Tourism minister says investment push to continue

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Tourism, Economic Development and Investment Minister Asot Michael has told the Invest Caribbean 2017 Forum that efforts will continue apace to attract investment into the country and will include a review of the nation’s current incentive scheme.
Michael stressed the need for a continued push for investment at the same conference in which Prime Minister Gaston Browne boasted of having already attracted US $3 billion in investment pledges.
“Antigua & Barbuda will re-position itself to attract significant levels of foreign investment by addressing several constraints. These constraints relate to the attractiveness of returns to potential investors, the adequacy of physical infrastructure, the level of demand for specific goods and services and the adequacy of export promotion efforts,” Michael said.
The minister said the government will be reviewing current incentives including: corporate tax reductions, tax holidays, investment tax credits, export incentives, customs duty exemptions, grants and other subsidies as well as behavioural incentives, such as fostering job growth, technology transfers, exports, linkages, and skills development.
Michael said a revamp of the incentives regime will see “the retention of a transparent and independent regime; the adoption of measures to reduce revenue leakage and alignment of concessions with the country’s growth and development strategy”.
The minister added that the current focus on incentives for capital intensive projects will be reviewed to attract service oriented projects.
(More in today’s Daily Observer)

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