The Saint Lucian economy has recorded US$120 million in foreign direct investment (FDI) for 2014, realizing half of the set target of US$200 million over a two-year period.
This announcement was made by Chief Executive Officer of Invest Saint Lucia, McHale Andrew, during a press conference on Friday last.
Andrew said St. Lucia is also likely to benefit from a number of investment projects in the New Year, which could see an increase in FDI inflow.
According to him, despite being able to reach that success, the new investments this year, did not have any significant economic impact.
“Saint Lucia needs major investments that can make a meaningful impact in creating a strong investment climate and creating a dent in the unemployment levels”, he told media operatives.
At least six major projects are being considered for next year, three of which are in preparatory stages. Andrew hinted that two of these projects are of a medical nature.
He also highlighted that the the high cost of doing business here and the indiscriminate disposal of garbage, are some of the reasons why investors are discouraged from coming to Saint Lucia.
Andrew said his team is working closely with the local private sector, to ensure that these issues are addressed soon.