Executive Director (Antigua & Barbuda Investment Authority (ABIA)

Antigua and Barbuda is a major player in the Caribbean, but has serious competition on all fronts – tourism, financial, and otherwise. What are the main comparative advantages of Antigua and Barbuda and what are the areas where it can still get better?

I’ll start by saying that on our website we reveal some of the main reasons why we think Antigua would be an ideal location for investment: Political stability in the country, due to our strong democratic system; safety and security in Antigua in contrast to other places in the region; an estimated 95% of well-educated population; great percentage of people who are keen on tourism, technology, resources, financial services and construction ; a great ICT structures developed over the last 10 years. With regards to the currency, we are tied to the US-dollar, which is a fixed rate. The concessions are the most generous across the region, and that is a certain point in this attraction towards investors who are seeking to develop projects and require systems particularly at the beginning stage. Antigua is a place with welcoming and friendly people, particularly visitors, tourists and investors. We have strong investor protection rights and over the past years, we have tried to develop a project in which investors come here and they can establish businesses with a fast bureaucratic procedure. Furthermore, we are a member of the Organisation of the Caribbean States (OECS) as well as the CARICOM Community. As you see, we have some natural attractions that other countries don’t, especially our coast line. It just lends itself to set some tourist development.  


As you said there are some sectors that are working quite well such as tourism. What other sectors show promise for foreign direct investment, or may develop to be attractive for investors in the near future?

A couple of years ago, we were in charge of identifying a number of sectors towards economic growth. Some new sectors were identified or were just linked to legislation. Above and beyond, they allowed access to more generic concessions, so called «Tourism Business Concessions Acts». The different sectors were: Health and wellness; Scientific Services; Creative Industry; Energy, with a focus on renewable-alternative energy; Agriculture Fishing and Agribusiness; of course, Financial Services, which really became strong over the past decades; Manufacturing, which in Antigua presents slight disadvantages due to the high energy costs. Therefore, we have to focus on another types of manufacturing that don’t need that much energy input; ICT services; Business Processes and Resourcing. The investment authority first aims to establish the readiness of Antigua in order to become a place for business processors resources. Then, they seek to identify some potential business partners, based on where we believe to find potential competitive advantages of sourcing areas. We gathered quite a bit of information as far as what Antigua needs. We also had a consultancy with the aim of strengthening investment functions in Antigua. There are some benefits on behalf of some technical advice by a number of consultants with a particular wide knowledge of experience in investment promotion. We also gathered quite a bit of useful information from that consultancy firms and we found potential areas that we can target for investment, again based on the infrastructure areas that we have. In fact, one area was identified as a touristic-potential focus for meetings, conferences, exhibitions and ICT focus on business procedures. Moreover, there is an area of educational services as well. There is a focus on attracting others as well as expanding the capacity of the island towards this educational aim. That is, the whole idea of bringing students to Antigua translates into an impact on the economy by renting houses and cars and school supplies. All these consultancies took place between 2013 and 2014.


When we met with Prime Minister Gaston Brown, he expressed his interest in attracting foreign investors to Antigua and Barbuda. Some sectors of the Antiguan economy are indeed dependent on foreign contribution, but do you plan to encourage FDI in the country?

The policy of ABIA has always been very fond to encourage FDI, as it is stated in our legislation introduced back in 2014 and it extended two years later. The rationality behind that is to attract investment, not to eliminate local businesses.   


ABIA is a statutory body formed under the  Investment Authority Act of 2006. Since its creation, what were the biggest achievements of the ABIA?

It started from the scratch. We had to put together policies and procedures and then we designed attracting investors by a method. We have some responsibilities to identify reform and enhance business-climate development in Antigua. We have also been really strong in the relationships with both regional and international organizations, as the World Bank, among others. It is worth highlighting the role of CCIC when making Antigua as a hub for potential small business owners to offer them opportunities to develop creative sectors in the economy. “When it comes to recognition as far as developing processes, advocating and also providing useful information as far as the regional international organization sees as critical system for Antigua as a place which is suitable for investment”.


ABIA is currently working on a bunch of programs like Mind Your Business or Construct Antigua and Barbuda Initiative. Can you give us the overview of the actual initiatives of the ABIA?

That’s the two initiatives we’ve been working on over a number of years. “Mind Your Business” started in the 2000s, which has been really successful and all together meant a significant reduction of construction’s cost due to the supplies provided. The initiatives extended towards new bills, and expansions of renovations, including business residential projects. For the past couple of years, it has been narrowed to owners building new homes, but it tremendously reduced the costs of building residential homes and taxes on the materials used in the constructions. Nevertheless, it’s only extended to residents and citizens in Antigua. These would have started in 2011, but it has been extended, renewed and starts in July this year until June next year.


The ABIA’s members have been actively involved in such fields as education, agriculture, construction. How do you contribute to the economic development of the country?

We are sometimes the first call for those who have a special interest in investment in Antigua. We provide them information of the procedures to follow and connection to services they can apply to. This is just a part of the whole trust on the economical process in Antigua. We all come together with the main objective, which is investment. It is just a part of the economic development in Antigua.


ABIA provides a wide range of investment promotion and facilitation services to assist all investors to establish and expand profitable business. Do you offer any opportunities to advertise in international media?

There are many market promotions, workshops and conferences organized especially by the Caribbean Investment Organization, being last year held in Miami. This way we can promote Antigua as an ideal location and reach potential investors. In other words, strong financial resources can be found there to reach potential investment. Furthermore, the Internet offers a wider range of investors, too. By the way, ABIA counts with a website, which also helps as promotion for Antigua itself, since it is a very new and an updated network which provides information about the country.


You assisted hundreds of Antigua and Barbadians in developing their businesses. Are there success stories you can tell us about?

We are asked about concessions’ and operations’ approvals and all sort of information. There are at least four or five projects in the half-mile stretched area. To mention some, we count on a cinema and a shopping mall developed by local business. There is also an upcoming complex, which is an insurance company and they developed their own complex not only to accommodate their employees but also to provide affordable accommodation to others. Another example of successful development in Antigua would be a local investors who set up a communications business, among others. In short, they might all have come through the Antigua investment for guidance and assistance.


Assuming I’m an international investor in the food and beverage business and am interested in exporting an Antigua and Barbuda’s product or raw material. How would the ABIA assist me?

If you were to be seeking manufacture business here, we would assist you as far as concessions are granted.  With regards to constructions fairs, we would assist you too as far as granting you equipment and operation fairs based on any other business. As for the exporting business, I guess we have not really been that much involved in exporting world business, we assist to services but we have not really been that much in export oriented business.


As executive director of the ABIA, what are you proudest of? Where do you see the ABIA in 2 years’ time?

That’s a very difficult question, although I’ll try my best. I’m proud of being an important part of this organization. I remember when this organization started and I guided a consultant and have developed the policies and procedures related to activities that would certainly assist investors’ interaction and services at that time. I am beyond that, with responsibilities which involve managing the finances of the operation along with taking on the role of director after the past one moved on a few years back. It has been a period with lots of things to be proud of, in my opinion and in the opinion of most of the members, the authority has become more efficient and customer-oriented. Investors could have come to us for some sort of service or some sort of interaction with us, expressing the confidence in our entity says that this organization is a model for any company regarding customer service. I’m really proud of that. In my previous career, I did put a lot of emphasis on the effectiveness and customer service, and it’s great to be the model of delivery to customer service. “Friendship” and strong attributes and strong forces help to guide us to where we are and certainly beyond. The scope of the development but we see ourselves ready and able to move the policies towards investment services.


The readers of Harvard Business Review include some of the most influential business leaders and decision makers in the world. Do you have a final message for them as a conclusion to this interview?

Antigua, like most of the countries in the region, is basically competing to find a co-investment. It will not be adequate for us alone to expand the economy to develop the improvement of our residences’ quality of life. The capital is obviously insufficient and there is competition out there to source recognition. Antigua certainly has a great number of positive attributes that can help the investor make the decision to relocate here. In fact, we did cover most of them, as we state in our website. We still want to urge and encourage investors to please when they are looking for places to locate to consider Antigua to be a suitable location for this consideration. “Antigua is open for business”.