Financial Crime World

St. Kitts and Nevis’ Financial Sector Emerges Unscathed from Global Crisis

St. Kitts and Nevis’ Strong Economy Key to Resilience

Basseterre, St. Kitts - Nevis - November 13, 2008 - Despite the global financial crisis having a devastating impact on many countries, the financial sector in St. Kitts and Nevis has so far been able to withstand the storm thanks to the tight regulations enforced by the Eastern Caribbean Central Bank.

Prime Minister’s Remarks

In a statement, Prime Minister Hon. Dr. Denzil L. Douglas credited the country’s robust economy for its resilience, highlighting the continued influx of cruise ships and promising hotel reservations as testament to its strength. He emphasized that “we must continue to protect the progress we have made over the years” by remaining vigilant and proactive in protecting the progress made so far.

Enhancing Competitiveness

To achieve this, PM Douglas called for all stakeholders to enhance the competitiveness of St. Kitts and Nevis through enhanced productivity. This means carving out a bigger share of the global pie by being attractive to both domestic and foreign investors.

Welcoming Foreign Investment

The Prime Minister welcomed foreign investment and encouraged Kittitians and Nevisians to make their country an appealing destination for businesses.

Diversifying Economy

The Prime Minister’s remarks came as he broke ground on the construction of an 18-hole championship golf course designed by renowned architect Tom Fazio, highlighting the importance of diversifying the economy and creating new opportunities for growth.

Key Points

  • St. Kitts and Nevis’ financial sector has emerged unscathed from the global crisis thanks to tight regulations enforced by the Eastern Caribbean Central Bank.
  • The country’s robust economy is key to its resilience, with a continued influx of cruise ships and promising hotel reservations.
  • PM Douglas emphasized the importance of remaining vigilant and proactive in protecting the progress made so far.
  • Enhancing competitiveness through enhanced productivity is crucial for future growth.
  • Diversifying the economy and creating new opportunities are essential for sustainable development.