Antigua & Barbuda Seek More Inward Investment In 2003

by Amanda Banks, Tax-News.com, London

06 January 2003

Reporting late last week, the Antigua Sun newspaper revealed plans to attract more inward investment to the jurisdiction in 2003, and to prime the territory's economy for the opportunities likely to be afforded by the Caribbean Single Market and Economy.

The newspaper quoted Planning and Trade Minister, Gaston Browne, who was reflecting on the progress made by his department last year, as announcing that:

'The Antigua and Barbuda Development Bank is now operating from new premises and will be commercialised during 2003. Meanwhile, the four technical units within the Ministry of Trade have begun a process of articulating Antigua and Barbuda's position during trade negotiations.'

According to Mr Browne, the Trade Ministry's main priority over the coming year is to strengthen bilateral trade relations with jurisdictions such as Trinidad and Tobago, Jamaica, Barbados, and the Dominican Republic, and to this end, it is seeking to send technicians and officials to these territories, and to engage in discussions with the industrial development authorities in each country.

'The reason for this is to ensure Antigua and Barbuda develops the capacity and the structures that are required to better take advantage of the opportunities within the Caribbean Single Market and Economy and to respond to the challenges posed by globalisation,' the Antigua Sun quoted the Planning and Trade Minister as observing. He continued:

'It is imperative that Caribbean countries work together and the more developed countries assist OECS states in their development drive.'

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