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Business Profile
Economy: St Kitts & Nevis has an agricultural economy, the mainstay of which is the sugar industry. As the world sugar price has been very low in the past few years and several sugar crops have been badly damaged by hurricanes and other adverse climatic conditions, St Kitts & Nevis has come to rely on regular injections of foreign aid to prevent economic collapse. The Government has responded by trying to broaden the base of the economy. Bananas, yams and sweet potatoes are now important crops and the cultivation of rice and coffee is under development. Fishing is also growing in commercial importance. Manufacturing is dominated by sugar products; textiles and drinks are also produced. A thriving electronics and data-processing sector is the principal success story from the Government’s diversification policy, as is tourism which is developing rapidly, particularly on Nevis, and now brings nearly US$100 million a year into the economy. More recently, and especially on Nevis, an ‘offshore’ financial services industry has developed: there are now 10,000 foreign businesses registered on the island and the government has come under pressure to modify its strict commercial secrecy laws to allow the investigation of money-laundering. The UK and the USA are the islands’ main trading partners, as well as other Caribbean states.
Business: Businesswear for men usually consists of a short- or long-sleeved shirt and tie, or open-neck tunic shirt or alternatively, safari-type suits. Office hours: Mon-Fri 0800-1200 and 1300-1600.
Commercial Information: The following organisation can offer advice: St Kitts & Nevis Chamber of Industry and Commerce, PO Box 332, South Independence Square Street, Basseterre (tel: 465 3967; fax: 465 4490; e-mail: sknchamber@caribsurf.com).
Conferences/Conventions: For further information on conferences and convention possibilities, contact the St Kitts & Nevis Hotel & Tourism Association (for address, see Accommodation section) or St Kitts & Nevis Department of Tourism (see Contact Addresses section).
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