(MENAFN- Newsfile Corp)
Roseau, Dominica--(Newsfile Corp. - October 3, 2024) - In his press conference on 30 September 2024 , Prime Minister Roosevelt Skerrit articulated a clear vision for The Commonwealth of Dominica's economic recovery and growth, including significant developments regarding the nation's Citizenship by investment (CBI) Programme.
Prime Minister of Dominica - Roosevelt Skerrit
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PM Skerrit Announces New Measures for Enhancing Dominica's CBI Programme
A key part of Prime Minister Skerrit's speech was the signing of the Memorandum of Agreement (MOA) with other Caribbean nations earlier this year. The MOA, which aims to foster regional collaboration and enhance the integrity of CBI operations across the Caribbean, includes the establishment of an independent regulatory body that is tasked with overseeing all CBI programmes in the region.
He noted that this initiative is part of a broader effort to evaluate what is working well and identify areas that may need improvement.
Explaining how this new regulatory framework sets to strengthen the robustness of due diligence processes across the Caribbean, Prime Minister Skerrit, announced the upcoming establishment of an Independent Due Diligence Unit in Dominica in addition to the regional initiatives.
"This unit will advise on which applicants should be approved based on thorough due diligence reports," he explained.
Set to become operational during the month of October 2024, the new unit will operate under the auspices of the Financial Intelligence Unit (FIU) alongside the Citizenship by Investment Unit (CBIU) and will be responsible for reviewing all applications.
To ensure the highest quality of oversight, all personnel working in this new unit will have undergone vetting by the Regional Security System (RSS) and the Government's Risk Compliance Committee (GRCC).
The Prime Minister's commitment to transparency and accountability is evident in these efforts, as he aims to ensure that not only Dominica, but the greater Caribbean region's CBI programmes meet international standards.
Citizenship by Investment as a Bridge to Economic Resilience in Dominica
In his speech, Prime Minister Skerrit highlighted the pivotal role of Dominica's CBI Programme, once again emphasising his gratitude for the immediate financial relief that the Programme brought following the devastating impacts of Hurricane Maria and the COVID-19 pandemic.
The government of Dominica's strategic focus on the use on CBI revenues has catapulted the nation's economy towards a more diversified and sustainable future.
Prime Minister Skerrit noted that the funds generated through the CBI Programme have been instrumental in financing various housing projects as well as facilitating the rebuilding of Dominica's tourism sector which makes up the biggest portion of the nation's economy.
The housing projects have improved the living conditions for many citizens by providing shelter and were a crucial starting point for the government as Dominica recovered from Hurricane Maria.
Developing the tourism sector in Dominica has been a primary focus as it creates jobs and stimulates local economies by increasing the demand for local products and services.
Prime Minister Skerrit stated that the hotels built are now providing employment opportunities, which has significantly increased the number of marketable rooms in Dominica.
This improvement, he noted, is part of the reason for making a case for United Airlines to begin flights into Dominica. It also explains why American Airlines has considered flights to Dominica, as well as why Caribbean Airlines operates a route from the United States via Port of Spain to Dominica.
The influx of visitors is directly linked to the enhanced capacity for accommodation, which in turn drives the demand for more flights.
Acknowledging the increased demand for tourism, Skerrit reiterated the government's commitment to expanding hotel accommodation.
"We must ensure that we have enough rooms to create sustainable jobs for our people," he stated, again emphasising the importance of job creation in the hospitality sector.
Skerrit explained that the CBI has enabled them to enhance their tourism offerings, which, in turn, attracts investment and creates sustainable employment opportunities for their citizens.
Prime Minister Skerrit further highlighted the development of the Marina, the highly anticipated international airport, as well as the cable car in addition to housing and tourism, all projects that will transform the economic landscape of Dominica that are funded by CBI revenues.
The international airport in particular, will connect Dominica to new markets and enhance the nation's competitiveness in the region, further reducing the reliance on CBI funds.
Prime Minister Skerrit reassures citizens, investors and international stakeholders that as his vision for Dominica unfolds, the focus is to continue to build a diverse economy that can withstand future challenges and will benefit all citizens.
Since his tenure as Prime Minister began, he stated that they had made a conscious and intentional decision to refrain from utilising CBI funds for recurrent expenditure, as they aspired to avoid dependence on it as their principal source of funding.
Dominica's Development Goals
Dominica continues to work towards ambitious development goals which includes building a resilient, inclusive and sustainable economy while ensuring social equity and environmental sustainability.
In addition to the tourism sector, Dominica is committed to growing its agricultural sector through promoting sustainable agriculture practises that not only enhance the export potential of local food products but also boost food security.
The nation is investing in modern farming techniques and supporting local farmers in Dominica as an effort to create a more self-sufficient economy.
At the forefront of Dominica's development lies environmental sustainability. Dominica is known for its biodiversity and untouched natural landscapes, and the government is dedicated to preserving these assets and has subsequently implemented initiatives that include eco-friendly tourism as well as renewable energy projects such as wind and solar energy.
The government also aims to improve education as well as healthcare in an attempt at social development that enhances the overall well-being of the nation's citizens.
Ultimately, Dominica's development goals reflect a holistic approach to growth that balances economic progress with social equity and environmental stewardship. The government is committed to building a resilient and prosperous future for all Dominicans.
Secretary of the Dominica Citizenship by Investment Unit
Commonwealth of Dominica
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001 (767) 266 3919
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SOURCE: Dominica Citizenship by Investment Unit
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