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The High Commission is mandated to promote and protect the economic interests of the Member States of the OECS in Canada. It is therefore expected to contribute towards increasing inflows of foreign direct capital, and to facilitate the export of OECS products into the Canadian market.
In Canada, where there is considerable knowledge of the OECS and some experience among Canadian investors in dealing with the sub-region, who are seeking new areas of investment that are stable, lucrative and free from conflict, the High Commission plays an active role in familiarizing potential investors with business opportunities available in the OECS.
The safety, economic and political stability and vibrancy of the OECS make the islands the ideal choice for the potential investor. In addition, the countries of the Eastern Caribbean offer exceptionally attractive investment opportunities for the location of information processing operations and financial services and offer the advantages of tax and other fiscal incentives, an educated and English-speaking labour force, relatively low labour costs, an excellent communications infrastructure and proximity to the North American market.
The island nations have given priority to the search for new avenues of economic development due to the declining earnings of sugar and bananas. Therefore, all of the islands offer a receptive business climate, with incentives in selected areas.
According to the Eastern Caribbean Central Bank (ECCB), Real GDP growth rose to 3.9 percent in 2004, spurred by strong growth in tourism and construction activity as well as a rebound in banana production. This increase in economic activity in 2004 was achieved in a climate of relatively low inflation.
Economic activity in the Eastern Caribbean Currency Union (ECCU) strengthened in the first quarter of 2006 relative to the corresponding period of 2005. The expansion was largely driven by robust growth in construction as some countries prepare to host the Cricket World Cup (CWC) in 2007.
The ECCB predicts a positive economic outlook for the rest of 2006 is positive. Growth in real GDP is projected, sustained by robust activity construction sector, particularly in those countries preparing for Cricket World Cup 2007. Tourism activity is projected to increase, based on growth in stay-over arrivals and assuming favorable economic conditions in the major markets.
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