Investment Policy and the Business Environment in Saint Lucia

The general policy of the Government of Saint Lucia is to encourage direct investment into the island, which is aimed at achieving the following goals:

• Steady growth;
• Near full employment - all forms of productive investment, which emphasizes job creation and the earning of foreign exchange.

These goals can be realised by means of the following objectives:

• Expansion of the economic base and fostering transition of the economy, to a service orientated economy, by opening new investment opportunities
• To encourage diversification into new economic activities, while maintaining the competitiveness of the traditional sector
• To encourage the geographic dispersion of investment, into selected areas which have the infrastructural amenities and resources for business growth and development.
• To ensure an investment climate that promotes competitive and dynamic enterprises.

The government supports and encourages investment through the following interventions:

• Identification of selected investment activities, based on recognized international competitiveness and anticipated development impact
• Designation of Special Investment Areas, based on available resources, location and competitive advantages
• Undertaking liberalization commitments in Services in bilateral and multilateral trading
•  

 Special Development Areas Act of 1997

• Encouragement and support of investments which expand exports, foreign exchange and employment
• Provision of fiscal incentives and trade concessions to investors in accordance with their anticipated development impacts - Fiscal Incentives Act of 1974

• Provision of institutional and logistical support to ease and expedite business establishment expansion
• and upgrading :-
• National Development Corporation
• Office of the Investment Coordination
• Introduction of a public services privatization programme to encourage private sector intervention, in non-traditional areas and to promote greater efficiency in the provision of public services.

The Office is of Investment Coordination is housed within the Ministry of Trade, Industry Commerce and Consumer Affairs. It came into being to coordinate the interactive process of consultation between other Government agencies and the investor - foreign and local.
The National Development Corporation is legislated to be responsible for attracting investors and promoting the country as an investment destination.