6 th to 7 th october, 2011 brussels, belgium h.e. ambassador rosalyn e. hazelle chief executive...
TRANSCRIPT
6th to 7th October, 2011Brussels, Belgium
H.E. Ambassador Rosalyn E. HazelleChief Executive Officer
St. Kitts Investment Promotions Agency
Green Growth Investment Forum (GGIF)
Towards Green Growth & Investment:
Sustainable Investment Opportunities in St. Kitts
Contents
St. Kitts Overview
The St. Kitts Investment Promotion
Agency (SKIPA) - Who we are
St. Kitts Investment Climate
Green Growth and Investment Drivers
and Opportunities in St. Kitts
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St. Kitts - Overview
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Where is St. Kitts & Nevis? An undiscovered twin island Caribbean paradise A stable Parliamentary democracy – the court of last
resort is Privy Council in London, UK.
• Dedicated to transitioning •and diversifying its economy• 65 square miles, with a
population of 44,000.
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St. Kitts & Nevis is conveniently located.
- 2.5 hours from Miami, 3.5 hours from New York, 4.5 hours from Toronto, 9 hours from London
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The St. Kitts Investment
Promotion AgencySKIPA
- Who we are
Who Are We?
The St. Kitts Investment Promotion Agency (SKIPA) was established as a statutory corporation, operating under the Office of the Prime Minister (OPM)
Autonomous Empowered with delegated authority and
responsibility
Why St. Kitts Established an IPA
SKIPA emerged out of the need to help foreign and domestic investors establish their projects in St. Kitts as swiftly and as easily as possible.
The Agency acts as a one-stop shop, where investors can make inquiries about how to get their businesses started.
SKIPA navigates the bureaucratic waters for the investors - be it obtaining business licences, work permits, or incentive packages.
Mainstreaming Processes
SKIPA
MF Inland Revenue
Dep. Financial Services
MF Business Licences
MF Incentives
Cabinet IncentivesSocial
Security
Nat. Sec. Work
PermitsHigh Court
Registrar
Alien Land
Holding
Health
Our Mission
To proactively promote and generate strategic investments for St. Kitts and to facilitate the establishment and expansion of local and foreign investment projects, while advocating for the continued development and enhancement of the investment environment in St. Kitts.
SKIPA ValuesProjecting a positive image of St. Kitts;Empowering its people;Working with world-class professional
excellence, commitment, ownership, pro-activity, perseverance and continuous improvement;
Delivering responsive, prompt, excellent customer-focused services;
Governed by integrity, ethical behavior, fairness and confidentiality regarding the investor’s project.
Our Objectives
Increase local & foreign investment in St. KittsCreate jobsFacilitate the establishment & expansion
of investment projectsImplement reforms to enhance the
investment environmentDiversify the economyPromote sustainable development Enhance St. Kitts’ image amongst
investors
Key Investor Facilitation Services Provided
Local Investors
Foreign Investors
Investo
r Facilita
tion
Provide information about investing in St. Kitts
Provide specific information packages for particular investor needConfirm site-visit/assist with
transportation to hotel and any other aspects of the visit
Assist investors in filling out application forms
Put investors in contact with key people
Accompany investors throughout their visit to St. Kitts; from arrival to
departure
Key Components of SKIPA
Traditional Sectors for Attraction
Strategic Sectors for Investment
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St. Kitts Investment Climate
Why Invest in St. Kitts English speaking, well-educated workforce Modern infrastructure, Roads, Air and Sea Ports,
Water Advance telecommunication infrastructure A legacy of political stability A stable currency – 1 USD = 2.70 ECD No Personal Income Tax Tax holidays for certain qualified investment
projects Generous incentive packages including corporate
tax incentives, full exemption from import duties, tax relief benefits, export allowances and more
Trade & Investment Incentives
Under the Fiscal Incentives Act, four types of enterprise qualify for a tax holiday.
The length of the tax holiday for the first three depends on the amount of value added in St. Kitts & Nevis.
The forth type, known as enclave industry, must produce goods exclusively for export outside the CARICOM region.
Trade & Investment Incentives
Enterprise Value Added Maximum Tax Holiday
Group I 50 % or more 15 years
Group II 25 % to 50 % 12 years
Group III 10 % to 25 % 10 years
Group IV Enclave 15 years
Export Allowances
St. Kitts provides companies with further tax concessions effective at the end of the tax holiday period.
A rebate is given on a portion of the income tax based on export profits as a percentage of total profits.
Exemption from Import Duties
Full exemption from import duties on parts, raw material, and production machinery is also available for manufacturers that qualify under the Fiscal Incentive Act.
Attracting Green Investments - Incentives
St. Kitts ratified the Kyoto Protocol in July 2007, and is eligible to attract Clean Development Mechanism (CDM) funding for projects that reduce greenhouse gas emissions like:
Sustainable public landfill management solutions
Wastewater treatment plant – to support new property developments
Renewable energy self-production by wind farms
Renewable energy production using solar power
Repatriation of Profits
Companies registered in St. Kitts can repatriate all profits, dividends and imported capital.
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Green Growth and Investment Drivers
and Opportunities in St. Kitts
Green Growth and Investment Drivers
Foreign Direct Investment to GDP, which averages about US$100 million/yr, is a major contributor to the economy. This is evidenced from national data and accounted for US$84 million in 2000 rising to $128 million in 2009.
Climate Change Drivers & Opportunities Energy Sector
High cost of energy due to high use of fossil fuels Government recently corporatised the Electricity
Department and now has an Electricity Company as of August 1st , 2011
Draft Renewable Energy Policy exists
Opportunities Opportunities in provision of lower-cost energy,
particularly from local renewable energy resources;
RENEWABLE ENERGY PRODUCTION/ENERGY EFFICIENCY (EE) SERVICES
Clean Energy
Opportunities in Energy Production Opportunities in the development and utilization of
alternative and renewable domestic energy sources such as solar, wind, geothermal and wave;
Greenfield opportunities in carbonless intensive fuels such as biofuels.
Opportunities in Energy Services Energy Efficiency Services (Auditing/Consulting); Solar Panel assembly & distribution - technical and
vocational training; Light manufacturing in energy related technologies.
St. Kitts & Nevis – Geo thermal Project
West Indies Power Vision to establish St. Kitts as the First
Geothermal Powered Nation in the world Opertator of the Geothermal Energy Plant in
Nevis Has plans for expanding and supplying
energy to St. Kitts via HVAC submarine cables
Project would Require approx $125MM USD in funding
St. Kitts – Wind Power North Star – WIND ENERGY PROJECT
ST.KITTS Project is based in Bellvue, St. Kitts to
develop a 5.4MW Wind Farm Developers Nevis based North Star in
collaboration with a Florida based Mas Energy.
Developers have a 20yr Contract with the Electricity Company.
The company recently secured $16.5M through the US Overseas Project Investment(OPIC) to fund construction of the first phase.
AGRICULTURE & WATER RESOURCES
Clean Technology
AGRO INDUSTRY - AGRICULTURE
Increasing temperature, challenges in rain-fed agriculture systems.
Reduction of land space due to increasing developments.
Investment OpportunitiesControlled Agriculture (Use of greenhouses and
humidity controlled cooling systems); Services in early warning forecast systems;Geographical Information Systems (GIS);Soil management technologies and practices.
Water Resources
OpportunitiesIrrigation technologies development and
services including sprinkler systems and drip irrigation;
Technology solutions and services for soil and water conservation;
Desalination technology services - especially for large real estate developments
Waste water treatment services
AQUACULTURE & MARICULTURE
AGRO-INDUSTRY
Challenges in Aquaculture & Mariculture for small islands
No RiversNo significant streamsNo suitable fresh water PondsInadequate fresh ground water resources for
both commercial distribution and extensive aquaculture farm operation
No sealing clay for pondsAbundance of seawater everywhereReduction of land space due to increasing
developments;Over-fishing and threat to marine life.
AQUACULTURE & MARICULTURE
Investment OpportunitiesAppropriated “Sea Water” Aquaculture -
SNAPPER Project (Farming Tilapia Inland with Sea Water);
Controlled and modern Mariculture (Use of Special Aqua Pods systems to fish offshore) Cobia Investment Project
- SNAPPER PROJECT AQUACULTURE
100% Adaptation of Fresh Water Tilapia to Sea Water
AQUACULTURE - SNAPPER PROJECT
Offshore Fishing – MARICULTURE COBIA PROJECT
High Value Fish – Cobia (Black King Fish) High Demand in the US
Market
Project Concept:The overall objective of the project is to establish a High Tech Sustainable Offshore Mariculture Fish Farm offering a high value species of fish which is not only high in demand and marketable but does not threaten the existing fishing industry and the small fisherfolk family livelihoods.
Use of High Tech Sea Cages The project will build an
vertically integrated Farm with two sites one on St. Kitts and the other on Nevis
Project Finance - $3.5 Millon US
The farms will use a combination of 60 meter and 90 meter submergible circular plastic cages
GREEN INFORMATION COMMUNICATION TECHNOLOGY (ICT)
Green (ICT)
SMART Metering Need for an Upgraded Distribution Network
and automated electricity metering systems(Smart Grid Systems and Telemetry); for the St. Kitts Electricity Company (SKLEC)
E-Transactions Branchless Banking - mobile money
transfer and clearing and settlements Private Sector Investment Project
Opportunity: 1M value, 3yr ROI at 10%
Green ICT
Green ICT & Industrial Park Investment Project - feasibility
study and financing
www.stkittsipa.org