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Get to Know About Saint Lucia
Saint Lucia is the second-largest island of the Windward group in the Lesser Antilles situated 39km south of Martinique and 34km northwest of Saint Vincent. The capital and main port is at Castries.
Saint Lucia is a mixture of different nationalities, traditions, and cultures with 85 percent of the population being of purely African origin. Another 15 percent constitute the British, mixed African, French, and East Indian. Though English is the official language, a larger section speaks French. The population is estimated to be approximately 170, 000 inhabitants.
In the recent past, the island of Saint Lucia has attracted foreign business and investment, particularly on offshore banking and tourism industry. The island can give credit on the diversification of the manufacturing sector in the eastern Caribbean region. The agricultural sector is doing well, especially bananas, mangos, and avocados for export, despite the stiff market competition.
Doing business in Saint Lucia is still volatile due to a variety of external shocks, including natural calamities and dependence on foreign oil. Again, Saint Lucia continues to grapple with public debt and high debt serving commitments constraints. Following the global financial crisis at the end of 2018, Saint Lucia’s economy was significantly affected, and the tourism sector had an impact. The government is up to the task to improve its competitiveness through increased productivity and minimizing its fiscal issues so that doing business in Saint Lucia attracts even more foreign direct investment.