NIA CHARLESTOWN NEVIS (January 24, 2023)- The Nevis Island Administration (NIA) has unveiled several investment initiatives it will undertake as part of the government’s efforts at improving its revenue generation capacity.
Some of these plans for socio-economic transformation were unveiled in the 2023 Throne Speech, delivered by Honour Hyleeta Liburd, Deputy Governor-General for Nevis during the opening session of the new parliamentary term of the Nevis Island Assembly on January 19, 2023.
“My government’s policy throughout this parliamentary term will primarily be to take steps to improve spending efficiencies while incentivizing foreign direct investments cash flows into our economy… We will therefore pursue opportunities to boost growth in our major non-tax revenues. We pledge to commit more resources to our Financial Services Sector as there is tremendous potential for growth in revenue generated by this sector. We will work with the Registered Agents to develop an investment package to encourage the re-domiciliation of Financial Services entities from other jurisdictions.”
To this end, the NIA intends to pursue an aggressive marketing agenda, combining the resources of government with that of the Registered Agents.
The government also committed to having an Invest Nevis office located at Wall Street, New York, to provide Nevis with a greater reach and exposure in the investment capital of the world. Invest Nevis is part of the marketing campaign of the Nevis Investment Promotion Agency (NIPA), a government agency that serves to identify and promote investment opportunities on the island, and act as point of contact between investors and government officials and departments.
“Our effort will be geared at investment in Financial Services, Tourism, and the Real Estate sectors…It is our intention to commit resources and actively participate in at least three international marketing initiatives/road shows each year, in which Nevis will see itself as part sponsor of these international marketing events. The joint sponsoring of these events gives us the opportunity to host private Nevis events as part of the schedule so that we can make a direct sales pitch to the potential investors attending these events.
“Our legislative agenda will include various amendments to our Financial Services products legislation, especially our International Banking and Trust legislation, to keep us on the cutting edge of competitiveness and align us with the requirements of the various international Financial Services Regulatory Agencies.”
The Nevis government’s efficient management of the Covid-19 crisis has sparked confidence in the economy, reflected in the uptick in economic activity. The Government indicated that finances are beginning to show gradual signs of improvement and the number of jobs on the island is increasing, however despite the significant progress made in restoring macroeconomic stability, there is still work to be done.
Against this backdrop, the NIA underscored the importance of adopting the correct fiscal policy stance in order to ensure long-term fiscal and debt sustainability. The government gave the assurance that it will continue its prudent fiscal management of the Nevis economy.