The Dominican diaspora has been challenged to do more than just merely sending remittances back home, but should also invest in the island.
General Manger for the Agricultural, Industrial and Development (AID) Bank Julius Corbett threw out the challenge during a diaspora investment forum at the Fort Young Hotel on Friday.
“For example, individually, or collectively we believe that the diaspora could volunteer their time, or share their intellectual and technical expertise with young entrepreneurs or businesses that are struggling,” Corbett said.
He added the diaspora can play an important role in facilitating market access for Dominican products and services and “help improve the operational efficiencies within various sectors, facilitate access, especially to agencies that promote grants or special projects.”
“And on a softer note consider building a much needed vacation retreat or retirement home,” he stated.
Corbett is of the opinion that the diaspora can assist in the economic success of Dominica.
“You can help with the economic prosperity of Dominica wherever you are in the world, not-withstanding where you are,” he stated. “You are a Dominican and Dominica needs you.”
He remarked that despite global financial challenges there are many encouraging signs in the AID Banks which is good for investing.
“The bank’s loan portfolio has grown and is growing rapidly,” he revealed. “Loan approvals in the productive sectors, that is agriculture, tourism, manufacturing services and transportation, have over the last four years exceeded EC$ 89-million, while loan approvals within the social sectors, housing and education, was about EC$32-million. The bank’s asset quality is improving, and the loan portfolio is trending upwardly. There is an increase in the mobilization of funds to un-lend to our clients and our liquidated position is strengthening.”
The forum, which is a first of its kind for the AID Bank, is expected to be an annual event.
It is being held under the theme: ‘Help here from there: exploring local investment opportunities for overseas Dominicans.’
There are a lot of us that were born in Dominica, who left as children, educated in the U.S. and are doing quite well. Some of us would love to come back and contribute in some way. But Dominicans seem to know it all. Even on a simple forum as this, if you even express an opinion that differs from theirs they want to give you “maypwe” and get insulting. We are some of the most intelligent people in the world but also some of the most ignorant.
Some people come on here to comment and do not know what they are talking about. When I came home to Dominica to build 5 years ago I did not complain about prices because I realized that every cent I spent was helping the community. Did not have problems with my bank account either.
I should have been at that meeting to voice my opinion. I have documentations from over the past two years that proves that there is no support on the ground in Dominica to make these proposals a reality. Unless the system in Dominica changes, I will be waiting and holding on to my money and invest up here in the U.S
I have tried several times investing in my own country and there is no support. There is favorotism and jealousy in our culture. I have actually tried for over 3 years and honestly, I have given up. It is nioe to make these statements but who on the ground is supporting our efforts in investing back home. The govt officials dont respond when communicated to or cancel meetings on you. It is rather shameful and embarassing. Actaully, it is extremely dissappointing. I went to two banks to open and account when i visited and the process was painful and the workers outright rude.
That is so true. It does not matter what ministers or whoever say, if there is no support on the ground it is useless. Yes there is some kind of jealousy or resentment. They would say “Yes you spend all those years now in the states or wherever and now you want my support”
This is exactly what they say. It almost seems like they angry you went away to better yourself and this is their revenge. So I say let them take what the Chinese give them ” no speaky english”
Dominica cannot cope with change and don’t like people from North America to tell them what to do, hey too bad, we will go somewhere else
We are only interested in CHANGE for the BETTER. Not for the worse.
how about duty free shopping and free port like St. Maarten. Everybody will prosper including local businessmen. Allow serious investors to come with duty free jewellery and electronics etc.
I would make the whole island a freeport. That may upset our neghbours in Guadeloupe and Martinique but we would prosper like mad.
We are prepared to come home, Dominica! What is the government doing to make our return welcomed? Customs need more friendly, affable, hospitable personnel. I’m not going to spend ALL my retirement money just to clear my PERSONAL belongings from customs’ greedy and jealous employees. There has to be motivating forces of conviction otherwise, we stay where we are! Simply asking us to come home is not going to cut it. I am a business man in foreign and would very much be part of re-building our homeland!
Well, we cannot blame the government too much for this because the ones who control the port are largely opposition supporters. They do not care about the masses. That is how the opposition generally behave-all for self.
custom will put any one off if you thinking of investing in DOMINICA
I have a serious question for Mr. Corbett. Why should one contract a loan in Dominica, with his institution or any other at rates that are not competitive internationally? If one has assets, say in N.America, would it not make more sense to borrow against equity in such assets at a more advantageous rate and offset the cost of that loan against tax liabilities in that country? Especially since there is a fixed exchange rate between the E.C.- and the U.S.$. there is little risk of losing on the exchange front. The message is clear, especially with regard to investors from overseas. The conditions in Dominica must be globally competitive in order to attract such investors. Believe me, investing for sentimental reason only always cost money and are fine, provided you are prepared to lose on that investment or write it off. We can put a gloss on them but these are the hard facts nevertheless.
the prime minister ws on island, why didnt he attend ,
people ,use youy common sence ,linton have opened the minds of the diespora people ,and they have many questions which skeritt do not want to answer,so he send aid bank ,
more and more PHYCOLOGY
for the first time in years of meeting the diespora when they come home ,he is now shying away ,but dont worry ,he will answer the questions one way or the other, people open your eyes,,,How long? Not long,
LMAO! Are you serious what do you mean that Linton has open the minds of the Diaspora people? What are you on? FYI, last I checked some of us minds has been opened long before Linton and will continue after Linton so don’t speak for the Diaspora.
Many of us are not ignorant and we can see, and in fact, some of us are very independent and have been seen beyond any colors on the island of Dominica, so perhaps you should encourage others to focus along those lines.
DIASPORA!The name on its own sound cheap. Of course they are more broke than us.Diaspora not even citizens of Dominica.hallaluia
I see that its difficult to persuade diaspora to invest into Dominica because you don’t see support from government, a lot of red tape, hight taxes etc…but the fact is you are Dominicans and you know every nook and cranny…now imagine how it should be unattractive and difficult to invest into Dominica for foreigners..Got it?
I’m a proud native dominiican willing to move back home and our politican with their cabinet members killing our country poor people crying for help and the big men pockets getting fat fat I hope they willing to lower on building materials and stop pressing us in the custom we need a break to encourage us to invest in dominica.
entrepreneurs . How many programmes do you have to educate young people to organize themselves into groups in forming companies and obtaining financing for projects. How many motivating meetings do you have a year. Do you have an officer in the bank to coordinate activities with nationals abroad.
This seem to be a forum to complain and grand stand. All I got from it is that the bank is not efficient. And only deals with “customers ” as individuals With micro operations. You see the problems but no sulutions.
The bank guarantees loans for young entrepreneura 18-35 years old who are graduates of the DYBT and WEL programmses once they have a good product/idea and solid business plant. The person can get up to $20,000.00 guaranteed by the government of Dominica. DYBT stands for Dominica Youth Business Trust ans is organised through the Youth Development Division while WEL is Waitukubuli Entrepreneur Leve which is a private org. started by Sam Raphael of Jungle Bay among others. Participants stay at the resort for a week and get training on developing their business plan, budgeting, even yoga. I am a WEL graduate and once my business plan is complete I am definitely going to AID Bank for my start up financing.
the banks are very inefficient. I left the island without opening an account . The tellers were rude and i came back to the states and asked myself should i even keep trying to invest down there.
Zapatos, long time you walking on your uppers already and you don’t even know. “Tienes zapatos plantas en lugar de zapatos con suelas”.
After 14 years the Labour Government has just been waken up by Team Dominica. They are trying to get in by the back door using the AID Bank. They have failed the economy and need to get out of the way, let Team Dominica present programmes that will create wealth and put the people to work.
D/cans by nature are risk averse, and by and large, are not entrepreneurial. Mr. Corbett has good intentions but his efforts must be more targeted.
For example, many of the attractions in Dominica are inaccessible. Getting to the boiling lake is an arduous feat that only a few hardy souls can accomplish. Investing in a cable car and better foot paths is a step in the right direction. Also, solar or wind generated electricity to power toilet facilities and restaurants are an important infrastructural component. Once these are in place you can charge a toll which visitors will gladly pay for the convenience.
Another is the financing and the erection of swing bridges to facilitate the crossing of the many rivers and gullies so more tourists can get to our beautiful waterfalls. Once these are in place it will attract investors who will see growth potential for their investments. Viability and sustainability is key to any Eco-tourism based enterprise.
Mr. Corbett, I applaud you for starting the dialog. Where and how do I sign up?
Trying to invest in Dominica in any kind of way but trust me when u reach custom u die. I have a home in Dominica sending stuff for my home custom is killing. Come on if I have a home there that means am thinking of coming back home so check the port fee cause am about to sell that house and hit the road
I know,! And they can be so rude too.That is the discouraging thing about trying to come home to stay…custom fees.
Forget the banks…
invest directly through credit unions or create partnerships with frugal investors.
question: what would you do,
if you hired a manager who developed more expensive tastes than you the investor, then presented the annual financial report that showed he made your investment yield a Negative 1.5% growth?
Two great investments.
contact:
1. the village council in soufriere Mr. Oscar Ettiene about green adventure dive retreat. Invest in it to create community development synergistic with the soufriere scotts head marine reserve.
2. Community leader,. Mr Dave Phillip about the investment oportunities in picard where a beachnfront oportunity in the Ross campus is available to create dignified employment foDominicans.
I as an investor with over 6 million invested in Dominica have recently moved to the diaspora…and have allowed my investments to be used for comunity development in the interim.
investing with synergistic development as the goal should give productive results as all have a vested interest.
however the govt needs to address the issue of giving tax breaks when you reinvest profits back into your businesses as what happens now is that there is no such incentive so buying an expensive car and aquiring expensive tastes becomes the priority of dominican investors who ride the loan money to finance personal bling then cant/wont pay back the loan…becauseunfortunately from my experience the bank officials equate bling with success. And frugal behavior with failure
If u want to see your money disappear go right ahead …..
Them diaspora more broke than dominicans stupess
LMAO! I can’t argue with you there. Can you help us then so we can turn around and invest back into the Dominica economy?
Define “broke” so WE understand your frustration or envy
Can we come home?
lower the cement ad bulding material taxes for the peoplel .
Cement is a monopoly. Govt. controling the price. Same with fuel. Lawyers all charging the same fee, like a cartel. Realtors all want 5%, that is a rip off.
Allow us to come home and build .
Alow us to come home , lower the bricks and cement taxes and we will be coming home is masses.
We want to come home , lower the briks . and cement taxes
PardnerMan Aid Bank didn’t make some record profits dere d other day nuh why you doh invest some of dat massive Profit???
How you want d Diaspora to invest more in Dominica when d Diaspora not getting no Interest on their investment,,,
Allyou need to relax on all dem customs duties and allyou will see the diaspora investing in Dominica,,,
Allyou need to set up a secure banking System away from reach of dem Vassals running d IMF and World Bank, where D Diaspora will have a venue to massively secure their spoils with no reach of these Financial Vultures coming to prey on their spoils that they worked Hard for,,,
Just like dem albinos set up all their offshore banking establishments to control/secure their earnings so too allyou should set something up for d Diaspora to have a Save Haven,,,
My nephew is a cardiac sergeon born Dominican, educated it the states, he sent four barrels of medical supplies to the hospital the items stayed in customs for three months before any one pick those items up and yes the government knew they were there, some of our people are not ready yet i don’t know what it”‘s gonna take?I am willing to come home,once we get it right. I love home .
We the Dominican Diasporas are willing to come home , but what are the incentives? the Diasporas from the U.K. are coming home, in great numbers , but the one”s from America, and Canada are slow in coming , and the reasons are building materials are astronomically high , the politicians that are looking to be elected need to take the Diasporas seriously and give us an incentive to come back home to build and create employment , i have several degrees , I am willing to work for free to help, lower the cement tax, the building material taxes and we will come home and build, and creat jobs,.
We are not asking for a free ride just help us to come back home and build, and to make dominica become the best the VIRGIN ISLAND is dry we have all that water and lush green land please mr politician make it easy for us to come home and invest, make it the pride of the caribean.
Oh how I wish they would read these comments and hear our hearts..we want to come back home more than they would ever imagine.
So let me get this straight…The diaspora must give money, send money, send remittances. The diaspora must at all times think of Dominica and by all means, invest in Dominica, but at the same time the diaspora have no say, no voice because the diaspora is denied the basic right to VOTE.
And dare the diaspora have a say on any subject…Dominicans at home tell them to shut up, and be quiet because they do not live in the country.I have one word for you sir.”puh-leeze”. I will invest my money in my adopted country, where I make my living and where I have the right to vote. Thank you very much.
Marn was wiff you all d way until your statement about invested in your adopted country,,,
Question to you is: where will you retire???
Based on your comment more than like you gonna retire where you are currently,,,
Next time you look at your paperwork, the one you think giving you authority to invest in another Man’s Land; that letting you be the Slave to where ever you are, look in the Section that says: Country of Birth.
The Next time you think about Dominica in the manner you expressed, go check your paperwork and keep in mind No matter where you are and how secure you feel in that foreign land the Powers at be can always ship your Non-Performing, Non-conforming ARH$$ back to Dominica,,,
Then What!!!
If you want to have a say politically or otherwise, then find out the proper avenue it’s gonna take to make that happen but don’t come talking about investing on someone else land from which you didn’t come, while neglecting the land from which you came,,,
My word you could not have answered that comment better.No one who loves there country talks like 2bfree.
In that case Dominica is another man’s land also. The Kalinago were here before us and so was the European. All you brothers saying Africa is our country, well why you don’t go and invest your money in Africa then?? I love my Dominica brother but that is no obligation to put my money here because of that. If I cannot make a profit here no sense in investing here. Better to make a profit elswewhere and come and spend it here,at least Dominica get something.
I too am in the diaspora, but you must always remember 2bfree, that home is home. I also do share your frustration with the thoughts you expressed. I cannot understand that the diaspora has developed so much skills but it cannot be utilized on the elected level. Makes no sense…
Change the laws to accommodate all Dominicans
this is so true if you look at all the white people they can Vote any where they go.but we should still play some part
2befree.
Hello and good morning to you. Well many of the things you say might be true but always remember that we are Dominicians. We mustn’t allow any politician to separate us because altimately all the politicians are friends. They pretend to argue during the day but they go out at night to the same restaurants. If we send money or invest in Dominica we are helping our people to have a better life but they must ensure us that our money is safe.
Your opinion is valid and Dominicans resident need to correct this. “Send your money with no strings attached, and back off, because It’s so we does do it…we”
Agreed, please do. I never understand why people even remember their country of origin name. Just forget about the place. Immigrants these days.
I believe it was Linton and his team who said that you should not vote. The took a world tour to try to convince Dominicans overseas not to vote. Of course, we know that they were only speaking to the ones who would possibly vote against them. They would have no problem with it if you were coming to vote for them.
Nobody say you can not vote, just vote within the law, that’s all. If you out of the country for more than five years you can not vote and that is reasonable because your economic interest not there. If you want to keep that right and you do have economic interest come back once in a while.
Anyway, Mr. Linton and his team also said they will change the l;aw to allow citizens overseas to vote , just like they have in the U.S.A.
look jokes
done forget dutsee
Every country has its own characteristics. We are Dominicans and will remain so. The changes that will take place here will be greatly influenced from outside forces. The country have been overtaken already. The most that we can do is to try to adapt. Welcome to the New World Oder Dominicans!
I believe that this is very encouraging news for those of us who are interested in returning home. It might be a small minority, nonetheless, there are some people that want to return home and be part of the developmental process. I am one of those people who have a passion and deep conviction to do so.
Remember what the man said! Those in the diaspora can invest their intelligence, expertise ,skills in helping young people develop their skills, in addition to making an effort to invest in a retirement of some sort. All are great ideas.And not one ever mentioned investing financially in the Aid bank. They all clearly stated that it is for the economical development of the country.
Remember that money is only one means of investment, and there are many other types of investment. Therefore, those of us who do not have the money but have the other tangibles such as education, expertise, skills, a desire to own a piece of Dominica , a passion or cause, or a patriotic character must invest into the development of the country.
Furthermore, investing in those ways will open windows and opportunities for such individuals to develop relationships with institutions such as the Aid Bank, thus, taking advantage of their borrowing powers;Which is essential for sustained development.
I will surely look into this new initiative with an open mind when I come home next year.I will first begin by opening an account with the bank. Next, I will observe where the dearth of opportunities are in Dominica and contrast them with my abilities. Once a connection is made, I will move forward and fulfill a dream of mine. ” ‘To play a role in my country future economical development’.
But wait, why the P.M was not present at this forum? I guess he did not want to answer the diaspora questions? Just writing……!
There is an old adage that says one should not put new wine into old bottles, and judging from this latest round of feel good speeches, which in my view is more of an egotistical trip than any genuine effort at managing effectively the resources available to what currently passes for management in Dominica.
I say this based upon the kind of dismissive approach by Mr Corbett to remittances. Remittances my friend are investments, the fact that those remittances are been mismanaged, and that no effective structure, or the right kind of environment is not in place to effectively harness those remittances, is not the fault of those people making those remittances. After all, Dominicans living overseas build their homes in Dominica, they send savings home to be put into the banks, and credit unions, as well as other savings or investment vehicles, like DUTC, and the CLICO.
Furthermore, since the financial institutions know what criteria they will accept to lend money, why don’t they come up with the viable projects, and propose them to perspective investors. For example, the banks are in possession of lands, as well as the government, why not do a middle income housing development with the requisite proper town planning, say about fifty, with all the infrastructure, sewerage, lights, roads, drainage, landscape, etc., and pre sell them to people who wish to return home. Different architectural designs , e.g., Canadian, American, British, and or French. Since the project would almost be pre-approved, it would be then pitched to the Diaspora.
Overall, the greatest impediment to more active participation in development in Dominica, is the absence of leadership, management, and direction, by the government, and the mediocre appointments it makes in the key areas of development, in spite of the availability of an abundance of skilled capable, and talented Dominicans, willing and able to make their services available to the country.
Of course, for this administration, that is inconvenient, because they may not join the how great thou art Skerritt chorus, and may not be willing to pass anything under the table.
By the way Mr. Corbett, isn’t Agriculture in the name of the bank? How am I supposed to come home and invest in Agriculture, when Black Sigatoga, is destroying agricultural crops, and I hear nothing coming from the AIDB in dealing with this, or even providing aid to the farmers.
Given all these weaknesses, which an administration seems impotent to address, I will leave my investments in the US stock exchange.
Louis I agree with you. I too am heavily invested on the various stock exchanges and I find that a better risk than putting my money in Dominica.
Cousin Louis, go easy on Corbette now!
My only comment here is that I believe we should focus on something different to replace bananas, and the agriculture industry completely; except for the production of some of the agricultural staples we need to sustain us. It is inevitable that the Black Sigatoga will eventually bring to a climax, and extinction of the banana plant completely.
It is anticipated that the plant will cease to exists!
The Black Sigatoga problem exist wherever, the Banana plant is found; we remember not too long ago, the Banana Barons of South America, Dole, and (Chiqcita), and I do not know if I spelt the latter correctly; nevertheless, they were trying to get the monopoly on the banana market in England, and the rest of Europe, when all of a sudden they abandoned the quest for the market.
The main reason is that there is very little money to be made from Bananas, even here in California, in the giant Supper Markets such as Ralph’s, and Albertsons, we do not see any ripe bananas with the name Dole written on them anymore.
It is anticipated, that Black the Sigatoga will eradicate the plant eventually, and that is something known for almost twenty years. As for the building and sale of homes to retirees, and none retirees who wish to return home is not a bad idea, However, there may be obstacles based on the lending policy’s in Dominica, a few years ago my father wanted to get a loan from a bank, it got to a point where they ask him how old he was, the man told the bank he was 57 years old, he was quickly informed since he was over fifty-five (55) years old the bank could not loan him any money.
I do not know if such policies still exist in Dominica, however assuming someone over fifty-five would like to purchase, a home using their retirement money to pay the Mortgage, the Aid Bank may take their age into consideration, and decline the loan.
Fortunately, for us we can go into any bank at any age in Canada, and the United States, and borrow any amount of money we wish as long as we have the means, and resources to repay the loan. As a former Dominica, Banker, and you also functioned in that capacity out here, maybe you may have an idea if that silly lending policy still in force in Dominica.
Okay, and for those who would like to say, Francisco bought another cousin, be informed Louis is me biological cousin okay, cause him grandmother, and me grandmother was born from the same mother, making them sisters oui!
Hahahahahahahahahahahahahahahahahahahahahah!
Francisco Etienne-Dods Telemaque
What have you done for Dominica and Dominicans Sir? Speak the truth. I am feed up with your self-righteous approach. You were once a manger at National Bank. Tell us what you did and how it made Dominica better.
A man that does not love himself cannot love Dominica and Dominicans
So are you saying only naristic people with a big ego can be true Dominicans? Well I know some….but all of us? No.
Did they have any of the local investors there to speak and encourage the Diasporians?
We are sending remittances as well as saving money in the banks. Walk a mile in our shoes, and you would be dancing to a different tune
too was at the meeting and I was very impress with the presentation of the Chairman of the Board.During the questions and answers section of the programme he answered the questions with such authourity and ease.This is what is expected of a chairman.
Are Dominicans dumb? I don’t think so. Prime Minister Skerrit is hiding from being asked important questions, so he has used the AID Bank to organize a DIASPORA FORUM and he hides away sending Eddie Lambert to represent him.
For over thirty years the government of Dominica has met visiting Dominicans during carnival and independence, this has been an opportunity for visiting Dominicans to discuss with government.
The last time it was done a guy from Denmark asked Skerrit some real questions and the late Charles Maynard had to come to his rescue, this was the end of the process.
Since then, Skerrit has delivered long speeches and disappeared. This year the heat is on, the Diaspora has some real questions about our passports, our representatives at UNESCO, FAO, UNICEF, U.K Mission, questions about foreign bank accounts, Petro Caribe debt, State Palace, and many many more. Mr. Skerrit ran and hide. He is on island so why didn’t he come to speak with us.
Dr. Thomson Fontaine left a lucrative job at the IMF to come home and he is being savaged by Mr. Skerrit and his operatives.
So if I leave my comfort zone overseas and come back to Dominica to invest, if I do not tow Mr. Skerrit’s party line this is the way that I’ll be savaged by Anthony Astaphan, Lennox Lawrence and the rest?
Thank you AID Bank for the invitation and a nice lunch at Fort Young, but your event was a complete waste of time and money.
We in the diaspora are not fools, some may accept plane tickets with cash to come to vote but the majority of us you see here, for carnival, paid our own ticket and came to have a nice time from the cold. We do not expect to be tricked by a government who is obviously hiding from its people.
Please prove me wrong and ask Mr. Skerrit to hold a real Diaspora Forum on Ash Wednesday or Thursday, before we go back to the cold and tell him to come prepared to answer questions.
I hope I’ll not be branded into any of your political tribes, because I do not care which party rules Dominica, I will continue to take a break from the cold twice a year to have a good time in my homeland until such time that you guys piss me off to the max and I divert my money to Trinidad or Rio.
In conclusion, tel Mr. Skerrit to come clean and let his works be seen. Why on earth is he hiding behind the skirt of the Senior Counsel and the microphone of KAIRI FM?
Whatever.
not while skerrit prime minister and selling passport………with all the passport he sell already especially to the olympic dream team we should be in a better place and not waiting on the dispora to invest, afterall the recession is not over yet some people in the dispora struggling just like us in d.a.
Wow. Challenged? That is a strong word. So if we do not invest then what? you are going to beat us? Encourage sounds better, it has a better tone. The AID bank was a good bank. What happened? No one has to tell the diaspora who they are or what to do. The conditions need to be more inviting. With that kind of government? The trust is gone. Too many people left Dominica an d live in freezing temperatures to make it. That is why they left Dominica to make themselves better. They cannot afford to lose their money with an unstable economy and a dictatorial government. Stop acting like you all hate the Diaspora and treat them with some respect. Some of the people who work in the bank are downright rude. You ask a question and they act as if you ask them for their right hand. Learn some customer service and stop being jealous of your fellow Dominicans. Say whatever you all want to say. God bless the Diaspora and God bless America.
I just do not understand why would AID bank give the impression that they want the people from oversees to invest. Have any one look at Roseau lately? Our city is now taken over by the Chinesse. How can a local business survive in Dominica against the Chinesse? The people from China are given 100% support from their Government while our locals are not given that support by our Government.I just do not understand how can our P.M negotiate on our behalf with the Chinesse government and brought back a total disaster. What do we benefit from this one china policy? what is it anyway? Man things are extremely difficult and hard in D/CA.
Labor I believe it is time to go.
Take the veil from off your eyes. What is your team going to do if they win elections-send back all Chinese and Haitians? Will all you uwp supporters in the diaspora come back home and begin to invest. You are just a biased supporter. Support your party but try to be fair. It’s a good quality to have. It is amazing how two people can look at the same thing and see something entirely different. At least, the DLP have people like the IMF, the World Bank and the majority of Dominicans on the ground agreeing with them. This country have made strides forward. You talk about support- this is what is being presented here. Never have interest rates been so low in Dominica. It is amazing that we ask for an enabling environment and when we get it we complain some more. Take example on the Haitians, they make use of every opportunity. We, Dominicans, on the other hand, just sit by and complain.
NO .We will not send them back we will shoot them.
The new UWP want to shoot the Chinese and the Haitians with guns they will be getting from drug dealers and gun runners who they co tacted on their overseas tour that the finance with money they stole from DAAS a non profit organization
Get real. Haitians and Chinese are not the problem. The problem is the Skerrit-lead Labour party. They MUST go for Dominica to progress
For any project to succeed, investors need a business friendly environment. Access to Dominica is very inefficient, so the Bank needs some investors, with incentives from Govt to invest in airlines to transport passengers from hubs. No one will take care of yr problem or the financing of an airport to accommodate bigger planes. Aid bank should financed a marina. Two refrigerated boats are needed to transport goods etc. or agricultural produce; financing of car park is overdue etc. start with these projects and the linkages will set in.
Good points!
Mr Corbett.
Hello and good evening my people. Well Mr Corbett I would like to build my retirement home in my village but I cannot and that’s according to the Court. Someone build a home on my mother land and this person don’t have any papers for the land or a house plan filed with the Government . I spent eighteen thousand dollars in lawyers fee during a three year court case. The court finally ruled and they allowed this person to keep his illegal house on my mother land. So how do you expect middle class people like me to leave NYC to come and build homes when people can just build on land they don’t have papers for. My mother have her papers for her land which is on file with the Government. Also it’s very difficult to open an account in Dominica which is preventing many of us from investing in Dominica so please address those issues if you want us to invest.
2nd Rule:
Never invest where blatant-in-your-face corruption is technically, not considered robbery.
3rd Rule:
Never invest where the wheels of justice turns as slowly as powerful people want it to turn – case in point the G. O. N Emmanuel attempted arson and murder case.
Because if your investment is burnt to the ground you should know what could happen given the precedence of the G. O. N Emmanuel case.
Why can’t this government I have voted for put money at a reduced interest rate in the AID bank to facilitate small businesses? Why can’t they use all the money they have been getting from China, PDV be put to facilitate our local businesses? Why is government allowing the chinesse to take over Roseau? AID bank are you all not walking the streets of Roseau to see what those china people doing to our locals in Roseau? Why then do you want those from the Diaspora to invest when the environment is conducive to do so? Be bold an say to the government that we need solutions to that Chinesse invasion.
Its called Free Enterprise. That’s the system we live in. Are you afraid of the competition? Competition favours the consumer by driving down prices. Do you choose to support your local merchants by patronizing them instead of the Chinese or do you go to the Chinese to buy cheaper goods. Talk is always cheap. Some of us are talkers but we are not doers. We just sit and complain. Most of it is just blind party politics.
Have anyone look at the cost just to rent a cubicle in Roseau? on average $1800- $3,000 per month.
What about water and electricity? on average $300/month. Having to pay just one person to assist in your business? on average $1200/month.Internet?
$45/month,Yourself? say $2,000/month.
Total Overheads-$5,300 minimum.
Imagine having to go to the bank for just $30,000 to open a boutique.At most the bank will be asking for $1,000/month. If you were to go shopping in the USA with say 12,000 US not forgetting cost for hotel,fare and Taxi. Can one safely say that with a overhead now $5,300 +$1,000=$6,300,that one can return to Dominica sell clothes and be in any comfortable position to meet those commitments?
Brother things are really TIGHT in Dominica. Small businesses “MY HEART GOES OUT TO YOU ALL.”
Investing in D/CA is not easy!!!
I totally agree with ANN DERAS and Diaspora D/CA. What is AID bank success story? There are so many local businesses suffering in Roseau today which are being displaced by the chinesse nationals. Why should one invest in say a boutique in Dominica and only to find out that the chinesse will out price them. One need to understand that since the Gov’nt of China is assisting it’s locals then our local businesses CANNOT compete with them. To add insult to injury when just to get a loan of 30,000 one must come with his great,great ,great granny land paper. Investing in Dominica is a real challenge. I too see this forum as a CATCH A VOTE.
Sorry AID bank please fix your local businesses before venturing further.
Why are the farmers crying out so loud that they lack the resources for their inputs? It’s clear that the countries main industry has been neglected so badly that the farming community is feeling the impact.Who are the people benefitting from these loans because it is not reflected in the farming community. When you hear big men who have dedicated their lives to farming come on the radio and cry, actually begging for help and then this. It echos what Lennox has rightly said. Some greedy people are benifitting at the expense of the needy. The same is true for every sector of the Dominica ecomony may I say. Dominicans are now more atuned to whats going on so less people are being fooled. Some people you just can’t change but others put the Country before the PM… so Change is a must.
There are many investment opportunities that Dominicans on the island can join with Dominicans overseas to make a decent return.
One must bear in mind that banks in the Caribbean at this time are offering very low interest rates on fixed deposits – less than 5% for a year.
The time is about right to take advantage of all the incentives Government has to offer through the Aid Bank, and Invest Dominica Authority.
Dominica presently has about 2000 united states citizens studying medicine at the Ross University and we are not taking advantage of the opportunities that these students and faculty present to us.
Thus in Portsmouth we have no recognizable duty free shops catering to the needs of the students. Should the rest of us leave it up to HHV Whitchurch & Co , Courts and Tonge Group of Companies to take that initiative?
There are no bowling alley venues in Dominica. How do these students unwind on a weekend?
Think of that for a second people.
Is there a cinema operating anywhere in Dominica? What about building a Cineplex in phases. Start with two screens then within 5 years have seven screens , a game arcade, in-house bouncing castles, and other activities for kids and teens.
Does any one not see the need for an elevated car park in Roseau? Who says that the existing housing stock in Roseau has to remain the same style? Can we in Dominica get our Government Planning Authorities , architects and engineers to design houses within Roseau that takes the air space over some roads in Roseau to have larger buildings?
Is there a Coney Island in Dominica? Do we give our kids variety and adventure in their entertainment?
The whole question of water sports that can target tourist, Ross Students, and locals have not been exploited in the first two decades of the 21st Century in Dominica? Are we afraid to invest there as well?
What would we in Dominica do differently if we were not afraid to take risk?
What would we in Dominica do differently if we were less negative?
What would we in Dominica do differently if we were visionary?
When will we in Dominica who are members of Credit Unions demand from our Credit Unions to offer Unit Trust investment services; money market commercial paper?
When will we in Dominica demand from our governments to initiate 401K investment instrument legislation that would allow citizens to develop compulsory savings with their financial institutions and face severe taxes if the funds are touched before retirement?
When will we ask our Governments in Dominica to mandate our AID Bank to establish a Housing Trust that would be in the business of developing gated communities and other housing schemes in areas of Dominica that can make persons in the Diaspora send money down monthly top pay for a house but have it rented to reduce their net monthly installments all time they are not ready to occupy that house?
Don’t complain brother. Dominica does not have one single traffic light. Not many countries in the world have advanced to that level. No parking meters or breathalysers either and nobody forcing you to wear a seat belt and when someone suing you don’t worry. That case may never come to court. we applying the rules as we see fit, isn’t that liberating?
Zan, I hear you loud and clear. One of the biggest discouragements in doing business in Dominica is jealousy! Dominicans never want to see other natives prosper on the land. They rather have the Syrians, Chinese, and others come in, provide sub-par services and products, then cry foul. Black people always think that others are better therefore, our downfall. We never give our own the benefit of the doubt. Case in point – that big fiasco with Cabral Douglas promoting Tommy Lee, which would have created many needed jobs. The other person, not being the one to facilitate the event, boycotted Cabral (through envy and jealousy) and created a dragon’s lair using false accusations in the name of a God that does not interact with anyone. Shame on this piece of land called Dominica – You people so bad that allu God lost all interest in you all’s prayers. Good luck.
I think the government and AID have it backwards. This is what they need to do: create in infrastructure and the environment and then say to the diaspora “here is what we have done. Here is what we have in place to give your business a chance to succeed, NOW come and invest your hard earned money”.
The government has really not done anything to facilitate investing in the country.
I am at a stage where it would be ripe for me to invest, but I just can’t see the benefit of shifting my fund from where it is now to put it in a very risky environment like Dominica. I have taken risk investing on the stock market for a long time, so o am not afraid to take risk. Investing in Dominica involves too much risk unless something changes.
The AID Bank is the biggest obstacle to investment in Dominica.
Ask any of the local investors who are clients of the AID Bank about their experience and you’ll get a true picture of the reality of doing business in Dominica.
There is not one success story of AID Bank financing.
This investment forum is a substitute to the government meeting with the diaspora. They could not run the risk of being questioned by the diaspora so they have AID Bank fronting for them.
If the AID Bank is serious about investments they should first have an investment forum with their existing suffering clients to fix the mess that exists, assist them in becoming profitable and then move to attract new investors.
I challenge AID Bank to hold a forum with locals in Dominica.
This manager is just a smooth talker.
BINGO!!! your see this statement? “This investment forum is a substitute to the government meeting with the diaspora. They could not run the risk of being questioned by the diaspora so they have AID Bank fronting for them.” Ann, you could not have spoken any greater truth than that.
I firmly disagree that it is a front for the government diaspora meeting.
However, your point on holding a meeting with existing clients is valid. I like it.
Ann Derass I agree with you on the issue of the government not wanting to be questioned by the Diaspora. I was thinking the very same thing when I heard that Collin McIntyre was representing roosevelt skerrit. The same Collin McIntyre who told the very Diaspora that they can’t run Dominica by remote control. I’m not sure if roosevelt skerrit was on Island but I would want to think that he should have been there for such an important forum; or was it really important to him? I remember him saying recently he had to cut short his attendance at a recent regional summit to be back in Dominica for the announcement of a private firm re-hiring employees they had let go.Assuming he was off island today, then if he could have left the summit back then why could the same not be done now if he was out?
The Hotel in Ans-de Mai? you should go patronize
If not really charitable, you know the saying, “Charity begins at home”, to help locals first and advise them to invest in D/ca, since they reside in D/ca.
Your challenge is a wise invitation to the AID Bank to hold a forum with locals in D/ca. I hope they are listening and take up the challenge.
My opinion! you hit the nail on the head. They all read from the same hand book and think they fooling every body. Action speaks louder than words. Time and time again persons try to do exactly what this ####L is asking us to do but one can feel the scant disregard towards certain persons when they venture to do what he is requesting, if you not part of the animal farm, or not prepared to be friends with benefits NO WAY! for you! How the hell our country will benefit and develop in this mess. I am Dominica and it hurts to hear that stuck record over and over. They shone you when you try to make a positive contribution to our countries development. And their response is always. WE will look into it!!!!!or we will get back to YOU!!! Give me a dam break. IS any one willing to put their hands up????
why could they not ask questions,this was a forum,was any one there held at gun point,banks can only do so much based on returns,this people need to invest in other for the banks to open up,and outplay the chinese,the chinese only operate in a way to meet the needy and what the masses can afford,if the chinese where expensive would people in dominca be able to shop like they do,no,this are the conditions by which the chinese has to operate their business in dominica,can’t you all see that.
I will surely invest when the government starts giving a full account of funds recieved and funds spent and i am not talking like the travel info put out recently. If i cannot trust the ethical and financial behaviour of the leaders and their anemic fiscal policy i cannot trust putting my money in there. When there is someone with a sound financial background making decisions then i will risk what i have worked hard for. All my investments in the US are handled by competent and business minded people who know how to make a profit as a result i was able to make 11% last year. You telling me to invest in an economy that is government based runned by a socialist and making -1.7%. Am i going to compete with government owned and runned, hotel, abatoire, coffee plant, fuel depot, construction and engineering, airline……… etc.. Is the pm going to allow thousands of barrels with goods to be sent duty free from US in the peak christmas season. How am i going to make sales when this is done. I want to see sound financial policy be put in place before i leave 11% for earnings for breaking even.
Mr. Corbett, don’t make me laugh!!! A good friend of mine returned to Dominica some 10 month ago with the aim to invest in an upmarket tourism project with a prospect of creating in access of 50 jobs for locals. He decided to get in touch with the AID Bank to arrange a small credit line (less than 5% of the investment as a whole). Telephone calls were made, emails were sent and finally a visit to the head quarters of the AID Bank was made. Up until today my friend is waiting for an answer to his questions, never mind a meeting with the General Manager. The staff in this place is arrogant, ignorant and totally disinterested in their customers. This is the worst place my friend has ever encountered in his long business career. The end result: he decided to let them keep their money and equally he will keep his money in his bank abroad. Shame that, this are the investments Dominica needs but due to the utter incompetence of this institution the entire project fell at the first hurdle. So Madam Titre, there is some food for thought. Get your house in order first before you make big speeches and disappoint potential customers and thus jeopardising the future development of Dominica. In my opinion one useless organisation if I have ever seen one!!! Lip service, lip service…nothing else. Frankly that’s exactly our country is in such a state.
All i’m saying is when you apply for a job they hire you based on your resume.
THe customs unit needs customer service, they almost running you back and also wants to punish you for importing stuff. Duty has to be paid, but importers does not have to be punished.
well Mr. GM the first approach we need to take is the one stop shop method. Too much dupication, invest dominica, aid bank, government small business unit, NDFD all affiliated with Government. Then do much paper and walking up and down, presenting the same thing to several people. another thing too much red tape. Now an invitation to diaspora…….what about the local, trying to expand and so on. Investing in dominica is very frustrating. do not talk for all those square pegs in rounds hole making business even more difficult
Lets say if we talk for many years repeating the refrain that the economy is bad and no jobs for the youth and does not have an airport to facilitate travel for business people that are not living on the island, how do we expect to solve our economic problems when we need the required infrastructure for business growth. I understand that some people say we do not need an airport because too many people will visit and change the country, they also say that the business people would loose the control that they have in the country the reason they are opposed to any increase in traffic in the country. Well for the country to advance these concerns must be thrown out of the window and the Government and opposition should see this project as a priority for sustainable economic growth. The core business people who are opposed to this project might not see the economic ND long term benefit of their own enterprise.
The first step to fix the economy in the country is to BUILD AN INTERNATIONAL AIRPORT for business people to see that we are serious about investing in the country.
ey even the bank team dominica put to work
No, you got it wrong my friend. The labour government is the one who has always be putting everyone to work. The ones who want to work will always work and the ones who do not want to work will never work.
It is obvious you do not live in Dominica.
I was at this meeting and while listening to Mr Corbette am thinking of many things and one of the many things that came to mind is if the Aid Bank is not duplicating the efforts of Invest Dominica Authority, where is the confidence for persons like me who would like to invest, what guarantee do i have when i have invested that the Chinesse will not be doing the same thing at a cheaper rate/cost and as result throw me out of business like what am seeing in Roseau today, Mr Corbette should demonstrate to us the success story of Aid Bank funded investment currently on Island, these were just some of my thoughts while seating and listening at that meeting.
You do not have to invest in little boutique and stores. this is what the Chinese mostly invest in. And if you are thinking of a restaurant . Go local. Chinese only invest in certain things. The Haitians came here and realize that there were markets in agriculture, barbers and clothes making so that is what they invested in. If you make the right investment you will be all right.
Secret Bay Hotel is one such project. Surely, you heard Mr Nassief.
AID Bank is a financier. Invest Dominica is a facilitator. Big difference.
That’s if you know Roseau;Stop pretending who you are not.You are just one of those who doesn’t want to see anything good take place in Dominica.
Solid comment. Few if any success stories in the economic sectors in particular. Furthermore approvals are controlled remotely by the minister of finance and prime Minister. Consequently, projects that are obviously non-viable are financed and some viable ones are denied financing for political reasons, thus further compromising the banks viability/non performing portfolio.
Hmmm true words spoken and i believe MR C is a puppet but…how is it the aid banks fault if a chinese couple under bid you. isnt it…the governments? in a way?
waste of money, first rule of investing : Never invest in a bad economy. Fix the economy first.
First of all, the economy is not as bad as you would want us to believe. Secondly, bad economies provide many opportunities to make money. opportunities are always there you just have to see them.
you are right: where are a lot of studies showing what government should do in order to make economy attractive for investments….AID Bank talking nonsense…Dominica economy is nit effective due to weird administrative burdens and absense of strong and effective law. For example those african states which managed to normalize their public finances are rewarded by access to international debt market and able to raise funds to finance social projects….instead of striving to make your economy effective you do some childish nonsense…what is potential of diaspora? you need access international investors but you cant because your home economy is complete mess…
It seems you never cease to talk foolishness.
thats not true – a bad economy is a big big opportunity, especially under the right circumstances. interpret that as you will.
How can you fix a bad economy if you don’t invest in it?
Start by restoring business confidence. Then comes maintaining business confidence…, followed by building on business confidence. Peoples expectations are a key economic driver!
That is the most cock-eyed argument I have ever heard! Imagine you telling that your shareholders, who are looking for a healthy return and a secure investment? Why take that risk with your money, less so with others’??
I would not be negative about that. In all sorts of economical situation some businesses could be successful. One should not duplicate what is already established in D/ca. It takes much thinking, observation and planning to establish a business in D/ca which hopefully will be successful.
@hmmm
And where did you learn that rule? I suggest you fire the financial advisor who gave you such lame advice. The economy cannot improve on its own. It requires cash and entrepreneurial infusion (aka investments) to recover and prosper. It also requires proper management (election is fast approaching so chose the next set of “managers” carefully).
A savvy investor can make money in any cycle of the economy. It’s all about knowing what you’re investing in, diversifying your investments, and managing your risks. Ask Warren Buffet. He used the Great Recession in the U.S. to acquire shares of distressed companies and he ended up raking in billions in profits when the economy improved. I invested in the stock market when the economy was in the pits, now my portfolio is reflecting a healthy return over the past 5 years. If I had stayed on the sidelines and waited for the economy to improve before I invested, I would have missed out big time. I plan on investing in ventures in Dominica, but I do plan on doing my due diligence first.
you people are always there to critic but never give better or any suggestions for that matter. if you are not part of the solution then you are part of the problem
I agree with you we have to make changes all around first we also have to say thanks to TEAM DOMINICA reaching out in the manner they did now both Dominicans at home and in the diaspora comming together to work together to move DOMINICA forward, now we see different groups wanting to sit down with people from the diaspora and that shows the level of interest that are needed in DOMINICA. I hope the folks from the diaspora will attend those workshops
CHANGE IS MUST NOT AN OPTION
The so called Team Dominica are not changing anything. They are promoting the same corruption that they are complaining about. DLP has ALWAYS had meeting with Dominicans in the diaspora both at home and in the diaspora.
where in the world is the economy good,investment is risk taking,one does not go into business to make it one time,these people are presently helping other countries economies develop and not their own,how the hell is dominica suppose to move forward,if they do show any interest in their own.
Sometimes this is the best time to invest. When the economy changes your return will be profitable.
boy the uwp is reaiiy showing the dlp how to do things i am labour but tired of these guys change is my present comforter its a must
What actually are they showing. How corrupt, hypocrite and non-transparent they can be. I’m still waiting for them to actually start practicing what they preach.
From a development standpoint they will never be able to stand up to DLP. Would you pick essential oils over geothermal? Or producing our own pork and poultry? They have nothing to offer that we cannot better. Hotel. WE are way advanced. International airport. Preliminary work has already been done.Juice factory? Let’s see how this works because Bello has been struggling for many years to stay afloat. DLP is just way more advanced.
Dominican living in Dominica alone am seeing every time is the same thing the govt is saying and mem baguye