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Minister of Finance Chris Sinckler, is quietly confident that this year could see an upshot in Foreign Direct Investment (FDI) with major progress expected to be made with projects at Four Seasons, Beachlands, Cost-U-Less and Fort Ferdinand.

Speaking on Starcom Network’s Sunday brass tacks programme earlier today, Sinckler acknowledged that last year was not a good one for foreign investment but this year should be different with hopes high on Four Seasons, Beachlands, Cost-U-Less and Port Ferdinand.

“People have held back on their investments but we are now beginning to see a slow pick-up of it. Last year was not a good year, but it was an improvement on the previous year (2009) which was about US $30 million. Last year, it was about $150 million so we are seeing some improvements going in the right direction but we are not there yet,” he said.

The Minister said the Four Seasons project in Black Rock was very much on stream. “At least three of the villa owners have signed off for the project to re-start. ANSA McAl Merchant Bank has paved the way to get the hotel property started,” he said.

Government said the much awaited Cost-U-Less wholesale chain was ready to start in a couple of weeks and would bring in another $25 million including jobs.

Sinckler said Port Ferdinand was going ‘very well’ and added that a team from Government, comprising officials from the Ministry of Housing & Lands and Town & Country Planning, will visit the St Peter site this week.

He said he expects the Prime Minister Freundel Stuart, in his capacity as Minister of Planning, would have signed off on the project at Foul Bay, St Philip.

Source: World-Grain