ST. LUCIA – Despite the dampening global economic outlook, initial indications suggest that there will be minimal fallout associated with investment decisions for major private sector projects which have already been announced.
So says Prime Minister Hon. Stephenson King as the local economy faces greater challenges brought on by a global economic downturn. One of the sectors severely affected is the tourism industry, as less money in the pockets of potential travellers will affect their plans to travel.
Hon. Stephenson King
“Some of the projects expected to come on stream in the near to medium term, include the completion of Phase Two of the Landings in November 2008, and the commencement of phase III thereafter. Additionally, phase I of the Rodney Bay Marina Development should be completed by November of this year and work on the second phase will start shortly thereafter,” said the prime minister during a recent address to the nation. “The Jalousie Hotel has been sold and the new owners plan to commence renovations and expansion in April 2009. I am pleased to report that discussions are in their advanced stages towards the recommencement of work at the Le Paradis and Raffles developments, and interest remains high in other major tourism projects.”
Government has convened a tourism summit with major potential investors in the tourism sector later this month, in order to reconfirm investment commitments. The hosting of Caribbean Hotel Association meetings in January next year, government hopes, will reinforce confidence and interest in our tourism product and the “Simply Beautiful” brand.
