Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Country Specific Incentives Some of the specific incentives used by Caribbean territories are reviewed in the section below for the following countries: Antigua & Barbuda, Barbados, Belize, Grenada, Jamaica, St. Lucia and Trinidad & Tobago.

Antigua & Barbuda

Population: 97,118 GDP (USD): $1.7 billion GDP Per Capita (USD): 17,113 GDP Contribution by Sector: Agriculture 1.76%, Industry 21.44% and Services Sector 66.75% (2019 est)

Official Exchange Rate (per US Dollar): 1 USD = 2.70500 XCD Ease of Doing Business Rank 2020: 113 of 190 countries

Antigua and Barbuda’s economy is largely services-based, supported primarily by tourism and related services, construction, financial services and wholesale/retail trade. The country’s economy experienced sharp economic contraction between 2009-11 due to the global economic crisis and suffered from the collapse of its largest private sector employer. Today, as a direct result of the pandemic, the economy has experienced an approximate 18% decline with the tourism sector being the most significantly affected. Notwithstanding, the government of Antigua and Barbuda remains committed to improving the investment opportunities within the island nation, encouraging FDI, particularly in industries that create sustainable jobs and earn foreign exchange. Targeted Sectors for Investment: Financial Services, Tourism, Medical Health and Wellness, Education, Business Support, Logistics, Online Gaming. Incentives: Under Antigua’s Investment scheme, investors are afforded several benefits for new or established businesses.

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation