PM Browne Urges Greater Domestic Investment in Hospitality Sector to Sustain Economic Growth

St John’s Antigua – Prime Minister Gaston Browne is encouraging members of Antigua and Barbuda’s middle and upper class to play a more active role in national development by investing in the country’s growing hospitality sector.

“We want to have  larger ownership, domestic ownership, especially within the hospitality sector.  So what our government is now doing is that we are creating  some very beautiful waterfront and in some instances  beach properties”.

The Prime Minister made these remarks during a recent stakeholder engagement hosted by the Antigua & Barbuda Chamber of Commerce. He acknowledged the success of his administration in attracting hundreds of millions of dollars in foreign investment and navigating the country through the challenges of COVID-19. However, he emphasized the need for greater local participation in economic wealth generation.

“We have attracted more investments per capita than perhaps any other country within the Caribbean. To the extent we have several luxury properties that are being constructed or about to be constructed,” Browne said. “ So we’re attracting the investments and from that standpoint we’re doing well.  But we want to ensure that we build a broader ownership class within the country – and this is where I’ll be making a special appeal to all of you.”

“You are the middle class and the wealthy. I see some multi-millionaires here, so I certainly want to call upon you to do more for your country,” Browne stated, referencing the late US President John F. Kennedy’s famous call to action: “Ask not what your country can do for you, but what you can do for your country.”

Browne acknowledged that many people—especially Black Antiguans and Barbudans—are often risk-averse and reluctant to invest, despite having the means to do so.

“We sit back, we sit in our big bank accounts, we do nothing. And then when others invest,  we quarrel and then we argue that the government does not do enough for us and the government doesn’t give the same type of concessions,” he said.

Browne dismissed the idea that foreign investors are given preferential treatment, noting that concessions are based on the scale of the investment—not ethnicity or nationality—and are governed by laws passed by previous administrations.“If it’s one thing that I want our people to disabuse their minds of, is this notion that we discriminate against locals when it comes to investments. That is not so. The extent of concessions that anyone gets is based on the size of the investment, not based on your ethnicity.”

To encourage greater domestic participation, the Prime Minister announced that the government will make prime waterfront and beachside lands available for locals to develop Airbnb-style short-term rentals. These lands are located at Pensioners Beach, Morris Bay, and Shell Beach, where development is set to begin in the coming days on more than 40 acres of land.

He said interested individuals can register at the National Housing office and will benefit from a range of incentives, including duty-free concessions on construction materials and furnishings.

“We will try and keep the price of land down so that it does not become prohibitive,” he noted. However, he clarified that the land will not be sold at the rural rate of $5 or $6 per square foot but rather at prices reflective of their prime locations.

“I see Antiguans and Barbudans building out large properties, multi-million dollar properties in communities in which people don’t want to stay. So if you get an opportunity now to get a nice piece of land, I want to recommend to you that you avail yourselves of the opportunity.”

He also urged people not to miss out on these opportunities, warning that inaction would amount to “discriminating against themselves.”

The Prime Minister concluded by highlighting recent and upcoming developments, including the renewable energy plant in Barbuda, which now powers the island for up to 15 hours a day. He said the goal is to make Barbuda a fully green island community. Additionally, plans are underway to expand the airport runway in Barbuda to accommodate American Airlines jets, which will enhance airlift and tourism.

He emphasized that while the post-COVID years have shown strong economic performance and future prospects look promising, citizens must be active participants in the country’s development if they wish to truly benefit from it.

Antigua and Barbuda’s economy, according to Browne, has seen significant growth—expanding by more than 6 percent annually since the pandemic and reaching an estimated GDP of $6 billion, up from $3.8 billion in 2014. This $2.2 billion increase makes Antigua and Barbuda one of the most resilient economies in the Eastern Caribbean.