INVEST SAINT LUCIA

With five decades of commendable results in investment facilitation, Invest Saint Lucia remains the principal agency of the Government of Saint Lucia, as it continues to foster growth and expansion in the Caribbean region

The growing economy of Saint Lucia is able to support businesses, and the stable environment and tax regime is ideal for investors and citizens alike. The tourism industry is the nation’s main source of income and the biggest employer on the island. Invest Saint Lucia promotes the island’s strategic location, efficient infrastructure and a wide range of sectors to facilitate the development of businesses and encourage a friendly business environment.

Saint Lucia has a lot to offer investors from agroprocessing to outsourcing and manufacturing. The island also possesses a dynamic labor force for the employment needs of these sectors and industries. We speak with CEO at Invest Saint Lucia, Octavian Charles, to find out more.

North America Outlook (NA): Could you introduce us to Invest Saint Lucia and explain what led to your new role in the agency? Are there any plans you would like to implement?

Octavian Charles, CEO (OC): The agency has a long and eventful history which transcends beyond our shores. In 1972, the amended Act of Parliament made us operational, as the National Development Corporation (NDC). The agency engineered the framework and conditions required to act and retain some of the island’s most successful businesses.

By 2012, the NDC had been formally rebranded to Invest Saint Lucia, a name which reflected the agency’s advancement into the 21st century. Over the years, the agency has explored various options before settling on three key sectors: tourism, business process outsourcing (BPO), and manufacturing. In addition, the agency facilitates different secondary sectors, which include working with information and communication technology (ICT), creative industries, finance, and education.

I came to my new role as CEO after spending many years in finance, project evaluation, and the monitoring of trends and events relevant to Saint Lucia’s economic progress. Coupled with a passion for agribusiness, I decided to move to an organization that can effect change in the country’s economic development.

I plan to continue promoting Saint Lucia as an ideal investment hub in the Eastern Caribbean. Additionally, we want to highlight to nationals that we are open and available to facilitate their projects on the island.

NA: What are the agency’s main objectives and how have they developed since its inception?

OC: As the official investment promotion agency of the Government of Saint Lucia, we are responsible for stimulating, facilitating and promoting inward investment opportunities for foreign and local investors. Our focus is to build and promote Saint Lucia’s image as a preferred location for investors, actively seek out and generate new investments in strategic sectors with high value-added and employment-generating potential, and facilitate domestic and foreign direct investment by functioning as a one-stop shop.

We offer comprehensive knowledge of the processes to set up a business; a keen understanding of investor needs, including site identification; facilitate new investors and existing businesses to navigate the official approvals process; and offer a full understanding of the available incentives and resources to foster growth and to expand.

Invest Saint Lucia plans to advance Saint Lucia’s socioeconomic development by targeting high-impact projects in tourism, manufacturing, agriculture, and BPO that will enable linkages with the wider society.

Through forging partnerships and engaging key government institutions, the agency will continue to encourage a united front for the promotion of Saint Lucia as the location of choice for investments, visitors, and exports.

NA: Which qualities do you look for in your staff?

OC: Invest Saint Lucia seeks to strengthen our execution capabilities by aligning our people, structure, processes, culture, and leadership to our mission, vision, and strategy. Therefore, we select professionals who are passionate about what they do, and they enjoy the dynamism of the agency’s work. Anyone joining the team should have a certain level of national pride knowing that they can impact the economic development of the country.

Naturally, we are looking for the best talent for the team, and we seek to employ and collaborate with individuals who are experts in their fields.

A.C.ELLIOT ATTORNEYS offers over 15 years of practice with a results-oriented team. We are devoted to our clients through sound legal advice, quality representation and efficient management of our clients’ time, with the singular purpose being to treat every clients’ matter like it is our own.

Not just your law firm, we are your progressive lawyers for all your company’s legal needs and all of your individual legal needs as well. We work closely with our clients to fully understand their concerns, but more importantly, beyond identifying our clients’ concerns, we make the effort to identify with our clients’ concerns.

We offer reliable legal services, including real estate and property transactions, estate planning and administration of estates, incorporations and corporate needs, accounting and tax related corporate finance, investment portfolios, acquisitions, licence applications, trademarks, digital asset consultancy, litigation and other areas.

Our legal services are mostly specialized through our two niche brands: ACE Corporate Services and Global Partners International.

ACE Corporate Services provides careful and accountable corporate, financial and fiduciary services to our clients. Geared towards the corporate clients, ACE Corporate Services guides you through every stage of your company’s establishment, investment, operation and growth, by providing experienced services and mitigating against known challenges in the corporate legal environment. We have a very good track record in identifying private sector investment opportunities, managing foreign investment portfolios and guiding our investor-clients through the various public sector channels and statutory bodies, using our knowledge of the appropriate legislative frameworks and valued relationships built over a number of years in several Caribbean countries.

Global Partners International (GPI) is our niche legal brand that provides a consortium of professional services for the various opportunities for specialized capital investments around the Caribbean region. GPI handles citizenship, immigration, residency and related services. Living and earning across borders involves complex processes for busy clients. GPI provides legal working solutions to make global living as effortless as possible, through consultancy, the identification of appropriate, necessary services and the identification of established programs for economic citizenship.

Our firm is headed by Mr. Al C. Elliot I LL.B (Hons), L.E.C who is called to practice in the Caribbean jurisdictions of St. Lucia, St. Vincent, The Grenadines, and Guyana. He has practiced law since 2005 and after having spent 15 years in litigation, he brings a very pragmatic and balanced approach as the Principal Attorney to this law firm. His focal areas of practice include corporate law, civil law, employment law, contracts, property law, conveyancing and managing investment portfolios.

Ms. Mercaira Malaykhan LLB (Hons), PGDip (BTC) is our newest Associate Attorney-at-Law. Her professional passion is advocacy and she is keen on the litigative aspects of her practice. She is dedicated to her work, her clients and her expanding legal portfolio. www.elliotattorneys.com

NA: How do you plan to offer opportunities for investment in the other key sectors outside of tourism, for example, manufacturing, real estate and GBO?

OC: Diversification has remained a key focus of the agency, especially with the onset of COVID-19. Saint Lucia has seen noticeable growth and interest in the BPO sector. Additionally, there is a keen governmental focus on growth and strategic policy for BPO, as Saint Lucia possesses several key advantages in nearshore market competencies.

Being blessed with the ability to grow our food on the island, food security, and diversification of our agricultural basket forms part of the larger diversification strategy with a close look into other vertical integration strategies, including manufacturing and agro-processing.

Major sector players and investors are now in dialogue to look at the market as the government makes the environment even more sector friendly. The agency works closely with the government to develop and implement policies in the BPO sector. Invest Saint Lucia is also working on creating turnkey assets for outsourcing and manufacturing.

NA: Could you tell us about your sustainability goals for the infrastructure, development, and industries of Saint Lucia? Are you optimistic about the future of the island?

OC: Saint Lucia continues to look ahead to a more sustainable future that meets the needs of our present and future generations. Thus, we will continue to invest in quality and resilient infrastructure and improve our sustainable industries. Another key focus lies in transforming the island’s energy landscape to create a cost-effective, reliable, and resilient nation to be a leader in climate resilience through our laws, practices, and policies.

Topical geography contributes to the many natural resources, which make Saint Lucia an ideal candidate for developing renewable energy products.

I am optimistic about the future of Saint Lucia, although immediate forecasts and projections look dim because of global economic downturn; therefore, we are focusing our efforts on strengthening Saint Lucia’s competitiveness in the market. It is important to gain a competitive advantage, and Invest Saint Lucia recognizes the need for sustainable development to be at the core of our national plans and programs, focusing on our people, partners, and prosperity.

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