Worldway Group Exclusive Report: On December 4, 2015, the highly anticipated inaugural promotional event in China, featuring the Honourable Charles Henry Fernandez, Minister of Foreign Affairs of Antigua and Barbuda, Mr. Ernell Casroy James, Ambassador of Antigua and Barbuda to the UAE, and Mr. Nitin Singhal, Project Director of Callaloo Cay, was grandly held in Beijing and achieved complete success. At the meeting, the Minister of Foreign Affairs of Antigua and Barbuda delivered a brilliant speech regarding the promoted project—the Callaloo Cay luxury resort project. The full transcript is as follows:
Ladies and Gentlemen Good morning
Please allow me to start by extending a special thank you to conference organizer of Worldly Group. We are very grateful to them for making this event possible for a small micro economy like ours to showcase the Callaloo Cay project in particular and our beautiful island - by extension.
Antigua was first discovered by Europeans because of its strategic location on the Trade Wind route from Europe.Today it remains a key destination for tourists attracted by its stunning physical attributes and proximity to key markets in Europe and North America. Tourism is the main driver of the economy, generating in excess of 90% of our foreign exchange and 80% of the commercial activity. Antigua is the air transport hub of the Eastern Caribbean, with direct connections to the United Kingdom, mainland Europe, Canada and United States of America. To ensure we maintain our position as the sub-regional hub, a new state of the art fully equipped US$150M airport facility was opened in August of this year.
Our country is a stable ‘Westminster’ style democracy with a well-established legal and regulatory framework, supporting civil and commercial relationships, a highly educated work force with skills and abilities for a modern economy.
Antigua and Barbuda is an active and committed member of the International community, with membership in:
• United Nations,• OAS (Organization of American States)• Commonwealth• WTO
Since coming into office on June 12th 2014 our Prime Minister, the Honourable Gaston Browne, has challenged those within the Diplomatic Core, members of the public & private sectors and particularly each member of his Cabinet to realize the vision of transforming Antigua and Barbuda into an “Economic Powerhouse”. Our small island is comprised of ordinary people who have been known to accomplish extra-ordinary feats in the region and on the world stage - in politics, sports and track and field.
We are firmly of the view that attaining the Vision as set forth by the Hon. Prime Minister will be the next major achievement by the people of Antigua and Barbuda.
There are seven (7) identified pillars on which the transformational process will be based over the next 5 to 10 years, they are as follows.
1. Sound Fiscal & Debt Management – The goal is to bring our debt levels to well within prudential benchmark of 60% of Gross Domestic Product over the next 5 years.
2. Aggressive yet sustainable Economic Expansion through increased Foreign Direct Investments and Job creation.
3. Crime Management and Improved national Security for the populace.
4. Enhanced Energy efficiency with a gradual migration to Renewable and Sustainable energy to be able to generate 20% of our consumption levels within the next 5 years.
5. Developing our Human Resource Capacity to include one tertiary level graduate in every household over the next five to ten years
6. Promoting the Development of the Sister island of Barbuda – Barbuda is currently the recipient of one of the largest investments to date since the new administration took office. The referred Investment is a $250 million dollar high end resort development by Paradise found a company owned by Film Star Mr. Robert Di Nero and business man James Packer of Australia.
7. Sports and Culture – The Government is focused on providing the support mechanism to groom our young and talented sports figures to ensure that Antigua and Barbuda has a cadre of athletes represented at the highest levels including the Olympic events. Antigua has never medaled at the Olympics. This is another feat that we hope to accomplish over the next 5 to 10 years.
Each identified pillar would require a separate session for discussion and full analysis, which is not the intention of this exercise. The reason for highlighting these seven initiatives is to show the context within which the Vision of the “Economic Powerhouse” will be systematically attained. It is important to note that Visions require funding.
The Citizenship by Investment Programme (CIP) is one such funding mechanism for the Government and People of Antigua and Barbuda. Our government intends to maximize on the opportunities presented by the CIP to attain this Vision and significantly improve the lives of the ordinary citizens. It is the intention of the government to manage this program with the utmost care and responsibility; with emphasis on adopting industry best practice governance and operating structures. We recognize that sustainability and long-term viability of the Programme is quintessential to accomplishing these extraordinary milestones.
By way of background, the 2008 global financial crisis presented grave challenges for many nations including Antigua and Barbuda. The country was faced with a contracting economy, shrinking revenues, and global credit crunch among other factors. Despite the global challenges the Government had to meet continuing expectations of our citizens for support, services and economic growth. The Government understood the need for public investment programs to support economic development. The Citizenship by Investment Programme was one such initiative considered - to achieve these investment goals.
The Programme provides three investment options.
• A contribution to the National Development Fund (NDF),
• Purchase of real estate in an approved project - such as the Callaloo Cay Resort, or
• Investment in an approved business.
Ambassador Casroy James, will share more details on the real estate option related to the Callaloo Cay Resort.
I wish to welcome you to visit the twin island state of Antigua and Barbuda and experience for yourself why we are referred to as the “Gem of the Caribbean”. Come enjoy our 365 beaches, warm hospitality, historical sites, world class cuisine and famous festivals and events.
I further assure you that Antigua and Barbuda is open for business and extremely serious about maintaining our important relationships with our international partners including the UK, Canada, USA and the Schengen members. We are committed to keeping your interest and concerns central as we administer the Programme and seek to develop our economy.
Firstly, Mobility: Antigua and Barbuda has visa free access to over one hundred and thirty countries, and we are presently working through the Ministry of Foreign Affairs to increase that number to make our Passport an even higher Premium Travel Document.
We are the number one CIP program in the Caribbean and we intent to ensure that the Antigua and Barbuda product will be the Premium Brand not just regionally - but also internationally.
Secondly, Sustainability: As was alluded to before, this program is important to Antigua and Barbuda.
It provides us with much needed revenue to assist with Health Care; Education; Security; and Infrastructure projects.
It has also stimulated tremendous investment projects which will result in thousands of jobs.
Therefore my Government - The Government of Antigua - is committed to work with all stakeholders to ensure the continued viability and sustainability of this important Citizen By Investment programme.
Finally, again i would like to affirm my Government’s Commitment in this Calalloo Cay Resort joint partnership of which the Government of Antigua and Barbuda has a twenty (20%) percent equity stake. We realize that His Excellency Shaikh Tarik Bin Faisal Al Qassemi has many other locations to invest. However, we are - after careful due diligence - certain that His Excellency is in a position to deliver on the proposed high end development and we therefore committed a 20% stake and a plethora of concessions to ensure its future viability.
Thank you!
The translation is as follows:
Ladies and Gentlemen, good morning!
First of all, I would like to extend a special thank you to the conference organizer, Worldway Group. Thank you for giving a small economy like ours the opportunity to showcase our beautiful island nation and bring this Callaloo Cay luxury resort project.
Antigua was first discovered by Europeans due to its strategic location on the trade wind route from Europe. Today, Antigua continues to be a major destination for tourists, thanks to its stunning scenery and unique position near major markets in Europe and North America. Tourism is the main driver of Antigua's economic growth, with over 90% of foreign exchange and 80% of commercial activity coming from the tourism industry. As an air transport hub in the Eastern Caribbean, Antigua offers direct flights to the United Kingdom, mainland Europe, Canada, and the United States. To maintain our position as a sub-regional hub, a brand-new, world-class airport costing $150 million was fully opened in August of this year.
Our country is a stable "Westminster-style" democracy with a well-regulated legal and regulatory framework, providing strong guarantees for civil and commercial relationships. Our citizens are generally well-educated and possess the skills and abilities to build a modern economy.
Antigua and Barbuda is actively engaged in international relations and is a member of the following organizations:
• United Nations;• Organization of American States;• Commonwealth;• WorldWay Organization.
Since taking office on June 12, 2014, our Honourable Prime Minister, Mr. Gaston Browne, has been actively promoting the work of core members of the diplomatic office and personnel from all public and private sectors, including every official in his cabinet, with the aim of realizing the vision of transforming Antigua and Barbuda into an "Economic Powerhouse." Although our island nation is small and our people are ordinary, we have created many extraordinary achievements on the regional and world stage in politics and track and field sports.
We firmly believe that the next great feat of the people of Antigua and Barbuda will inevitably be the completion of the beautiful vision set by the Prime Minister.
Over the next five to ten years, our country's transformation will be based on the following seven key points:
First, sound fiscal and debt management—the goal for the next five years is to control debt levels within a prudent standard, i.e., not exceeding 60% of the Gross Domestic Product.
Second, achieving active and sustainable economic growth through increased foreign direct investment and job creation.
Third, controlling crime rates and improving the national security system.
Fourth, improving energy efficiency by gradually returning to the use of renewable and sustainable energy, aiming for 20% of domestic energy consumption to come from high-efficiency energy within the next five years.
Fifth, strengthening talent training, ensuring that every household has a university graduate within the next five to ten years.
Sixth, promoting the development of the sister island of Barbuda—since the new government took office, Barbuda has been one of the islands receiving the most foreign investment. Paradise, a company jointly owned by film star Mr. Robert De Niro and Australian businessman Mr. James Packer, has invested $250 million on the island to build a luxury resort.
Seventh, sports and culture—the government is committed to cultivating young sports talent, ensuring that athletes from Antigua and Barbuda can compete on the world's higher-level stages, such as the Olympic Games. Antigua has not yet won any medals at the Olympics. This is another great achievement that our country hopes to reach in the next five to ten years.
Each of the above points actually requires independent discussion and comprehensive research, which is not covered in this conference. The reason I am highlighting these seven points is to share with you the background against which Antigua will systematically realize the grand vision of an "Economic Powerhouse." The key point is: the realization of a grand vision requires funding support.
The Citizenship by Investment Programme is one of the ways to provide funds to the government and people of Antigua and Barbuda. Our government will fully utilize the funds provided by the citizenship program to realize our grand vision and comprehensively improve the living standards of ordinary citizens. Of course, the government will implement this program very carefully and responsibly, while adopting industry-best regulatory mechanisms and operational structures. We believe that the sustainability and long-term effectiveness of this program are important cornerstones for the success of our economic development.
Speaking of background, it is necessary to mention that the 2008 global financial crisis brought huge challenges to many countries, including Antigua and Barbuda. Our country also faced many problems such as economic contraction, declining income, and a global credit crunch. Despite this being a global crisis, the Antigua government had to face the ardent expectations of our people for government support, efficient services, and economic development. The government understands the need to support economic development through public investment projects. The Citizenship by Investment Programme is one of the initiatives that can help Antigua achieve its investment goals.
This project provides three investment options:
• Donation to the National Development Fund;
• Purchasing real estate in an approved project—such as the Callaloo Cay luxury resort;
• Investing in an approved business project.
Ambassador Casroy James will share more details about the Callaloo Cay luxury resort project in a moment.
We sincerely invite you to visit and experience our twin-island nation of Antigua and Barbuda, and you will understand why we are called the "Gem of the Caribbean." Come and experience our 365 perfect beaches, meet our hospitable people, touch the historic monuments, enjoy world-class cuisine, and participate in lively festivals and carnivals!
I also assure you that Antigua and Barbuda is not only open for business but also attaches great importance to maintaining good relationships with international partners such as the UK, Canada, the United States, and Schengen countries. While we implement the program and develop our economy, we promise to put your interests and concerns at the center.
Finally, I would like to emphasize two more points:
First, convenience. The Antigua and Barbuda passport is visa-free for over 130 countries, and our Ministry of Foreign Affairs is currently working hard to further increase the number of visa-free countries, making our passport possess higher value.
We are the premier country for citizenship by investment programs in the Caribbean, and we will also work hard to ensure that Antigua and Barbuda's products are renowned not only in the Caribbean region but also internationally.
Second, sustainability. As mentioned before, this citizenship by investment program is very important to Antigua and Barbuda.
It provides necessary revenue support for our healthcare, education, security, and infrastructure.
It will also stimulate a large number of investment projects, driving thousands of jobs.
Therefore, our government of Antigua and Barbuda is committed to working with all stakeholders to ensure the sustainability and effectiveness of this citizenship by investment program.
Finally, I would like to reaffirm our government's commitment to the partnership in the Callaloo Cay luxury resort project. The government of Antigua and Barbuda holds a 20% stake in this project. We also know that His Excellency Shaikh Tarik Bin Faisal Al Qassemi, a member of the UAE royal family, has many other investments, but after careful due diligence, we are confident that His Excellency can complete this high-end project he proposed, so we committed to investing 20% and granted a series of concessions to ensure the project's feasibility.
Thank you all again!