Castries, St Lucia (FP)
CASTRIES – Invest Saint Lucia (ISL) has projected a flow of US$1.5 billion in investment projects in Saint Lucia by the year 2020.
The island’s lone national investment company said it also plans to create 8000 jobs by that time.
ISL last year recorded US$168 million worth of investments, out of which US $124 was attributed to foreign investment.
Also last year, the company helped Saint Lucia welcome 2 914 transient jobs and 577 permanent ones that were directly attributed to investments. Some 277 of the permanent jobs created last year by ISL went to tourism, while 183 went to infrastructure and 117 to the private commercial sector.
This year, ISL projects investment flows of US $331 million and 2 200 jobs. Among new investments expected this year are chicken processing facilities, a pasta and ramen processing facility, a flour mill, an insulated concrete farm factory, a dining and entertainment centre, two 4-star developments, a 5-star hotel development and another development that straddles both the tourism and infrastructure sectors.
Several developments that started last year are also due for completion this year, including hotels and commercial centres.
Apart from several hotel and commercial properties under construction in the north of the island, ongoing projects also include the Six Senses Residences at Freedom Bay and a hotel project being undertaken in the Anse La Raye/Canaries area by The Boka Group. (PR)