Invest Dominica Authority (IDA) has continued its public awareness initiatives and held its third town hall meeting in Calibishie on December 8, 2011.

The objectives of the town hall meetings are to inform the community of the support and assistance of the IDA, to work with potential and existing investors in the community to identify new investment opportunities, and to assist in translating these opportunities into sustainable business enterprises.

Calibishie is well known for its tourism potential and agricultural capacity and as a result many of the villagers with resources in these sectors were attracted to the meeting. They assisted in providing guidance on a way forward for more economic activity in the village.  In his address to the gathering, Honourable Matthew Walter, Parliamentary Representative of Calibishie advised that “everyone needs to become more creative and serious in seeking new ways to do business.”  He further advised that as business owners, they must consider the resources of a manager who can guide their business in the right direction.  The meeting was brought to a close with the formation of a “business core group” whose primary role will be to liaise with and seek support from IDA on business initiatives in Calibishie.

Invest Dominica Authority (IDA) extends deepest sympathies to the family and friends of Jeff Joseph, referred to as Jeff Jo or simply Jeff as he was warmly known to the staff of IDA.

Recognising the importance of the “Jeff Jo musical connection” in the French West Indies, IDA, earlier this year, entered into a special contractual agreement with Jeff Joseph to identify and target investors in Martinique and Guadeloupe, and to coordinate all the French West Indies investment promotion activities on behalf of the IDA.  The IDA is pleased that out of this working relationship with Jeff two successful FWI investment missions were undertaken in July 2011.

As recently as Friday, November 18, 2011 Jeff Joseph and a leading French Investor were in Dominica finalizing business plans for a new venture initiated from the investment mission in Guadeloupe.

Jeff Joseph was passionate about using his music and business acumen in the FWI to expand investment in Dominica.  He provided top business contacts to the IDA which the Authority would not have had access to otherwise.  He will be greatly missed as a dear friend, patriotic Dominican, one of our leading entertainers and as a business man who followed his dreams to the very end.

The Authority, on behalf of the Honourable Minister for Employment, Trade, Industry and Diaspora Affairs and the Board of Directors express deepest sympathies to his family, friends and fans.  Rest in Peace, Dear Jeff.

Invest Dominica Authority (IDA) is expecting a major thrust towards investment in Dominica as one of its local investors, Secret Bay has been featured by a number of media houses and publications recently. Between September and October of 2011, the property has had outstanding articles written on it in “National Geographic Traveller”, luxury publication “B Beyond”, “Caribbean Travel + Life”, “Travel & Leisure” and The Observer’s “Style” publication. Leading European publication “Caribbean Property Investor” named Secret Bay as one the 7 most stunning places in the Caribbean in its annual Opulent Retreats listing. Over the next two months, Secret Bay will be featured in several other internationally known publications including the New York Times. Also, Time Warner Cable TV program, A Taste of New York, has just selected Secret Bay as the “ultimate romantic getaway” and they will be airing a video on Secret Bay several times during the month of November.

The property which is located in Portsmouth recently opened its doors to guests in May 2011 with 2 two large and 2 smaller-sized villas. The resort features high-end villas in a beautiful eco setting with personalized world class service in a luxurious yet secretive environment. It caters for the nature lover seeking a tranquil and relaxing atmosphere with the highest level of service. Owners of Secret Bay, Gregor Nassief and Sandra Vivas, are particularly proud of what the articles are doing for their property and Dominica on a whole. IDA wishes them much more success.

Invest Dominica Authority (IDA) expects to see the strengthening of cooperation and increased investment activities between Dominica and its French speaking neighbours of Guadeloupe and Martinique following a trip to these two islands from July 20-21 by a delegation from the IDA.

An IDA delegation visited the two countries for discussions with current and potential investors and persons with an interest in doing business in Dominica. The visit to the French Doms is part of an IDA strategy to conduct targeted investment promotions in areas and in sectors where the country has a comparative advantage. The IDA sees the French Doms as a major location to attract inward investment and for increasing cooperation with businesses and institutions.

According to the Executive Director of the IDA, Mrs Rhoda Letang who was the leader of the delegation, “the visit to these two neighbouring countries marks a significant step forward in our efforts at promoting investment in Dominica and for deepening cooperation and enhancing areas of development activities among those two countries.”

“This visit to our French speaking neighbours was very important for the IDA’s continuing effort to target investors and to work more directly with those who are interested in investing in our country’s development efforts. We want to use this approach of targeted investment so as to attract the type of investment that we would like to see in Dominica”, Letang explained.

The IDA Executive Director went on the report that: “the meetings on both islands were very productive and very well attended by new and established investors. As a result, I hope to see more interest coming from the French islands for investment opportunities in Dominica.”

Prior to the visits to the two islands, IDA has been holding discussions with potential investors in these islands with a view to deepening existing relations with investors and for attracting new investors in the key areas identified for investment and development activities in Dominica.

The IDA is expected to host in September, some of these investors who would like to follow up from our meetings and have a firsthand look of various opportunities of interest and existing operations.

Invest Dominica Authority is the government’s agency responsible for promoting and facilitating both local and foreign investment into Dominica. It provides all the relevant information required to establish a business in Dominica and acts as the liaison between investors and other key agencies in Dominica. Invest Dominica Authority or IDA, is your one stop shop for doing business in Dominica.

Invest Dominica Authority (IDA) has commenced its first in a series of public awareness campaign in the community of Grand Bay on June 2, 2011.

The objectives of the public awareness programmes are to inform the community of the support and assistance of the IDA, and to work with potential and existing investors in the community to identify new investment opportunities, and to assist in translating these opportunities into sustainable business enterprises.

The meeting in Grand Bay was very well attended, and the IDA has already begun devising a strategy to continue working with potential and existing investors in the community to translate their recommendations into actual projects.  Honourable Justina Charles, Parliamentary Representative for the community of Grand Bay told the gathering that “now is the time for action; now is the time for building partnerships; and now is the time to wake up to the realization that together they can make a difference to make Grand Bay and the neighbouring environs one of the most vibrant and enterprising regions of Dominica.”

IDA’s next public awareness campaign is scheduled for the community of La Plaine.

The economy of Dominica has felt the impact of the global financial crisis, although not to the same critical extent as other countries. The main reason for this stems from the fact that most of the enterprises contributing to the economy are not over-exposed in the international market.

For the calendar year 2009, the Government of Dominica approved a total of 33 applications for concessions. The majority of the application for concessions came from investment in accommodation, services and for the establishment and expansion of existing enterprises in the manufacturing sector.

The information used to evaluate the level of investment is based on financial statements received from the enterprises. Information received to date for 2009, shows an injection of actual real investment of EC$22,122,632 into the economy with a corresponding 204 new jobs. As we continue to receive financial statements from the various enterprises for 2009, an increase in the investment and employment level is expected.

Preliminary data for the period January-April 2010 shows that an upward trend in investment is expected to be realized for that year. This is premised on the receipt of 17 applications for concessions to date. Proposed investment in line with the 17 application is estimated at EC$8,133,609 with projected employment of 119 Dominicans.

The IDA is optimistic that investments in the various sectors will continue its acceleration as investors continue to show their confidence in Dominica’s economy through new investment and expansion of existing businesses.

Invest Dominica Authority (IDA) in Coordination with the Physical Planning Division and the SFA 2006 (Special Framework of Assistance) in the Ministry of Tourism and Legal Affairs. Have developed draft legislation for Special Development Areas (SDA). The proposed legislation will provide an attractive range of tax incentives to business enterprises engaged in a broad range of economic activities.

The policy seeks to catalyze the economic development of areas already identified in national policy (Growth and Social Protection Strategy, and Tourism Master Plan 2005-2015) as priority areas with significant economic potential. Since the economic development of Dominica is in part dependent on the development of these priority regions, therefore it is indeed imperative that policy is implemented to ensure that economic development does indeed take place in these regions, thereby making it possible for Dominica to achieve its medium and long term economic development objectives.

The development of local “area development plans” to be approved by the Physical Planning Division will a prerequisite prior to the designation of any region as an SDA. This is to ensure

• development efforts are coordinated and not haphazard
• due consideration is given to all environmental and other pertinent factors
• that the plans reflect the vision of local communities and stakeholders, who will eagerly participate and embrace the particular development efforts which they will have conceived.

Invest Dominica Authority (IDA) a Government Agency, has established a relationship with the World Bank which has now translated to a financial support mechanism for a number of programmes, which will serve to improve the efficiency of the Authority in its drive to facilitate and promote investment. The Authority operates on a limited budget and the assistance being given by the World Bank is timely.

Executive Director of IDA, Mrs. Rhoda Letang, has confirmed that the World Bank is currently financing an Investment Strategy and Action Plan, staff training, brochures, a new interactive website and office equipment to include colour printers, camera, lap tops and a computer server. Consultant from London NATHAN.EME together with a local team support was selected to develop the Investment Strategy and Action Plan. The team began work at the end of November 2009 and is expected to submit their final report in April 2009. This Investment Strategy and Action plan will guide the IDA in its effort of investment promotion.

A local website developer, is currently in the final stages of developing the website. The Authority plans on making extremely good use of this generous assistance and is thankful to the World Bank for the offer.

The total cost of this commitment from the World Bank is over EC$680,000.

Invest Dominica Authority (IDA) has been actively involved in seeking ways to improve the investors “doing business experience” in Dominica. To assist in that effort, the Investor Services Unit of Invest Dominica Authority invites the various government agencies to meet with new investors every quarter in what IDA dubs “the orientation seminar.”

The orientation seminar is geared towards introducing new investors to our local system, and educating them on policies and procedures of key agencies. These key agencies include the Ministry of Finance, Value Added Tax Unit, Inland Revenue Division, Customs & Excise Division, Dominica Social Security, Discover Dominica Authority and Dominica Customs Brokers and Tariff Clerk Association. The orientation seminar is done in an interactive format where representatives from the various agencies speak to investors on registration, compliance and processes and procedures involved in filing the necessary returns and contributions. The investors are also free to ask questions and seek clarification on issues they may have experienced in the past.

The idea was conceptualized in February 2009 and to date Investor Services Unit have held three (3) successful orientation seminars. Based on the reviews from the investors who have participated in these seminars, the benefits of having such an exercise is invaluable. Invest Dominica Authority remains committed to providing the best services to investors.