View of Nevis from neighbouring St Kitts. Photo by EQroy/Shutterstock
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At just 93 sq km, the island of Nevis is known by most for its pristine beaches, climate and scenery. The island, perhaps unbeknownst to some, is brimming with potential waiting to be unlocked. Its Premier, Mark Brantley, is keen to draw in foreign investment as it diversifies its economy and maintains its positive trajectory.
Located in the heart of the Caribbean and the birthplace of the founding father of the United States, Alexander Hamilton, St Kitts and Nevis has an educated population with one of the highest literacy rates in the world. It has long had a stable legal, political and business environment and is one of the region’s fastest growing economies.
As an established international financial centre, Nevis has bounced back positively from the global pandemic owing to its strong governance.
Earlier this month, Nevis Premier Mark Brantley presented his 2025 financial year budget which outlined his government’s approach to catalysing economic development and investment for the benefit of all Nevisians.
One of the key takeaways from Brantley’s address is his success and ongoing commitment to unlocking Nevis’ human and geographic potential.
In November, Nevis was ranked by Condé Nast Traveller as one of the Caribbean’s best islands to visit. Investment in the tourism space continues in order to accommodate heightened demand. The Four Seasons announced in August a major new redevelopment project on the island, with Hilton also expected to open a new Waldorf Astoria resort in the near future.
As outlined in Brantley’s recent speech, Nevis often has a hotel/property and car rental occupancy rate of 100% and continues to seek investment partners. Brantley’s administration is currently in conversation with the Government of Taiwan for instance to provide additional funding and technical support to expand and modernise the island’s airport facilities to cope with increasing demand.
Such demand helps to explain why St Kitts and Nevis is expected to see its economy grow by over 5.5% in 2024.
During his budget address, Brantley emphasised his government’s desire to not lose momentum and to ensure maximum prosperity for all Nevisians. Central to his mission is a desire to attract foreign investment across several sectors through initiatives including, but not limited to, the offer of citizenship by investment (CBI) and favourable business tax rates.
Nevis also has unique geological features which could result in it being one of the planet’s greenest locations and a solar and geothermal energy exporter in the not-too-distant future.
In May, the International Monetary Fund (IMF) issued an assessment which highlighted Nevis’ energy potential. A privately funded solar and battery storage project (the largest in the Caribbean) scheduled for completion next year is set to generate 35.7 MW of solar capacity and 43.6 MWh of battery storage.
The island of Nevis is set to be the home of a large geothermal project which has garnered the interest of major Middle East investors. Nevis’ geothermal potential has long been touted by key players including the Organisation of American States. It is an area which will continue to attract significant international interest.
Nevis represents a blueprint for success that others will no doubt follow. It is clear that with enhanced foreign investment, the island will continue going from strength to strength.
The only question that remains is just how much it can achieve.
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Publish date : 2024-12-09 06:58:00
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