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Economy of Saint Lucia and business opportunities

Economy of St. Lucia

Saint Lucia is one of the Windward Islands, a group of islands located off the southeast coast of North America. Due to its small size and relative lack of geological resources, its 2000s economy relies primarily on the sale of banana crops, and the income generated from tourism, with additional input from small-scale manufacturing.

St. Lucia's economy depends primarily on revenue from tourism and banana production, with some contribution from small-scale manufacturing. All sectors of the economy have benefited from infrastructure improvements in roads, communications, water supply, sewerage, and port facilities. These improvements, combined with a stable political environment and educated work force, have attracted foreign investors in several different sectors. Although St. Lucia enjoys a steady flow of investment in tourism, the single most significant foreign investment is Hess Oil's large petroleum storage and transshipment terminal. In addition, the Caribbean Development Bank funded an extensive airport expansion project.

Although banana revenues have helped fund the country's development since the 1960s, the industry is now in a terminal decline, due to competition from lower-cost Latin American banana producers and reduced European Union trade preferences. The country is encouraging farmers to plant crops such as cocoa, mangoes, and avocados to diversify its agricultural production and provide jobs for displaced banana workers.

Tourism recovered in 2004, following the post-11 September 2001 recession, and continued to grow in 2005, making up more than 48% of St. Lucia's GDP. The hotel and restaurant industry grew by 6.3% during 2005. Stay-over arrivals increased by 6.5%, and the United States remained the most important market, accounting for 35.4% of these arrivals. Yacht passengers rose by 21.9%. Redeployment of cruise ships, remedial berth construction, and high fuel costs prevented higher growth rates. However, several investors have planned new tourism projects for the island, including a large hotel and resort in the southern part of the island. The global recession has caused a reduction in tourist revenue and foreign investment, significantly slowing growth rates.

Sectors

Agriculture

In addition to banana production for export, a variety of crops are produced on the island for domestic consumption.

TourismThe island's tourism industry declined by 6.7% during 2007.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Saint Lucia"

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Saint Lucia Economy Saint Lucian Economy, business opportunities in Saint Lucia.
Summary:
Consultancy Services to Develop a Course in Geographic Information Systems
Country:
Saint Lucia
 
Notice Type:
Tender Notice
Deadline:
22 Apr 2024
Posting Date:
12 Apr 2024
 
 
 
Summary:
Consulting Services to Develop a Geographic Information System (GIS) Course
Country:
Saint Lucia
 
Notice Type:
Tender Notice
Deadline:
23 Apr 2024
Posting Date:
09 Apr 2024
 
 
 
Summary:
Consultancy Services For Project Coordinator- United Kingdom Caribbean Infrastructure Partnership Fund (Ukcif)
Country:
Saint Lucia
 
Notice Type:
Tender Notice
Deadline:
08 May 2024
Posting Date:
08 Apr 2024
 
 
 
Summary:
Provision of Passenger and Cabin Screening Services at Hewanorra International Airport (HIA) and George F. L. Charles (GFLC) Airports
Country:
Saint Lucia
 
Notice Type:
Tender Notice
Deadline:
06 Jun 2024
Posting Date:
15 Feb 2024
 
 
 
Summary:
Lc-Saint Lucia Human Capital Resilience Project -- P170445
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
14 Nov 2024
Posting Date:
16 Nov 2023
 
 
 
Summary:
Lc-Saint Lucia Health System Strengthening Project -- P166783
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
30 Oct 2024
Posting Date:
01 Nov 2023
 
 
 
Summary:
Lc-Saint Lucia Human Capital Resilience Project -- P170445
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
24 Oct 2024
Posting Date:
26 Oct 2023
 
 
 
Summary:
Lc-Saint Lucia - Caribbean Regional Air Transport Connectivity Pro -- P170860
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
11 Oct 2024
Posting Date:
13 Oct 2023
 
 
 
Summary:
Lc-Saint Lucia Health System Strengthening Project -- P166783
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
12 Jul 2024
Posting Date:
14 Jul 2023
 
 
 
Summary:
Lc-Renewable Energy Sector Development Project -- P161316
Country:
Saint Lucia
 
Notice Type:
Procurement Plan
Deadline:
28 Jun 2024
Posting Date:
30 Jun 2023
 
 
 

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