A look at the FDI strategies of a number of leading island economies: Barbados, Cyprus, Dominica, Jamaica, Saint Lucia and Trinidad and Tobago.
Staff at Invest Barbados are fully trained to international best practice standards in attracting investment, working with agencies such as IDA Ireland and the Caribbean Association of Investment Promotion Agencies to train staff. The agency is focused on expanding into foreign markets in efforts to attract investment, and is reaching out to potential investors through roadshows and in-market seminars.
Medical tourism is one of the agency’s key target sectors, and the Barbados Fertility Centre is a world-class facility, where couples enjoy 75% success rates on treatment. Two new schools are planned in addition to the existing American University of Barbados, and students from the US can access federal loans and grants to study in the country.
Working to help the southern European economy recover from a tumultuous period, Cyprus Investment Promotion Agency runs events and initiatives as part of a promotional campaign to attract investment. Promotional efforts abound, with exhibitions, conferences and roadshows taking place both domestically and internationally. A fresh and interactive website has been launched, and the agency is working with a social media consultant to improve its presence across social media platforms.
Each year, Cyprus Investment Promotion Agency runs awards that are bestowed upon companies that have made a significant contribution to the local economy. Companies are invited to speak with agency representatives at several events during the year in order to have any issues addressed.
Invest Dominica Authority’s investment promotion strategy centres around attracting investment in its tourism sector. The country’s Hotel Aids Act grants a tax holiday spanning 20 years, and applies to approved hotel developments, and also offers a tax waiver on hotel furniture and building materials. Infrastructure developments include road infrastructure improvements, and a new urban development project that will support new hotel projects. The agency’s website, previously available in English, French and Spanish, is now also available in Chinese, to better reach prospective investors in Asia.
Jampro, the agency for the Jamaican government’s Ministry of Economic Growth, takes care of investment promotion activities, and runs a network of global offices from its main base in the capital, Kingston. Attracting the attention of potential investors at various roadshows in targeted markets, the agency has the support of the prime minister in championing the island’s strengths, which lie in the BPO, tourism, agriculture and logistics sectors.
Jamaica’s government is working to expand the road and highway network. It is investing in targeted projects including the Norman Manley International Airport and the Garmex, Kingston and Montego Bay special economic zones.
Tourism is the principal FDI sector in Saint Lucia and is heavily promoted by the national investment agency, Invest Saint Lucia. The sector accounts for 11% of the island’s GDP and 13% of its workforce. The country enjoys a reputation for high-end luxury tourism, and demand for high-quality hotel accommodation outstrips supply. In addition, the agency seeks investments in manufacturing, which accounts 5% of the country’s GDP.
Investors can benefit from trade conditions under rules employed by the Organisation of Eastern Caribbean States Economic Union and the Caribbean Single Market and Economy, both of which Saint Lucia is a member. Invest Saint Lucia’s recently redeveloped website carries information on priority sectors and investment projects, while a newly released app and increased social media marketing will make it easier for the agency to reach investors.
Trinidad and Tobago’s government is keen to wean the country from its dependence on the oil and gas sector, and move it towards hi-tech investment. As such, the Tamana InTech Park was established to focus on technology and innovation, and counts the University of Trinidad and Tobago as its anchor tenant.
The park offers investors energy-efficient and modern infrastructure, and Invest in Trinidad and Tobago is targeting local, regional and international investors in the software, BPO and financial services sectors.
The agency has produced a short video to attract investors, which is played on its website and conference presentations, and is given to potential investors as video cards at events. It has been translated into Mandarin, Spanish, Portuguese, Korean and Arabic. Digital ads are also on display at the national airport and a social media strategy ensures as many potential investors are reached as possible.
Source: fDi Magazine