LISTEN: $40 Million Approved to Expand Yachting Sector

The government has approved a $40 million allocation in equity and borrowings to support the expansion of English Harbor’s yachting industry.

Despite being the leading yachting destination in the region, the country’s yachting sector is experiencing saturation caused by insufficient facilities, which has unfortunately resulted in the necessity of turning away numerous yachts.

Prime Minister Gaston Browne said the long-term aim is to produce a cultural park to benefit the island’s tourism sector and residents.

The expansion work includes repairing the barracks at the Nelson’s Dockyard facility.

Browne said the government’s intention is to continue growing the tourism sector while developing other sectors.

“Diversifying the economy is not a zero-sum game. Tourism will continue to be the major driver of economic development in Antigua and within the Caribbean region for a very long time. It is one of the sectors in which we have competitive advantage…” he said

According to Browne, for microstates like Antigua and Barbuda, it is difficult to produce goods on a sustainable basis at a reasonable price.

“So you find that a lot of the goods that are consumed, it is cheaper to import them”, he said

Listen to the scenario that Browne gave.