分类： business

The Government of Antigua and Barbuda is actively exploring transformative reforms to its energy infrastructure, with Utilities Minister Melford Nicholas emphasizing the dual benefits of environmental sustainability and economic efficiency. During a recent discussion on Pointe FM alongside Prime Minister Gaston Browne, Nicholas highlighted the success of Barbuda’s hybrid solar energy system as a blueprint for future initiatives. This innovative system, implemented in the aftermath of Hurricane Irma in 2017, harnesses solar power during daylight hours, significantly reducing the island’s dependence on fuel-powered generators to nighttime operations. Nicholas revealed that this approach has already slashed fuel consumption on Barbuda by approximately 24%. He further elaborated that adopting a similar model in Antigua could result in substantial savings for the Antigua Public Utilities Authority, potentially amounting to millions in reduced fuel expenses and lower utility rates for consumers. Beyond the immediate financial advantages, the minister underscored the broader implications of transitioning to a more sustainable energy mix. Such a shift would not only align with the nation’s ambitious target of achieving carbon neutrality by 2040 but also provide a buffer against the volatility of global fuel prices, thereby safeguarding households from economic instability. Nicholas articulated the urgency of this transition, stating, ‘There is an economic imperative. Every time we burn fossil fuels, we are contributing to the same climate change problems we are trying to solve.’ The proposed reforms signify a pivotal step towards a greener, more resilient future for Antigua and Barbuda, balancing ecological responsibility with fiscal prudence.

A recent report by the U.S. Department of State has underscored the economic resilience of Antigua and Barbuda, while emphasizing the need for continued reforms to sustain growth and mitigate risks. The 2025 Investment Climate Statement, released in September, highlighted that the nation’s economy expanded by 4.3% in 2024, driven largely by tourism, yachting, agriculture, and business process outsourcing. However, the report cautioned that the country remains vulnerable to external shocks, including supply chain disruptions, natural disasters, and global economic downturns. Tourism, the largest foreign exchange earner and employer, exposes the nation to fluctuations in international travel demand. To bolster economic resilience, the government has prioritized foreign direct investment through the Antigua and Barbuda Investment Authority (ABIA), focusing on renewable energy, agro-processing, and infrastructure. Initiatives like the Nomad Digital Residence Visa aim to attract remote workers and high-net-worth individuals. While these efforts reflect a strategy to diversify income sources, the report stresses that long-term stability hinges on addressing fiscal sustainability and climate-related vulnerabilities.

In a strategic move to enhance tourism ties with South America, Antigua and Barbuda will commence weekly direct charter flights to Cartagena, Colombia, starting October 24. The initiative, unveiled on Friday, is a collaborative effort between DMC BlueSea and Liat Air. The partnership aims to establish South America as a pivotal source market for the Caribbean destination. The announcement was made during a press conference attended by key figures, including Colin James, CEO of the Antigua and Barbuda Tourism Authority (ABTA), María Britto Bettini, CEO of BlueSea, and José Abreu, also from BlueSea. Britto Bettini revealed that the concept of directly linking Antigua and Barbuda with Colombia had been in the pipeline even before the pandemic. James described the new service as a ‘gateway’ to untapped markets, emphasizing its potential to attract a fresh influx of tourists. This development is expected to significantly bolster the tourism sector in Antigua and Barbuda, providing a much-needed boost to the local economy. The initiative also highlights the growing importance of South America as a key player in the global tourism industry.

The U.S. Department of State has endorsed the establishment of a regional credit bureau in Antigua and Barbuda, emphasizing its potential to revolutionize the lending sector and fortify the nation’s financial infrastructure. The initiative, spearheaded by the Eastern Caribbean Central Bank (ECCB) under the Credit Reporting Act of 2024, aims to provide banks and lenders with enhanced tools for assessing borrower credibility. This development is part of a broader strategy to improve financial inclusion across the Eastern Caribbean Currency Union, which includes Antigua and Barbuda. According to the 2025 Investment Climate Statement, the credit bureau will play a pivotal role in collecting, storing, and disseminating credit information to financial institutions. U.S. officials predict that this will lead to increased access to credit for households and businesses, while simultaneously reducing the incidence of loan defaults. The ECCB has reported that the banking sector in Antigua and Barbuda remains stable, with commercial bank assets totaling $2.4 billion at the end of 2024. However, nearly 10% of loans were classified as non-performing, highlighting the urgent need for more robust oversight mechanisms. In addition to improving credit assessment, the bureau is also tasked with enforcing stringent data protection measures to safeguard consumer information, thereby fostering greater trust in the financial system. This initiative is expected to have a transformative impact on the region’s economic landscape, offering new opportunities for growth and development.

Antigua and Barbuda has positioned itself as an attractive destination for foreign investors, boasting a business registration process that can be completed in as little as three weeks. However, a recent U.S. government report highlights persistent legal complexities and procedural hurdles that continue to challenge foreign companies seeking to enter the market. The 2025 Investment Climate Statement, released by the U.S. Department of State in September, underscores the need for filings with multiple agencies, including the Intellectual Property and Commercial Office, Inland Revenue Department, Social Security Scheme, Medical Benefits Scheme, and the Board of Education. Most investors rely on local attorneys to navigate these requirements, adding to the complexity and cost of establishing a business. The Antigua and Barbuda Investment Authority (ABIA) plays a pivotal role in facilitating foreign investment by guiding investors through incentives and concessions. Additionally, the country’s participation in the World Trade Organization’s Joint Initiative on Investment Facilitation for Development has spurred reforms aimed at enhancing transparency and streamlining processes. Despite these efforts, the report notes that many policies affecting investors are developed without public consultation, and some legislation lacks broad stakeholder input. While accounting and regulatory procedures generally align with international standards, critics argue that a more robust consultative process is essential to bolster investor confidence. The government emphasizes that there are no restrictions on foreign ownership and that the legal system, rooted in British common law, safeguards property rights and commercial enforcement. Nevertheless, the report concludes that while the overall investment climate is improving, legal and procedural hurdles remain significant barriers for investors.

The U.S. Department of State has issued a warning to American investors regarding real estate investments in Antigua and Barbuda, citing an unresolved property dispute involving alleged expropriation of a U.S.-owned asset. The caution was highlighted in the 2025 Investment Climate Statement released in September, which raised concerns about the security of property rights in the Caribbean nation. While Antigua and Barbuda actively promotes foreign investment across sectors such as tourism and agriculture, the unresolved case has cast a shadow over its otherwise favorable investment climate. The report emphasized the need for careful consideration when investing in real estate, though it did not disclose specific details about the property or the parties involved. Despite the government’s assurances that it will not expropriate investments without due process and compensation, the dispute underscores potential gaps in enforcement of legal protections. This warning serves as a reminder of the risks that can accompany foreign investments, even in seemingly open markets.