983 GDP real growth rate (2012 estimate): -0.9 per cent World ranking: 197
chrisbradshaw/iStockphoto
GDP – composition by sector (2012 estimate): Agriculture: 1.7 per cent Industry: 23.3 per cent Services: 75 per cent GDP per capita (2012 estimate): $16,500 World ranking: 81 Population ( July 2013 estimate): 51,134
T
he dual-island nation of St Kitts and Nevis is committed to transforming its economy, and in July Prime Minister the Hon Dr Denzil Douglas announced that national debt had been reduced from 200 per cent to 100 per cent of GDP. The development plan for St Kitts and Nevis is broad, with agriculture scheduled to become one of the country’s leading sectors. An agro-tourism farm is currently in phase two of construction, and the long-term plan for the agriculture sector in St Kitts and Nevis is to reduce food imports by increasing local production. A wealth of opportunities are available to investors in commercial farming, with local demand outpacing supply, and investors in agriculture are able to take advantage of Regional trade agreements and access to wider markets. Tourism has long been a mainstay of the economy of St Kitts and Nevis, and hosting international events such as the ICC Cricket World Cup in 2007 has helped to give the islands a more prominent profile. St Kitts and Nevis
Investment authority Address: St Kitts Investment Promotion
A historical ship leaves Basseterre Port, St Kitts. Tourism is a mainstay of the country’s economy
enjoys good airline connections with the United States and the United Kingdom, and is working to create a service sector that is world class and highly competitive. It is possible to take a degree in hospitality management at the Clarence Fitzroy Bryant College, and the number of students studying in this area has risen steadily over recent years. Financial services also make up a significant segment of the economy. The islands offer products for limited partnerships, trusts, captive insurance companies, foundations and ordinary and exempt companies, while the country is also endeavouring to position itself as a major financial centre. Several large-scale construction projects are planned, designed to pave the way to positive economic growth. Schemes include the Imperial Bay Golf and Beach Residences at Half Moon Bay, the Golden Rock commercial park next to the Robert L Bradshaw International Airport, and the Silver Reef development at Frigate Bay.
Agency, CAP Southwell Industrial Park, Basseterre, St Kitts Tel: 1-869-465-1153 Fax: 1-869-465-1154 Email: info@stkittsipa.org Web: www.stkittsipa.org
The multi-million dollar Kittitian Hill Resort and Golf Course is due to open in 2014, while the construction and upgrade of transport networks across the islands are under way. Information technology is another priority sector, and the government is implementing plans to ensure that St Kitts and Nevis is guaranteed a stake in this rapidly evolving sector. The National Information and Communication Technology Centre acts as a training centre for IT skills, and the islands are already becoming home to a growing number of technology companies. The government offers a number of conditional investment incentive packages, which include exemption from import duties, export allowances and income tax rebates based on total profits.
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