Prime Minister Philip J. Pierre has articulated a clear vision for Saint Lucia’s future, focusing on the transition to a modernised economy. He emphasised leveraging socio-economic and trading bases to implement policies and projects aimed at generating revenue for citizens.
PM Pierre highlighted the expansion of trading and marketing links, along with significant developments in housing construction and infrastructure projects. He also noted the progress in reducing youth unemployment and the enactment of transformative commercial laws, such as the Insolvency Act and the Cooperative Bill.
Additionally, he mentioned the establishment of the Youth Economy Agency (YEA) and the introduction of Micro Small Business Loans as indicators of a modernizing economy.
“Saint Lucia is in a good place, and I want to congratulate the people of Saint Lucia, the entrepreneurs, and those who have the confidence to expand their businesses,” PM Pierre declared. He added that there are ongoing developments in housing construction and other areas, including infrastructural projects at Cul de Sac, along the West Coast highway network, and in the city on Chausse Road.
“We need to ensure that we keep that growth going and keep our fingers crossed that there are no climate events,” he said. Nonetheless, he reiterated that economically, “we are in a very good place.”
PM Pierre added, “Youth unemployment is at its lowest, with figures confirmed by the Eastern Caribbean Central Bank (ECCB).”
Expressing further optimism about the island’s progress, he stated, “I’m very optimistic about Saint Lucia and its future.”
The Prime Minister recalled a recent milestone, noting, “Last week, we undertook a revolutionary step in commercial laws by passing an Insolvency Act. This act, which was supposed to be passed about 10 to 12 years ago, now allows business owners who face challenges to restart through the Insolvency Act.”
He continued, “We protect people’s homes, which was necessary. This shows how we have modernized our country. We also passed a Cooperative Bill for cooperatives.”
He added, “So, again we’re modernizing our economy. We passed the Movable Assets Bill, where you can monetize your receivables and your machines to borrow money, a modern economy.”
“Our investment climate has never looked so well for a long time,” PM Pierre stated. “So, these are tangible things …so, as far as I’m concerned, I’m very excited about the prospects of our country. I’m very excited about the economy of the country.”
He spoke of a “housing boom” with a sum of $20 million deposited at the Saint Lucia Development Bank (SLDB) to benefit civil servants with their mortgages and conditions in place to offset stamp duty payments.
On the issue of social housing, the Prime Minister stated that the government is set to price some lands that the National Housing Corporation (NHC), through the PROUD project, is making available in the southern region.
“We are developing the housing construction in Rock Hall,” the East Castries MP said. He stated that it was “very difficult” to undertake low-cost housing to align with provisions for affordable housing.
“But, we try to help people …this is why, any mortgage of less than $400,000, you pay no stamp duty.”
With tangible achievements and a thriving investment climate, the Prime Minister expressed great optimism about the country’s future and the strength of its economy.
PM Pierre asserted, “So, the government’s achievements are tangible …you can touch it, they are not things that you imagine. And, this is why we are focused.”