The Futures Bright

In this  interview, Octavian Charles, CEO of Invest Saint Lucia, shares insights into the island nation’s unique investment landscape, growth potential, and strategic initiatives aimed at attracting and supporting global investors

Henry Martin: What unique incentives and opportunities does St Lucia offer to attract new investors, particularly from which regions is the country actively seeking investment?

Octavian Charles: In promoting Saint Lucia as an ideal investment location, Invest Saint Lucia does not practice an over-reliance on incentives. What we have found is that our unique product has been our primary selling point. Saint Lucia offers an inviting mix of an agreeable climate, warm people and a welcoming culture which makes investors fall in love with the island and the lifestyle it promises. This, coupled with the available incentives of VAT exemption, duty free importation, free repatriation of profits and income tax exemptions, positions Saint Lucia as a leading investment location.Our main markets have been USA and UK but in recent years the agency has witnessed an uptick in investment from the Asian and European markets and is currently exploring avenues to attract interest from new regions such as Africa.

Henry Martin: With a focus on diversification, how does Invest in St Lucia envision the growth potential of tourism development within the region, and what specific initiatives are in place to support this sector?

Octavian Charles: As it relates to tourism, the Caribbean region follows market trends and as such, Saint Lucia has taken strategic steps to diversify our offerings and remain an attractive destination. While the island is typically known for independent boutique hotels, we are currently expanding to offer internationally branded hotels in the all-inclusive and (European Plan) EP market. This includes the ongoing construction of several Hyatt properties, a Courtyard by Marriott and A’ila Resorts.

“We offer a full range of services to assist both local and foreign investors develop their business operations in Saint Lucia”

We have also ventured into experiential tourism, providing opportunities for visitors to immerse themselves in the most authentic Saint Lucian experiences. This has been further supported through the formation of the Community Tourism Agency and initiatives facilitated under the OECS Regional Tourism Competitiveness Project.

These include several projects aimed at enhancing tourism, including the redevelopment of the Castries Market, the Canaries craft market, the Gros Islet waterfront and increasing culinary/gastronomic tours.

Another aspect of our diversification efforts includes more wellness focused offerings with the introduction of the internationally acclaimed LifeCo brand, a first for the region.

Henry Martin: Property investment is often a key consideration for global investors. Could you elaborate on the current real estate landscape in St Lucia and the potential for growth in this industry?

Octavian Charles: Invest Saint Lucia is uniquely positioned as an Investment Promotion Agency (IPA) as we own our strategic assets, including lands and factory shells. Our team leverages these assets to successfully tap into Saint Lucia’s investment potential.

Additionally, ISL is entrusted with several properties for sale that we keep in a land bank on offer to investors. These sites are ideal for investments as they are not overly developed and hold significant potential for global investors. Based on our expert understanding of the local landscape, we are confident that Saint Lucia can comfortably accommodate 10,000 hotel rooms and required ancillary services.

Henry Martin: Global business outsourcing has become increasingly vital in today’s interconnected world. How does St Lucia position itself as an attractive destination for businesses looking to outsource operations, and what advantages does it offer over other competing markets?

Octavian Charles: Saint Lucia is currently home to more than five major players in the BPO industry and holds potential to accommodate even more investors in this rapidly expanding sector. The current BPO companies on island have all expanded since their initial investment, capitalizing upon Saint Lucia’s highly skilled and trainable work force.In addition to the potential of our labour force, Saint Lucia also holds the distinction of being a nearshore location with low attrition rates, and a warm, clear, neutral accent. As the primary IPA, Invest Saint Lucia also owns and manages several factory shells which can be retrofitted to meet the specific needs of BPO investors. Having recognized the vast possibilities for expansion of the sector, local policy makers are currently finalizing incentives specifically tailored to the BPO industry. These are expected to further enhance the sector.

Henry Martin: Sustainability is a growing concern for investors. How does St Lucia prioritize sustainability and environmental responsibility in its development plans, particularly within the tourism and property sectors?

Octavian Charles: As an IPA, Invest Saint Lucia actively seeks out and attracts investors with a track record for sustainable practices. We also strive to incorporate sustainability into the design and use of our own assets, including our factory shells.

On the policy level, the new tourism development act seeks to facilitate inclusive, resilient and sustainable tourism development. An important component of this is encouraging sustainability by offering special incentives for properties which employ sustainable tourism practices.

Henry Martin: In what ways does Invest in St Lucia facilitate the investment process for international investors interested in entering the St Lucian market, and what support services are available to ensure a smooth transition?

Octavian Charles: Invest Saint Lucia offers a range of services which are in line with our mission as an agency, which is to advance Saint Lucia’s socio-economic development by promoting, stimulating and facilitating direct investment. We offer a full range of services to assist both local and foreign investors develop their business operations in Saint Lucia.

These include information and advisory services which allow our investors to navigate the investment process from the first encounter and well beyond installation and operation. We also engage in investor matchmaking to ensure our clients liaise with the right industry partners, as well as site selection to ensure their investment finds the correct home. Our set up and installation services support investors throughout the process of business startup, while our services in retention and reinvestment provide resources to foster continued growth and expansion.

Henry Martin: With the current global economic landscape being volatile, how does St Lucia mitigate risks for potential investors, and what measures are in place to ensure stability and long-term profitability?

Octavian Charles: Our Investment Services Department consists of highly trained and knowledgeable professionals who undertake in depth analysis of all proposals received. A key component of this analysis is assessing the viability of proposed projects to ensure that they will be profitable and sustainable, particularly in a volatile global economic landscape.

Our expert team also stays abreast of market trends in the ever-changing investment landscape and assist our clients in adjusting their plans or operations as necessary. We engage in concerted hand holding at every stage of the investment journey and ensure that clients have adequate access to necessary information, resources and technical personnel to make the right decisions about their investments.

“As we look to the future, Invest Saint Lucia intends to prioritize sustainable investments which make a direct contribution to our economy and the lives of our people.”

Henry Martin: What potential does St Lucia hold for hotel and resort development, and how does Invest in St Lucia plan to capitalize on this opportunity to attract investors to the hospitality sector?

Octavian Charles: Saint Lucia currently holds the potential to accommodate 10,000 rooms without the hotel and tourism industry becoming over saturated. Additionally, we hold tremendous potential to further diversify our offerings. As part of our promotion efforts, ISL prioritizes an aggressive marketing plan which encompasses conferences, inward and outward missions, digital marketing and familiarization visits.

Henry Martin: Considering the competitive nature of the hospitality industry, what strategies does St Lucia employ to differentiate itself and attract international investment in hotel and resort development?

Octavian Charles: In order to remain competitive, Saint Lucia strategically positions and markets itself as offering a more comprehensive product, as compared to regional competitors. As opposed to remaining confined to a singular tourism product or a particular niche, the island presents the best of all worlds with accommodation and leisure activities centred on nature and adventure, luxury, romance, experiential and a more laid-back tourist experience.

The country and the hotels on island have earned the accolades to support this, as Saint Lucia remains an award-winning destination across multiple categories of the prestigious World Travel Awards. This includes the distinction of being the fifteen-time World Leading Honeymoon Destination, two time Caribbean Leading Adventure Tourism Destination and most recently, the Caribbean Leading Nature Destination

Henry Martin: Looking towards the future, what key strategies and initiatives is Invest in St Lucia implementing to attract new investors and foster sustainable economic growth in the region, particularly within the identified industries of tourism development, property, global business outsourcing, and hospitality?

Octavian Charles: As we look to the future, Invest Saint Lucia intends to prioritize sustainable investments which make a direct contribution to our economy and the lives of our people. This is embodied in initiatives such as the new Tourism Development Act which aims to encourage sustainability within the sector. As it relates to the global business outsourcing sector, a planned suite of incentives for that sector is expected to further bolster Saint Lucia’s potential to attract and retain investors committed to sustainable growth and expansion.