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Montserrat Chamber of Commerce and Industry (MCCI)

Strategic Objectives for 2004

BRADES: The following paper was submitted by the Montserrat Chamber of Commerce and Industry (MCCI) at the opening the Country Policy Plan (CPP) talks here this week.

Private Sector Development

Little Bay

We do not see Little Bay as an area that will be required for a commercial center. Most businesses have already established between Brades and Cudjoe Head and would not be in a position to relocate or set up additional businesses on Little Bay. Any commercial development in Little Bay will therefore be small. Perhaps, a small shopping arcade could eventually be established to accommodate the essentially tourism related development that we see occupying the area.

Residential Tourism

Residential Tourism has served our economy well and so the Montserrat Chamber of Commerce and Industry has been looking at ways in which it can assist in resuscitating this sector. To this end we have requested approximately 12 acres of land in the Little Bay area for the building of villas and condominiums.

Industrial Estate

There is no industrial estate and no factory shells available. Factory space is necessary industrial infrastructure which needs to be addressed immediately. Several industrial projects are now under consideration and they all require factory space.

Port Facilities

Improvements to Port Little Bay should be made priority since factories for the exploitation of the ash and the re establishment of a rice mill are under active consideration with optimistic prospects.

Private Sector Development Project

This project has been long in the making and contains key elements for the support of the inward investment drive that the Montserrat Chamber of Commerce and Industry is currently pursuing. Provision need to be made for the following:

(a) Equity funds

(b) Loan guarantee fund

(d) Investment promotion

(e) Staffing

(f) Website

Population Growth

In addition to special measures to encourage returning Montserratians we need to develop a package to encourage non Montserratian workers to bring their families to reside here. This will stem the significant outflow of funds and cause much of the money earned by non Montserratians to be spent here.

Amendments should also be made to the Naturalization Act to prevent the use of Montserrat merely as a conduit to the United Kingdom. A longer qualification period ( say 10 years) and a property qualification may be incorporated. This would have the effect of stabilizing the population as well.

Internet Lottery

The Internet lottery should start by the end of May 2004. The basic effect of which would be the generating of additional revenue for Government of Montserrat. Government of Montserrat will get 8% of all monies paid to play the lottery.

Financial Services

This sector has the potential to be beneficial to Montserrat in general and the Government of Montserrat's revenue base in particular. However, little has happened due to the lack of expertise within the MCCI and the wider private sector.

Technical assistance promised by the Government of Gibraltar has not been forthcoming and so we have to try and help ourselves as best we can.

The most cost effective and the quickest way to develop the sector would be if we were able to induce two or three established Service Providers to either set up in Montserrat or partner local practitioners.

However, we need to put the necessary infrastructure in place if we are to try and promote Montserrat as a favourable jurisdiction for the development of Financial Services.

Legislation has to be enacted or improved to cover key target areas such as Captive Insurance, Yacht Registration and e-commerce to name a few.

Someone also has to be identified and employed to coordinate and bring together the stake-holders. A strategy and plan of action could then be developed for implementation. (Feb 12, 2004).

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