New Developments in St. Lucia's Offshore Industry

At the recently held general election the ruling St. Lucia Labour Party of Dr. Kenny D Anthony was re-elected to office for another five-year term. The government was returned with a very clear 14-3 majority out of the 17 electoral seats in yet another peaceful election in this rapidly developing Caribbean island.

The government was constituted in mid December with the most significant change for the offshore industry being the appointment of the Prime Minister as Minister of International Financial Services. Dr. Anthony succeeds Phillip J Pierre the former Minister of Commerce and International Financial Services who has been given the mammoth responsibility of Minister of Tourism and Commerce.

The stakeholders in the industry are pleased with the efforts of Mr. Pierre in his tenure. As one observer put it "he had developed a very good feel for the industry and certainly set it on the right course". At the same time the inclusion in the portfolio of the Prime Minister of International Financial Services provides encouragement for the stakeholders. Dr. Anthony's shouldering of the responsibility indicates his confidence in the sector and his appreciation that it requires continued guidance and attention at the highest level. Dr. Anthony also has the portfolios of Minister of Finance, Economic Affairs and Information.

It is expected that the government will be passing amendments to some existing offshore laws and in some cases new pieces of legislation as well. The New Year has brought a new fresh approach to the offshore industry in St. Lucia that is sure to assist in maintaining and enhancing the credible sure footing on which this sector has been based.