Charmaine Spencer, Director of Tourism for the Caribbean and Latin America at Antigua and Barbuda, alongside Else Petersen, CEO of EM Marketing & Communication, shared insights during their participation in FIT 2025 in Buenos Aires. The event, held on September 30, 2025, marked a strategic effort to deepen the Caribbean nation’s presence in the Argentine market. Spencer expressed her enthusiasm for engaging with Argentine travel agents and consumers, emphasizing the growing interest in Antigua and Barbuda as a premier destination. She highlighted the importance of understanding market expectations and providing the necessary tools to promote the islands effectively. The positive reception from Argentine visitors has motivated the tourism board to further strengthen its relationship with the region. Spencer noted the steady increase in Argentine tourists and the potential for further growth. She also discussed the evolving preferences of Latin American travelers, who are increasingly drawn to unique and exclusive destinations. Notably, the mention of Lionel Messi’s honeymoon in Antigua and Barbuda has piqued interest, showcasing the islands’ paradisiacal beaches and luxury accommodations. To enhance accessibility, Antigua and Barbuda has introduced several initiatives, including the new international airport in Barbuda, homeporting options for cruises, and a weekly charter flight from Cartagena. These efforts aim to simplify travel logistics and attract more Latin American visitors. Looking ahead, the destination is gearing up for a packed tourism calendar, featuring events such as Wellness Month, culinary festivals, and the Black Pineapple Awards, which recognize top travel agents. The ongoing commitment to visibility and industry engagement underscores Antigua and Barbuda’s dedication to becoming a leading Caribbean destination for global travelers.
分类： business
-
Minister Hails Aquaculture as Growth Pillar for Antigua and Barbuda
Antigua and Barbuda’s Agriculture Minister, Anthony Smith Jr., has highlighted the pivotal role of aquaculture in the nation’s blue economy strategy. This follows the successful completion of the country’s inaugural fisheries training program, which certified 92 participants in modern aquaculture techniques. Speaking on ABS Television’s ‘Government in Motion,’ Smith emphasized that traditional fishing methods alone are insufficient to meet rising local demand and export potential. ‘Aquaculture will be a cornerstone of our fisheries and blue economy sector,’ he stated. The training seminar, conducted in collaboration with the People’s Republic of China, introduced participants to advanced freshwater and ocean-based farming practices. Smith praised China as the global leader in aquaculture and underscored the significance of this partnership in diversifying the nation’s food production. He also highlighted the role of Antigua and Barbuda’s Blue Economy Department, established less than a decade ago, in fostering sustainable marine-based income streams while safeguarding ocean health. ‘While we explore aquaculture opportunities, the preservation of our marine ecosystem remains paramount,’ Smith added. The initiative is part of a broader strategy that includes marine spatial mapping, ocean farming, and research collaborations with the University of the West Indies’ Centre of Excellence for the Blue Economy. Smith emphasized that aquaculture not only enhances food security but also opens new avenues for employment, entrepreneurship, and export growth. ‘If developed sustainably, this industry can generate significant value for our farmers and fishers,’ he concluded.
-
Business Barbados agency ‘still a work in progress’
The newly established Business Barbados agency, aimed at overhauling outdated business systems and modernizing local business processes, is still a work in progress, according to Minister of Business Senator Lisa Cummins. Speaking at the launch of Global Business Week, Cummins emphasized that while the agency is designed to enhance the ease of doing business, immediate results should not be expected given the decades-old systems it is replacing. The agency, which replaced the Corporate Affairs and Intellectual Property Office (CAIPO) in February, is tasked with streamlining business registration and regulatory processes. Cummins urged the business community to remain patient but also to actively highlight any shortcomings in the system. She stressed that the transition from outdated practices to modernized systems is a long-term endeavor, likening it to the gradual process of changing behavior in child-rearing. The minister also called for a strategic shift away from relying solely on tax incentives to attract investment, advocating instead for a focus on substance, skilled labor, regulatory trust, and digital government. She revealed that the Economic Substance Act, a key component of the international business framework, is under review and will soon be open for public consultation. Proposed amendments to the act aim to transition Barbados from a nominal tax jurisdiction to a preferential one, aligning with international standards while maintaining investor appeal. Addressing concerns about skills gaps in high-value sectors, Cummins noted that recruitment efforts are underway, with advertisements already published. She also highlighted the importance of collaboration with global standard-setting bodies such as the OECD and the Caribbean Development Bank to address compliance, sustainability, and financing issues. In light of the increasingly volatile global economy, characterized by shrinking trade, geopolitical tensions, and rising costs, Cummins stressed the need for Barbados to adapt its strategy to remain competitive. She announced the completion of double taxation agreement negotiations with Hong Kong and Curaçao, expressing optimism that these will evolve into bilateral investment treaties. Additionally, she encouraged the global business community to support domestic financing mechanisms, such as the new Junior Stock Exchange, set to launch on November 4. Cummins concluded by urging a collective effort to confront economic challenges with vision, clarity, and purpose, aiming to build a more resilient and opportunity-rich economy.
-
Guyana introduces 9-point foreign exchange control plan
In a decisive move to address the escalating outflow of US dollars, Guyana has unveiled a robust nine-point foreign exchange control plan. President Irfaan Ali announced the measures on September 30, 2025, following a high-level meeting with key stakeholders, including the Bank of Guyana, the Guyana Revenue Authority (GRA), and representatives from commercial banks. The plan aims to curb the outflow of foreign currency, which has surged to approximately US$1.2 billion in 2025, nearly quadrupling from the previous year. Among the key measures, importers will now be required to submit detailed documentation, including commercial invoices and bills of lading, to commercial banks before foreign exchange payments are released. This step is designed to enhance transparency and prevent system abuse. Additionally, commercial banks will closely monitor credit card usage to ensure that personal cards are not being used for business transactions. President Ali highlighted a significant increase in credit card transactions, which rose from US$91.3 million in 2023 to US$347.5 million in 2024, with 2025 already recording US$252 million. The Central Bank has also intervened in the foreign exchange market, providing US$332 million in 2024 and US$1.2 billion in 2025, with an additional US$160 million pending. The new measures also include stricter penalties for inflated invoicing and capital flight, mandatory local bank accounts for entities in the oil and gas sector, and the establishment of a single-window post-clearing system at the Central Bank. The commercial banks have expressed their support for the plan, which they believe will alleviate some of the challenges they currently face.
-
IMA Grenada celebrates opening of new office
In a significant move underscoring its expanding role in the global investment migration industry, the Investment Migration Agency (IMA) Grenada has inaugurated its new headquarters at the Galleria Mall in Grand Anse. The opening ceremony, attended by government officials, industry leaders, and key stakeholders, marked a transformative milestone for the agency. The relocation reflects both physical growth and an organizational evolution to better serve its diverse clientele, ranging from international government representatives to high-net-worth investors and global service providers. The previous facilities had become inadequate to handle the agency’s increasing operational demands. IMA Grenada’s CEO, Thomas Anthony, emphasized that the new office space is not merely a relocation but a strategic enhancement. ‘This facility aligns with the caliber of work we undertake and our contributions to the economy and nation-building,’ Anthony stated. The new headquarters, located in one of Grenada’s most accessible commercial hubs, boasts state-of-the-art meeting spaces, advanced security systems, and a design optimized for both in-person and virtual interactions. Prime Minister Dickon Mitchell lauded the agency’s progress, noting, ‘IMA Grenada continues to grow from strength to strength. This new office, coupled with ongoing staff recruitment and institutional development, highlights its rising significance within Grenada’s public services.’ The event concluded with a ribbon-cutting ceremony led by Prime Minister Mitchell and Richard Duncan, Chairman of the Grenada Citizenship by Investment Committee, symbolizing the dawn of a new era for the agency.
-
TJH makes partial pref share redemption
TransJamaican Highway Limited (TJH) has commenced the partial redemption of its cumulative redeemable preference shares as part of its strategic growth initiatives. The company recently redeemed 5% of the principal amount of its 2.7 billion preference shares, equivalent to 135 million shares or US$1.35 million, based on a US$0.01 par value. This redemption, executed on July 14, coincided with the quarterly dividend payment. TJH’s preference shares offer an 8.0% dividend yield. The Jamaica Central Securities Depository (JCSD) facilitated the redemption process, ensuring pro-rata distribution among shareholders. Despite receiving a query, TJH reported no objections to the transaction. The company has since aligned its redemption schedule with the original terms, adjusting the maximum optional redemption amount to 15% by January 30, 2026, with quarterly redemptions tied to dividend payments. TJH initially issued these preference shares in January 2020, raising US$27 million. The shares, listed at $1.41 in September 2020, are set to mature by January 2028. TJH retains the right to redeem up to 20% of the shares after the sixth anniversary of issuance. The company’s Q2 2024 report highlighted a carrying value of US$23.88 million for the preference shares, with US$22.26 million classified as non-current. Early redemptions free up cash for ordinary shareholders, with TJH announcing a $0.1292 dividend totaling $1.62 billion, payable on October 24. This marks a 35% increase from 2024, reflecting TJH’s robust financial performance. Additionally, TJH updated its dividend payment structure to accommodate USD shareholders. The company is set to launch Phase 1C of Highway 2000 East-West in October, projected to generate US$9.5 million in revenue. TJH’s 2024 revenue reached US$82.82 million, driven by increased toll volumes, with net profit rising 28% to US$17.78 million. The company also adjusted toll rates and streamlined T-Tag acquisition processes, enhancing customer convenience. TJH’s asset base stood at US$295.44 million, with total equity closing at US$72.99 million. Despite a 13% decline in JMD share price, TJH remains focused on its expansion and operational efficiency.
-
UNLOCKING THE GULF MARKET
Jamaica is strategically positioning itself to tap into the lucrative luxury travel market, particularly targeting high-spending tourists from the Gulf Cooperation Council (GCC) countries. The GCC, established in 1981, comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). These nations are renowned for their affluent travelers who seek premium experiences, including five-star accommodations, halal-certified dining, and culturally sensitive services. With Saudi Arabia leading in population size, followed by the UAE and Oman, the GCC market represents a significant opportunity for Jamaica’s tourism sector. To capitalize on this, Jamaica is enhancing its offerings to meet the specific needs of GCC travelers, such as Arabic-speaking concierge services, luxury transfers, and privacy-focused amenities. A recent codeshare agreement between Emirates and Condor Airlines has further facilitated connectivity between Dubai, Frankfurt, and Montego Bay, paving the way for increased Middle Eastern visitation. Vijay D’Souza, trade director at Buzz Travel Marketing and regional representative for the Jamaica Tourist Board, emphasized the untapped potential of the GCC market, noting that word-of-mouth recommendations play a crucial role in attracting these travelers. Cortez Gordon, founder of Salaam Jamaica Tourism Network, highlighted the importance of aligning Jamaica’s tourism offerings with Islamic values, including halal-certified cuisine, prayer facilities, and culturally sensitive services. Gordon expressed optimism that these efforts could lead to significant economic benefits, including job creation and market diversification, while positioning Jamaica as a globally inclusive, Muslim-friendly destination.
-
BOJ holds key rate at 5.75 per cent in hawkish pause, defying market
The Bank of Jamaica (BOJ) has decided to maintain its key interest rate at 5.75%, defying market expectations for a rate cut. This decision, announced by Governor Richard Byles, reflects the central bank’s focus on medium-term inflation risks and robust domestic demand, despite recent low inflation figures. The Monetary Policy Committee (MPC) unanimously agreed to hold the rate, emphasizing the importance of core inflation, which remains at 4.2%, within the target range. This core figure, which excludes volatile food and fuel prices, indicates persistent underlying price pressures, particularly in the services sector. The BOJ attributes the low headline inflation of 1.2% to temporary factors such as increased agricultural production post-Hurricane Beryl and reduced public transport fare impacts. The bank’s hawkish stance aims to manage domestic demand and anchor inflation expectations, supported by a tight labor market and elevated wage growth. The economy is projected to grow between 1% and 3% in fiscal year 2025/26, driven by expansions in Agriculture, Mining, and Tourism. External risks, including potential U.S. tariff increases and geopolitical tensions, also informed the BOJ’s cautious approach. The next policy decision is scheduled for November 20, 2025, allowing time for reassessment of economic data.
-
Opposition raises concern over ‘under-execution’ of capital budget
KINGSTON, Jamaica — Julian Robinson, the Opposition Spokesman on Finance, has raised significant concerns over Jamaica’s persistent under-execution of its capital budget, labeling it a chronic issue that threatens the nation’s economic growth. His comments were prompted by the latest report from the Independent Fiscal Commission (IFC), which revealed that only $20.1 billion of the allocated $40.5 billion was spent in the first quarter of the 2025/26 fiscal year. This follows a pattern of underspending, with $19 billion unspent in FY 2024/25 and a nearly $9 billion shortfall in FY 2023/24. Robinson criticized the government for failing to address inefficiencies and bottlenecks in the public procurement system, which he believes are hindering the implementation of vital projects. Drawing comparisons with the Dominican Republic, which has successfully executed a $12 billion National Infrastructure Investment Plan, Robinson highlighted the stark contrast in regional infrastructure development. He warned that Jamaica’s inability to execute its capital budget effectively is a ‘growth-constraining concern,’ particularly at a time when higher economic growth is essential for generating additional revenues. While the Bank of Jamaica forecasts a modest two to three per cent growth for the September quarter, Robinson cautioned that this is largely recovery growth following last year’s economic contraction due to Hurricane Beryl. He stressed the need for sustainable, long-term growth strategies, urging the government to reform procurement processes, accelerate project execution, and create conditions for sustained economic expansion. Failure to act decisively, he argued, will result in weaker-than-projected revenues and unmet promises to the Jamaican people.
-
Gas prices up $0.75, $0.77, diesel up $2.94
Motorists across the region are set to experience a mixed bag of fuel price changes starting Thursday, October 2, as Petrojam, the national oil refinery, has released its latest ex-refinery cost updates. The adjustments reflect a combination of increases and decreases across various fuel types, signaling a dynamic shift in the energy market. Notably, 90-octane gasoline will see a rise of $0.75, bringing its price to $166.60 per litre. In contrast, 87-octane gasoline will experience a slight reduction of $0.77, settling at $159.55 per litre. Diesel fuels are also subject to significant hikes, with automotive diesel increasing by $2.94 to $170.41 per litre and ultra-low sulphur diesel (ULSD) rising by $3.06 to $176.79 per litre. Meanwhile, kerosene prices have dropped by $3.06, now available at $155.08 per litre. These changes are expected to impact both individual consumers and businesses reliant on fuel for operations, prompting a closer look at budgeting and energy consumption strategies.