Overseas - Dods Monitoring

eputation, largely due to the rock stars
recording at Sir George Martin’s Air Studios,
and a diverse, vibrant economic base. So
our current financial dependence on Britain
feels uncomfortable to us. We are grateful for
Britain’s support but we know that it is not
sustainable and that private sector investment
is needed to restore self-sufficiency.
Much of our last 15 years have been spent
restoring basic services and infrastructure.
That recovery period is now largely complete
and we are turning our attention to rebuilding
the economy.
International tourism is our main target. We
have no ambition to become a high volume,
all-inclusive destination. We are instead small,
secluded and safe. To the current generation
of international travellers, we offer new and
unique experiences. After all, there are few
places where visitors can safely view up close a
live volcano.
Investors in other sectors are arriving: a
hydroponics cultivation business has recently
been established by French investors; a microbrewery
will be set up by a US investor; a
UK paint distributor will use Montserrat as a
regional distribution hub.
Meanwhile, the volcano is giving us some pay
back in the form of geothermal energy. Cheaper
and cleaner electricity will give us a huge
competitive advantage in the region. Led by the
Montserrat Development Corporation, work is
also well under way in Little Bay, the site for a
new port and marina, waterfront, resort hotel,
residences, and civic and recreational space –
Montserrat’s new capital town.
Investor interest is coming from the Middle
East, China, the United States, South America
and Britain. The Montserratian diaspora
also wants to invest and the Montserrat
Investment Fund is being established to offer
a stake in economic regeneration.
mONTSERRAT
GDP: $43.78 million (2006 est.)
Size: 102 sq km
Population: 5,189 (July 2013 est.)
Currency (UKOTA NEWS, April 2013):
Eastern Caribbean Dollar (EC$)
Time Zone(UKOTA NEWS, April 2013):
Greenwich Mean Time -4 Hours
We do face challenges of course. The
international investment market is still
cautious. Many overseas investors are
seeking economic citizenship - something our
competitors can offer but still frowned upon
by the British Government.
Cheaper and cleaner
electricity will give us a
huge competitive advantage
in the region
Access is another constraint. Our airstrip
is small, limited by the island’s topography,
though it can handle more flights and larger
aircraft once demand grows. Access by sea is
constrained by a small jetty and strong currents.
But the plan for Little Bay includes a breakwater
and port which will enable cruise ships to dock,
a faster and more reliable ferry service and a
commercial marina for leisure traffic.
The new port, along with geothermal
power, will transform Montserrat’s economy.
We remain in the British Government’s
financial hands but the ‘spend-to- save’
argument is a strong one. Perhaps then that
senior editor will stand corrected – he will
certainly be able to visit more easily.
The Honourable Reuben Meade is
Premier of Montserrat
nOVEMBER 2013 | THE HOUSE MAGAZINE | 45