Developers May Invest Millions In Antigua And Barbuda Tourism

by Amanda Banks, Tax-News.com, London

17 April 2003

A group of US investors are considering investing millions of dollars in Antigua and Barbuda as the government attempts to revitalise the tourism sector, according to an Antigua Sun report.

The delegation of investors from Jersey City arrived in the jurisdiction on Monday, and was headed by Deputy Mayor of International Affairs, Jaime Vazquez. The party also included real estate developers Orlando Bru, Eric Silverman and Ron Chesler, and State of New Jersey Higher Education Commissioner, Dr. Snag Kim, who was also representing a group of Korean investors.

Deputy Mayor Vazquez explained that Prime Minister Lester Bird had invited the delegation to the jurisdiction to explore investment in various development projects within Antigua and Barbuda.

“The Prime Minister is very keen on rebounding the economy of Antigua & Barbuda and we are here to see what we can do to help the economy, maybe to put some of the tourism attractions back on line. Hopefully, we will be able to develop some projects of mutual interest and mutual benefit to the people of Antigua & Barbuda and the people who have come from Jersey City,” he announced.

It is understood that the developers will be focusing on a number of areas including finishing some projects which have been left uncompleted, as well as reopening formerly closed hotels. According to Vazquez, the team of investors has deep pockets.

"The people who are with me have no limitation. They have experience, they have built tremendous developments in the United States – hotels, condominiums – and they are financially and logistically prepared to go ahead with a project that will benefit both the government and people of Antigua & Barbuda, the people who come for tourism and the people are here today."

Antigua and Barbuda signed a sister city arrangement with Jersey City last November.

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