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Nevis Passes New Legislation For Investment Promotion, by Amanda Banks, Tax-News.com, London
Wednesday, March 05, 2008
Dwight Cozier, Junior Minister responsible for Trade and Industry in the Nevis
administration, has expressed support for the Amended Investment Improvement Agency
Bill, which was passed in the Nevis Island Assembly on 28th February 2008.
The government expects the Nevis Investment Promotion Agency (NIPA) Ordinance
2008 to encourage more foreign investment in the jurisdiction, with a new legal
framework which clarifies existing investment promotion legislation.
Cozier gave credit to the Nevis Reformation Party (NRP) for its committed support
for Private Sector Investment, and described the previous legislation as a law which
did not address the needs of Nevis.
He explained that: "The old Act of 1987 did not address Nevis. It assumed that both islands
would choose to undertake Invest Promotions jointly. However, the new initiative
provided effective policy and a regulatory framework for separate Investment Code
and Legislation for both Islands."
Cozier stated that the NIPA resulted from the recognisable need for embedded flexibility,
and for Nevis to pursue its investment promotion independently, jointly or through
cooperation.
According to Cozier the bill was also enacted to address "the heightened
interest by hotel investors to capitalise on safe destination trends of the United
States and European countries; increase competition by regional governments interested
in attracting tourists and discretionary concessions handed to investors that
impacted government revenues."
Cozier added that the NIPA would also increase integrity and accountability in
public life, a commitment made by the Nevis Island Administration in the budget
last December, when it commissioned an internal audit designed to enhance the credibility
of the local economy.
The minister credited the Organization of American States (OAS) and guidelines
provided by the United States Agency for International Development (USAID) and
the Caribbean Open Trade Support programme (COTS) for the new initiative.
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