The government of Antigua and Barbuda has announced plans to host a national investment conference in March 2025, with the goal of promoting direct national investment. A statement released after the first Cabinet meeting of the year highlighted the country’s rapidly expanding economy, which is creating new opportunities for nationals of Antigua and Barbuda to invest in both new and expanding businesses.
It said that the investment conference is intended to bring nationals with significant resources, as well as those with new ideas but with insufficient capital, to participate in the economy as investors.
“The Cabinet is persuaded that there is no better time in the economic history of the nation to invest. More details will be forthcoming in the coming days and weeks, and the Entrepreneurial Development Program will take lead responsibility for this Conference,” the statement said.
It said that Cabinet also meet with officials of the Financial Services Regularity Commission (FSRC) to discuss the health of the offshore financial sector.
“The discussion was also focused upon several offshore banks that are seemingly encountering difficulties; this sector has been beset with challenges that have greatly affected its profitability.
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“Under the law, the Cabinet may not instruct the FSRC but must leave its decision-making to its Board and senior staff. The Cabinet agreed that every effort is to be made to ensure the viability of the banks that may find themselves in difficulty,” the statement said.
The statement said that the FSRC is being persuaded to do all “that is necessary to protect depositors and the integrity of the offshore financial system”.
Meanwhile, Cabinet says it is to begin consultation with several unions, businesses, and social groups about the feasibility of creating a national retirement age that would match the age at which social security and government pensions begin to be paid to pensioners.
“The Cabinet has determined that having a uniform retirement age throughout the state would enable better planning and greater equity among all workers. The Cabinet reminds that an “early” retirement age of 60 years is still available; but, taking that option results in a lower monthly payment than if retirement takes place at 65 years,” the statement added.
It said that following widespread consultations, the Attorney General will take to Parliament the wide consensus to which workers and employers agree.
“The average lifespan of Antiguans and Barbudans (and in many Anglophone Caribbean countries) is inching closer to 75 years, thereby compelling changes in pensionable ages and payment schedules,” the statement said.
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