IDA’s new Investment Promotion Strategy to be launched in 2021
24 Dec 2020
Earlier this year, Invest Dominica Authority (IDA) announced a successful partnership with Compete Caribbean to strengthen the Authority’s capacity to attract sustainable Foreign Direct Investment (FDI). Since then, UK based consultancy firm Wavteq which was contracted for this project, has had a team actively working with IDA and consultations were held with all stakeholders from civil society and both the private and public sectors. Four main sectors have been highlighted below, for inclusion in the new investment promotion strategy.
- Aquaculture and Agri-Business - By utilising the eco-environment, targeting the right species and exploiting the abundance and quality of marine and freshwater resources, Aquaculture has the potential to diversify the economy of Dominica. Investment opportunities can be considered in the development of production sites, research and development projects for various species, creation of apps for monitoring and building linkages and the development of niche products for the export market. The favourable rainfall and temperatures, rich fertile soil and increasing global demands for organic produce make Dominica a haven for Organic Farming & Processing. As the nature island of the Caribbean, opportunities exist for high-end, niche produce, value-added products, labelled with the island's eco-image, which can attract a higher price on the world market. The introduction of modern agricultural techniques and research and development programs can also provide additional opportunities for sustainable organic farming investments.
- Renewable Energy - As we work to become climate-resilient, investment diversification must take place. Dominica's resources of wind, sun, water and geothermal power provide great potential for Renewable Energy. The opportunities available will support sustainable investment sectors and a growing economy.
- Tourism - Ecotourism aligns very well with Dominica’s efforts to protect its unique natural assets. There are other opportunities to consider in the tourism sector to include retrofitting existing accommodation, agro-tourism projects, development of marine sites and hiking trails to support ecotourism and cruise infrastructure.
- Knowledge Services - This sector was identified as having strong potential for foreign direct investment, that can contribute to climate resiliency, carbon capture, and sustainable development. It has also been very resilient during the pandemic, demonstrating the value of sector diversification. Investment opportunities are available in these subsectors:
- Business Process Outsourcing (BPO)
- General technical services for target sectors
- Innovation Centers and Entrepreneurial Ventures