By Robert Andre Emmanuel
The government is hoping to push locals to increase domestic ownership in the tourism sector, according to the Prime Minister’s Chief of Staff Ambassador Lionel Hurst during Thursday’s post-Cabinet press briefing.
The Cabinet has identified several locations including Pensioners’ Beach, Willoughby Bay, Callalloo Quay, and Halcyon Heights for domestic investment, targeting Antiguans and Barbudans who currently have substantial savings earning minimal returns.
Hurst emphasised that while foreign direct investment (FDI) remains crucial for national development, citizens should not be left out of the lucrative hospitality sector.
He particularly encouraged locals to consider investing in luxury homes and condominiums that could generate significant annual returns.
“We believe that wise decisions will be made by many Antiguan and Barbudan families, especially those who have considerable savings in the bank and who are less inclined to invest but instead prefer to save,” Hurst explained.
“We have taxi drivers, for example, who have as much as $1,000,000 saved in the bank,” Hurst noted. “While that is a great indicator that those taxi drivers are good at saving — given the 2 percent which they collect on their investments in the bank — they would in fact be able to achieve maybe 10 percent or more if they invested in some property.”
However, it was unclear what specific new incentive or talks were underway to incite locals to invest.
Additionally, the Cabinet held a discussion about several major infrastructure projects which are set to commence in Barbuda.
These include a renewable energy plant adding 2 megawatts of power to the grid with battery storage facilities, a $50 million road development project, and plans for a new deep water port pending environmental assessment.
Other developments include the construction of a new primary school funded by the Dominican Republic, set to begin in early 2025, the Louis Hill housing project, and the expansion of a plant nursery aimed at increasing greenhouse gas absorption capacity.
Meanwhile, there has yet to be a date set for the Joint Consultative Committee meeting between the Barbuda Council and the government, according to the Chief of Staff.
Last week, the Barbuda Council told the government that it needed more time to review and discuss the agenda items for the meeting as well as an official formalisation of the committee before it could commence.