UPP Encourages Domestic and Foreign Investors

Established by the UPP, the Antigua and Barbuda Investment Authority (ABIA) functions as a catalyst to attract investors, generate interest and secure commitment to do business in Antigua and Barbuda.

Since commencing operations in May 2007, the ABIA received 176 investment project applications from both domestic and foreign investors.

Of these, 156 received approval for concessions under the ABIA Act. The total capital investments associated with these 156 projects is about $1.5 billion.

Of these projects, 143 represent developments by local investors at a total cost of about $713 million. The remaining 13 projects represent foreign direct investment of about $780 million.

The total concessions granted in respect of the $1.5 billion investments are valued at about $228 million.

The sectors within which the investments have occurred include tourism, retail and general business services, construction, manufacturing, health and education services.

A number of these projects have already commenced and will be completed in 2009 while many will commence in 2009 and span a two to three year horizon.

As a result of the tremendous efforts of this UPP Administration to encourage investment, we have been able to secure investment for dozens of projects that will create employment for more than 2,580 Antiguans and Barbudans.

For many years the ALP merely talked about promoting growth through investment, the Sunshine Government has, in just a few years, generated $1.5 billion in investments that will bring jobs and economic benefits to many of our citizens.

The ALP’s “brand” of investment promotion has typically resulted in loss and controversy instead of jobs and economic growth.

With the UPP Administration, we have switched tracks and are moving in a more productive direction.