THE Government of St Lucia said it is anticipating investment in the tourism industry to surpass EC$320 million following a large number of negotiations with various investors during the first eight months of 2022.

Speaking at the 58th annual general meeting of the St. Lucia Hotel and Tourism Association (SLHTA), Prime Minister Phillip J Pierre said that investors have been showing a high level of confidence and interest in the country’s economic prospects.

“This is evident by the level of tourism investments which have been recorded for the period January to August 2022,” he said, noting that during the period some 20 projects for tourism incentives were approved by Cabinet.

Pierre, a former tourism minister, said the Jamaica-based Sandals group has started renovations on one of its properties, while another hotel has reopened under new management. He said another hotel under new management has “major plans for expansion”.

Welcoming the investments, he expressed gratitude for the increasing private sector support, underscoring the need for the group to play a much more meaningful role in the socio-economic development of the island.

“While your main emphasis may be on greater collaboration within the private sector, your call could be extended to include stronger linkages between the public and private sectors as well,” he stated.

Advocating for adequate compensation of tourism workers, he stressed the need for operators to uphold their corporate responsibility and to treat workers fairly. “Compensate workers adequately so that every participant can enjoy the benefits of the tourism sector and, in return, they will help us promote and defend our sector.”

“Government will assist whenever we can to help you succeed with your business and we continue to encourage you to invest in our country,” he added.

According to data revealed by tourism officials, visitor expenditure post COVID-19 exceeded EC$560 million last year, with hotels and other properties collectively raking in excesses of over EC$303 million. Recovering from severe beatings during the onset of the novel coronavirus pandemic, the tourism-dependent country has been positioning to take advantage of existing pent-up demands as tourist arrivals pave the way for a rebound of economic activity. For the first quarter of this year stopover visitor arrivals totalled 80,811, marking a strong start to the year. Estimates by the International Monetary Fund shows a 12 per cent growth in economic output for 2021.