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St Kitts And Nevis Cabinet Approves Investment Promotion Agency

by Amanda Banks, Tax-News.com, London

04 October 2007


The St Kitts and Nevis government has approved a framework for the development of a new Investment Promotion Agency (IPA), the Prime Minister's Office announced on Tuesday.

According to a Prime Ministerial statement, the new facility is geared towards the creation of a competitive business environment, intended to increase investment inflows and foster the creation, formalization, and expansion of businesses - local businesses in particular.

The investment promotion agency and the framework approved by the Cabinet are the results of several months of work that was supported by the United States Agency for International Development (USAID).

Minister of State for Information, Sen. Nigel Carty explained that the investment promotion and marketing strategy has been developed to promote inward investment activities and a framework for a one-stop-shop.

“The objective of the one-stop-shop is to create a single agency of government that provides a range of services to local and foreign investors to ensure quick, hassle-free and successful business development,” announced Minister Carty.

He added that the Investment Promotion Agency will be controlled by a Board of Directors, as opposed to a government department.

“The agency will be managed by a CEO supported by managers heading the two major divisions of the agency – the Projects Division (responsible for assistance in business development and appraisal) and the Marketing Division (designed to support marketing activities),” stated Mr Carty.

He also disclosed that the government will now move swiftly to enact and amend legislation that is required to support the establishment of the IPA.

“In particular, the regulatory processes affecting the development of business will be overhauled and the number of procedures necessary to establish and operate businesses will be decreased to put St. Kitts and Nevis more in line with the World Bank ‘Doing Business’ standards,” announced the Minister of State for Information.

A Memorandum of Understanding outlining the commitments of the government and of the USAID is expected to be signed shortly.


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