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Economy
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Wednesday, 02 May 2012 02:30
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By Colin Sampson
Antigua St John's - Major infusions of foreign direct investment (FDI) are in the cards for the Antigua & Barbuda economy. Ground-breakings on a range of investment projects are expected to take place by the end of 2012.
The 10 investment projects approved during the first quarter of 2012 amount to a value of $694 M. Of this, $683 M represents an infusion of foreign direct investment from seven of the 10 projects. The other three projects represent domestic investment of just over $10 M. The 10 investment projects are together expected to create 492 jobs in the relatively short term.
Further on into 2012, in the medium term, the advent of the Zacky-Mann Poultry Farm is slated to add an estimated 600 construction jobs to the economy at the outset. Coming into production on a phased basis, the Zacky-Mann operation will eventually offer 800 permanent jobs.
Zacky-Mann will produce poultry products (including eggs) for export to the region and for the local market. The project, which may be characterized as import substitution on a grand scale, will seek to service the multi-billion dollar regional appetite for poultry.
In the meantime, under the Construct Antigua & Barbuda Initiative (CABI), 48 construction projects have been approved to a value of $22 M. A further 32 applications are under review.
This is the glowing forecast delivered by Dr McChesney “Mac” Emanuel, currently chair of the Antigua & Barbuda Investment Authority (ABIA). Dr Emanuel spoke on Tuesday, during an in-studio appearance on the Colin Sampson Show.
Readers are invited to visit the
CARIBARENA.COM video archive to view excerpts from the discussion.
In actual fact, “Mac” Emanuel’s appearance on CARIBARENA.COM did not mark the first time this optimistic report had been delivered. The ABIA chair had made roughly the same remarks (with fewer interruptions) nearly a week before, during the inaugural quarterly press conference held by the minister of Finance, the Economy & Public Administration.
However, the assembled journalists, snowed under by a virtual blizzard of information unaccompanied by any visual aids, were barely able to cope with the address delivered by the star of the occasion, Minister Harold Lovell. This narrow focus resulted in the encouraging report from the ABIA being lost in the shuffle.
Emanuel stressed that the Antigua & Barbuda Investment Authority (ABIA) has sought to play a more active role in the drive to attract and/or generate investment in the economy. The ABIA has worked to support the government in its imperative to create employment, and to boost the economic activity that will generate confidence in the economy.
The ABIA chair outlined a four-phase programme, beginning in the immediate period with an economic stimulus programme. The levels of investment mobilized by the projects already approved for 2012 will go far toward achieving this goal.
In the short term, the focus will be on economic growth. One feature of the plan is to market CABI to overseas nationals of Antigua & Barbuda. A second feature is to move aggressively into trade in health through investing in the health services industry.
In this connection, Dr Emanuel made reference to the proposed Cancer Center Eastern Caribbean, a public-private joint venture involving the governments of the Organization of Eastern Caribbean States (OECS). The cancer center is intended to bring first-world cancer care within the reach of OECS residents.
The short-term economic growth programme also stresses wellness, and urges current operators of hospitality plants to factor health and wellness into their future development plans. Investment in infrastructure to generate jobs and facilitate economic activity is part of the plan.
The Zacky-Mann poultry operation mentioned earlier forms part of the medium-term economic growth plan. In one sense, an enclave industry servicing the large regional export market, the Zacky-Mann plan is to absorb all the marketable egg production of local poultry farmers.
While no estimate was on hand for the dollar value of the investment, the scope of the project suggests that the Zacky-Mann development could be a game-changer for the OECS balance of payments. The project may break ground before the end of 2012, Emanuel said.
Another feature of the medium-term plan is the “Outsource Antigua & Barbuda” initiative, designed to carve out a share of the international web outsourcing market.
In the longer term, the ABIA will seek to realise the government’s economic programme, which will be based on established principles of development economics. The aim, said Emanuel, is to place Antigua & Barbuda on a path of stable and sustainable economic growth.
Like his minister, the ABIA chair hopes that all Antiguans & Barbudans will work together, and that each will seek to play his or her proper role in national development.
37 Comments In This Article
RE: Major Investments in the Offing
Nah! don't worry it will never happen, APUA charge to much for their power and there is something "Fishy" about this proposal and the amount of workers they say they wil employ. 800 workers! what is that one per chicken lol
We Never Learn
PLAY IT AGAIN SAM.
OUTOFANTIGUA
RE: Major Investments in the Offing
ANTIGUAN WOMAN
@ Morris - Poultry Development Can Be Positive!
As a young SIDS, GoAB must do everything possible to develop Human Capacity.
In Business it is the GoAB's role to ensure that Entrepreneurshi p thrives and flourishes by ensuring a positive Business climate is encouraged, developed and maintained using all of the policies and fiscal arrangements at their **nal. Development is possible using local entrepreneurs if GoAB has the Will, is prepared for slow and steady growth and not so "ethically badminded" that everything has to be "The Big Score". Your comments to this discussion are most appreciated. Much Respect.
John French II
@ Tenman - The Cooperative Business Agenda Is A Reality!
Both You and the Chair may be too young to remember or know of the Belmont Operations. Belmont owned the Land, paddocks, facilities,
infrastruture, including ponds, windmills and pipes to move the water from one paddock or best grazing area to the next. Belmont supplied the Vet and assistants, feed and care for the cattle including baths to remove ticks and other parasites from the cattle. The milking parlours were run by Belmont and the milk was bottled and delivered to customers daily. Some farmers provided the animals, paid for their keep and were paid for the production of Milk & Beef.
That was before Statehood! A sorry demise!
The Business format can be reeingineered, redesigned, restructured and realigned to Antiguan realities. Creativity, Innovation & Entrepreneurship.
Cooperative Farming exist in US & Canada. Grants are available. See www.caribbeannewsnow.com/archive-news-10735-2012-5-01-0.html Blues and Reds love the "Big Score." Respect!
John French II
More details needed (cont'd)
Morris
More details needed
Morris
RE: Major Investments in the Offing
ANTIGUAN WOMAN
John French II
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tenman
@ Tenman - FDI vs IDI Chickens Living In The IMF's NEST! PT3
Yes Sirs, Hon Ministers of Agriculture, Tourism & Finance, Local Initiative in this area is a Winner. Grow the industry locally through ABIA and incentives.
Why give the incentives to FDI? You will have to! Land! Duty Free! Utilities!
Logistics and infrastructure to serve the OECS & Caricom are not in place. Anyone remember "Wave Runner"? Still moored, a possible environmental hazard but could eliminate one of the potential logistics downsides. Ask anyone from SLU - A Chicken Farm debacle, environmental issue. Heck, no problem on A&B. Many moons ago, learned of a technology challenge to pelletize the "crap" to be recycled as feed. Given Utility Costs, may pave the way for Wind Power. Heaven Help The Nation Of Antigua & Barbuda.
John French II
PLM
Mavis
@ Tenman - FDI vs IDI Chickens Living In The IMF's NEST! PT2
That the GoAB has an ambitious Scholarship Programme for Higher Ed to improve Human Capacity Development is without question. Having scoured past information, will someone kindly point to a Definitive Strategic Direction to Animal Husbandry and Production. Please Persuade Us of the strategic nexus with agriculture, food imports, balance of trade, feeding the population and tourists. The Graduates are not only worker bees, but hopefully innovators, entrepreneurs and small business developers.
This mere voice in the wilderness has suggested through this portal that the 'used to be energetic" Hon. Min of Agri. should have developed a Modern & Technology driven Marketing Board and encourage the small farmers to develop a strategy of Financial Business Assocaition through Cooperatives. A&B had two Good Models: Belmont & PDO.
John French II
@ Tenman - FDI vs IDI Chickens Living In The IMF's NEST! PT!
That the Investment Guru saw value in bringing FDI and not using the good offices of ABIA to advance local Initiative and Independence of Vision, Thought and Action tells a tale which perfectly mirrors his proclivities and enamourment with North Atlantic Privateers.
It is instructive for those who may wish to investigate, that JA, following its first encounter with the IMF saw its Beef, Poultry and major food production grind to a screeching halt. The Journalist must have known this. Some will suggest that since there is very little agricultural production, and moreso poultry husbandry, this can only lead to an upward direction. For Whom?
John French II
Wadadli Blogger
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tenman
Perplexed - signs of problems
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tenman
That has to be a typing error
We should knuckle them and build a state of the art facility even Bigger and Better than what these people are proposing!!! this is a global village now ... the internet is the middle man ... we don't need middle men!!!
Wadadli Blogger
@tenman
Perplexed
Again no plan to show
The kicker in this one is that they are saying they will be providing "600 jobs in construction" to build this "poultry facility" and then "800 jobs after construction" to work on it after!!!
I gotta get into the chicken business!!!
That would make them the second largest employer on the island ... and how much are they gonna pay people to work on a chicken farm with a staff of 800? They might have to import Chinese labour.
How large is this place going to be and where do they plan on doing this ? ... Do they have the lands already?
They might have to come with their own power plant as well!!!
Wadadli Blogger
RE: Major Investments in the Offing
I welcome any new investments, because when people have jobs, burglary will go down, we will have less beggars on the side of the road and the economy will expand, but as many of the bloggers have said we have seen this movie already. We await the outcome.
browngal
De Real Observer
Osbert R. Frederick
De Real Observer
Baldwin et al, wheel and come again.
Osbert R. Frederick
RE: Major Investments in the Offing
people and the governments detractors who come. hear daily to cuss and call names daily want to hear
Cool Ruler
More promises
Tobi
RE: Major Investments in the Offing
maximum
RE: Major Investments in the Offing
Concern Antiguan
Happy Days are here again…
PLM
RE: Major Investments in the Offing
DadliMan
RE: Major Investments in the Offing
This is the same guy who prided himself as forming the "propaganda arm" of the UPP with his A&B Justice Movement. Can we then be surprised that with elections on the horizon, Dr BS has turned to his favourite BS Artist to spin some BS for our consumption?
DadliMan
FDI is back?
Dig It
BS
forgive Chef if chef sticks to bread and salt-fish.
also this article should have ended with "and they all lived happily ever after again!"
Microwave Chef
What Program?
justin
Mac!
Time will surely tell! Exporting eggs? Hmmm! Put all the small poultry farmers out of business? Hmmm!
Has Mac sent even one Investment of note to Antigua and Barbuda while he worked in the US consulate? I guess it's never too late to start? Way to go PM BS fool us all a little more...like the new Power Plants that would bring down the cost of power to all Antiguans?
David
Mac!
We'll have to wait and see! By the way what about the hundreds of Investors who were waiting at Sandy Island to come ashore when the UPP came to power in 2004?
Look, Mac was in the Antigua Embassy in the US since 2004, how many Investors has be brought here since then? Now he's going to stay here and bring them all in? What has changed?
More lip service! Exporting eggs? Is October still the magic month? Sorry after eight years I remain sceptical!
Sapping Hand
Good job Mac
Skyewill
web outsourcing market
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tenman
RE: Major Investments in the Offing
STEVE
Zackyman & St. Vincent and promises
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tenman
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