Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Saint Lucia

Population: 182,790 GDP (USD): $2.1 billion GDP Per Capita (USD): $11,611 GDP Contribution by Sector: Agriculture 2.01%, Industry 9.97% and Services Sector 75.18 (2019 est) Official Exchange Rate (per US Dollar): 1 USD = 2.70500 XCD

Ease of Doing Business Rank 2020: 93 of 190 countries

The economy of Saint Lucia has benefitted from a business-friendly entrepreneurial climate and FDI in its leading sectors. The country is one of the easiest places in the region to conduct business. Targeted Sectors: Agriculture & Fisheries, Tourism, Manufacturing, Professional Services, ICTs, Creative Industries Incentives: • Agriculture and Fisheries - Exemption from income tax payments, payment of service charges, excise tax, import duties. Registered fishermen only are also granted a fuel rebate. • Tourism Incentives Act - Up to 100% exemption from the payment of import duty on furniture, fixtures, fittings and other materials required for the construction of the approved tourism product, the payment of income taxes from income accrued from a new hotel or other approved tourism product up to a maximum of 15 years and the payment of income taxes in respect of income attributable to any extensions to an existing approved tourism product for a period not exceeding a maximum of 10 years. • Special Development Areas Act - where an investor makes a loan to an approved developer of any sum of money raised for the purpose of financing any improvement works during the development period, the amount of interest received by the investor in respect of that loan shall be exempt from income tax, Import duty, stamp duty and consumption tax on inputs for the construction of new buildings and the renovation or refurbishment of existing buildings, land and house tax, aliens landholding license fees. For more information contact: Invest Saint Lucia Email: info@investstlucia.com

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation