Profile
Makes its Move T
Montserrat It’s had its ups and downs but the direction is clear for this little island By: Patricia Cullen
hink sunshine, think vibrancy, think blue seas, think business opportu- nities, think Montserrat. Montser- rat, a beautiful island in the
Caribbean Sea, south east of Puerto Rico and this month’s cover story, deserves to be men- tioned again. Seventeen years ago the island of Montserrat was ‘the Emerald Isle of the Caribbean’, an upmarket getaway for anyone lucky enough to have the cash to splash. After the devastation of Hurricane Hugo, and the sub- sequent Soufrière Hills volcanic eruption in 1995, the island has begun to restore and re- build. Several fierce eruptions demolished Montserrat’s only town and harbour, Plymouth, the airport, and the majority of the industry and agricultural areas. Two-thirds of the 12,000 population left the island, but now there is opti- mism in the air.
The eruption caused ineffable economic damage to the small eastern Caribbean island, and while it is still recovering, there is an un- spoken positivity surrounding the on-going re- development that is planned. Montserrat made, and continues to make, vast economic headway since the volcanic eruption. The island is a self- governing British overseas territory and thus re- ceived generous support from the UK government and the European Union to try and rebuild the national economy and the commercial market. The Government of Montserrat values new foreign investment and hopes that this devel- opment of a new city will entice and encourage foreign investors to start up business and re-ignite Montserrat’s economy once again. Would your company benefit from setting down roots here? I think the answer is yes. The time has now
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come to reinvent the island. There is a serious regeneration project underway, backed by the government and inhabitants alike. The new capital at Little Bay, to replace Ply- mouth, is hoped to be near completion by 2017, and is set to offer lucrative investment opportunities. Montserrat is unique because it is one of the few places in the world that man co- exists with an active volcano. However, this is not the only reason Montserrat is unique. Read on to discover why the island is currently
ripe for investment…… The weather is usually on target in Montser- rat, but the economic climate is also currently suitable for growth. The International Monetary Fund backs this up by predicting an increase in economic development in the area. With growth of just 0.5% in 2011, Montserrat needed an eco- nomic boost and it got one. Montserrat’s econ- omy is projected to grow by 5% this year, which is a huge positive leap. There are many other in- centives for companies hoping to expand and take advantage of this prime location to set up busi- ness, not least the ideal geographic location. The special trade agreements between Montserrat and
the United States, Canada, and other parts of the Caribbean open up huge possibilities and poten- tial markets for any business willing to take a chance. Also, as a British dependent territory, Montserrat has open door access to the Euro- pean Union.
The Caribbean is not without challenges with issues relating to muted growth and high debt. The government want to tackle these is- sues with economic improvements such as reforms and restructuring to increase competi- tiveness and inspire private sector investment. The Government of Montserrat plans to re-establish the island to its past status as a
New European Economy
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