Saint Lucia: Philip J Pierre, the Prime Minister of Saint Lucia, released a statement while expressing his gratitude towards the Bank of Saint Lucia or BOSL for the recent launch of the Global Investment Fund. PM Pierre presented the launch as a significant milestone which will help in the growth of the nation in different aspects.
The Bank of Saint Lucia, also known as BOSL, is the largest banking system in the island nation. It was built in 2001 after the merger of the Saint Lucia Development Bank with the National Commercial Bank. The bank recently announced the launch of its latest Bank of Saint Lucia Global Investment Fund, a mutual fund programme. The event was also attended by the PM Pierre.
PM Pierre, in his statement, commended the dedication of the bank and their innovative works in the economic field to fulfil the requirements of the nation and build opportunities for investment for the local citizens and investors around the world.
PM Pierre mentioned, “This is a true milestone that highlights the Bank’s commitment to financial innovation and demonstrates BOSL’s responsiveness to the urgent need for diversified and profitable investment options for our citizenry.”
While highlighting the role of BOSL in economic growth and stability, PM Pierre mentioned the long-term policy followed by previous governments in the nation, which led to the launch of the latest investment programme.
PM Pierre said, “This new Investment Fund is a manifestation of the long-term policy vision of a previous Government. Indeed, in 2001, we would have engineered the formation of BOSL through the merger.”
He added, “Though the merger was controversial at the time, it was expected that the BOSL would grow to become a catalyst and innovator within the domestic and regional financial services sector. Today, we celebrate the realisation of this vision, and the Bank of Saint Lucia is one of the largest financial institutions in the region.”
PM Pierre, while mentioning the economic challenges faced by the nation with time, mentioned the positive growth seen in the national economy in a sustainable manner, especially recovering after the global pandemic of COVID-19.
PM Pierre then further mentioned the steps taken by the officials for the betterment of the tourism sector, as it is a major part of the island nation’s economy, which also helps to attract investment in the nation. He mentioned the vision of the country in upcoming years, where the infrastructural works continue to host more tourists.
He said, “In 2023, strong growth was achieved in the key economic sectors of tourism, agriculture, and manufacturing. We expect tourism to continue to perform well in 2024. However, about seven hundred rooms will be unavailable for 2024 due to renovation, but 200 more rooms to be functional by late 2024 or early 2025 and over 1000 new rooms will be available by early 2026.”
PM Pierre also said, “Government continues to advocate balanced tourism growth and development. We believe that our country will in the near future continue to be a tourism-dependent country, and as such, the benefits must accrue to as many people and sectors as possible.”
PM Pierre said that he is optimistic about the potential of the BOSL Global Investment Fund, which will play a crucial role in the private sector investment and economic growth of the nation in the global economic challenges. However, he also highlighted the need to constantly monitor the risk related and maintain the regulations for financial stability among global economic uncertainties.
In the last of the statement, PM Pierre concluded by expressing the support of the government authorities for the BOSL Global Investment Fund and the presence of the Bank of Saint Lucia in the mutual fund space.
PM Pierre said, “The Government of Saint Lucia is exceedingly pleased with the entry of the Bank of Saint Lucia into the mutual fund space. As a government, we seek to create the enabling environment for a financial sector that is globally competitive, well-regulated, diversified, market-driven, and responsive to our local realities.”
Philip J Pierre also talked about the concerns related to increasing crimes around the nation, including target killings and other crimes, as it is one of the primary issues in the economic growth of the nation. He highlighted his commitment to neutralising the crimes and law enforcement measures taken for better security and safety of the people in the society.