Minister of State in the Ministry of Labour, Public Service Reform, Social Partnership Entrepreneurship and Small Business Development, with specific responsibility for Entrepreneurship and Small Business Development, Daren Pinard has sounded an appeal to the Dominican diasporan community to invest in their home country.
Addressing the Dominicans living abroad at the 2023 Diaspora Forum, the Minister emphasized that this call to action has gained significant relevance, given the diaspora’s enormous potential to play a pivotal role in advancing the nation’s development and prosperity.
According to the member of Parliament for the Colihaut constituency, in recent years, the government of Dominica has made significant efforts to strengthen its ties with the diaspora community, through the establishment of various initiatives, such as the annual forum for returning Dominicans and outreach programs in the Caribbean, North America, and Europe.
In 2009, the government approved the diaspora manual, providing guidelines and support, while the 2010 diaspora policy facilitated and institutionalized this engagement, he revealed. Pinard stressed that the diaspora should not be viewed solely as a source of remittances as the present opportunities for meaningful contributions to the country’s development.
“Admittedly, the remittances you provide [go] a long way in providing for the well-being of your loved ones back here. However, we also see the opportunity for you to contribute meaningfully to the overall development of our beloved country, while at the same time providing you with tangible opportunities and benefits.” he said.
According to the Minister, the stability of Dominica’s economy during global recessions serves as a testament to its resilience, making it an attractive destination for investment
Investment wisdom has long encouraged diversification, he stated, pointing out that, even in strong economies, like the US, vulnerabilities exist. Pinard noted however that Dominica offers a secure investment haven, reminding diaspora members not to put “all your eggs in one basket.”
“Many of you here in this room this morning and our diaspora, in general, have surplus resources that [are] used to invest in stocks retirement funds, such as 401Ks, or real estate, and such in your host countries. However, one of the first rules of finance is the need to have a diversified portfolio…so what we’re saying is that it is recommended that you do not only invest in your host countries, we are advising you to consider investing in other countries such as Dominica.”
He continued, “For even the strongest economies like the US and the other developed economies, they are vulnerable to recessions as we have seen from time and time again. We will remember the 2008-2009 financial crisis, where the stock market and real estate crashed in the developed world. Nonetheless, here in Dominica, we didn’t see any major losses in the value of our property.
Whilst many of the international banks in the developed world went out of business, we didn’t have any banks…closed in Dominica. So, whilst we are not immune to the impact of global recessions and so on, we have seen that we can be a safe haven for investment during these difficult times.”
Pinard further posited that one of the most attractive aspects of investing in Dominica is its property market. The absence of significant property taxes ensures that property ownership remains secure, allowing investors to pay off their mortgages and enjoy full ownership, he noted. Owning property in Dominica he says is an excellent way to establish a future home and maintain financial wealth through leasing or renting.
Moreover, the Minister told the overseas-based Dominicans that the country is on the cusp of transformative change, with the construction of an international airport being a flagship project. The direct flights to Dominica he said will attract tourists, boosting various sectors, including agriculture, hospitality, transportation, and construction, offering ample opportunities for investment in which “Every aspect of our economy will benefit from the completion of the
international airport.”
As it relates to agriculture, he revealed that in his government’s quest to achieve a target of $700 million in agricultural output by 2030, the country needs significant investment in the sector. The diaspora was therefore encouraged to consider returning to farming or investing in agricultural ventures to support this initiative.
“Many of you in the diaspora have abandoned farms in Dominica. Now is a good time to consider whether it is time to get back into farming on a serious scale. Or maybe you do not have a farm in Dominica, but maybe you might want to consider buying land and starting a farm to support that initiative,” Pinard implored.
The upcoming marina in Portsmouth presents a host of business opportunities, the Minister said. A thriving marina requires a supporting ecosystem of businesses, from malls and shops to restaurants and bars. Entrepreneurs in the diaspora were therefore urged to consider business ventures that can complement this development.
In conclusion, Pinard encourages diaspora members to see Dominica as an opportunity to diversify their portfolios and align their investments with the government’s initiatives. This not only makes financial sense, he said, but also represents a patriotic commitment to the country’s progress.
“It is by building these mutually beneficial and symbiotic relationships with your homeland that we can all succeed and prosper.”
He contends that the call to invest in Dominica is not just an opportunity but a commitment to the nation’s brighter future.
I’m getting straight to the point. I do not invest in Ponzi schemes, nor do I invest in a country that is run by gangsters. Is there anybody that will blame me?
Hello and good evening my people. Mr Pinard how are we going to have access to our money . I came home to build a road on my family property and the contractor asked for sixty thousand dollars which I agreed to pay. I went to the Credit Union in Laplaine to withdraw the money. I was told since I reside in New York my account was dormant therefore I need a bank statement and a Pension statement from New York City Government to gain access to my account. They also told me it’s about Fraud,Drugs and Money Laundering. I have money in our national bank and the credit union so why should I invest my money from my 401K in Dominica when am having problems to access my account. Fix the problems before you asked us to invest in Dominica.
The present labor government is the worst parasitic organism ever to “evolve” and attached its prongs to a once beautiful Island called Dominica. The labor party, in addition to the sales of passport, they constantly sit in wait like a Lion at the port for Dominicans returning to their country from abroad to vehemently pounced on them to take away every penny from these diaspora people, by intentionally overcharging them for the things they worked so very hard for. Not taking into consideration that these people are returning to their own homeland. They will spend their money on Dominica at every business places such as, supermarkets, hardware stores, automotive shops, construction materials wholesale places etc, etc. that’s why the thousands of diasporas who are hoping that this government will not be there for much longer; so they could come back home in droves to enjoy their retirement. It’s also heartbreaking to see nice people who are in this system doing the biddings of a dictator.
Both Marsh and Residentuk are damn liars.On making a decision to return to live in Dominica permanently after 5 years one is given duty free on all household items,including a vehicle.Thousands of Dominicans have gotten duty free concessions.Go around the island and you will see thousands of Dominicans are returning or have returned.As for back against wall, you ZOP must be enclosed in a cocoon of stupidity.DLP cannot lose an election before the next 15 years.At present there is no organized political party in Dominica.
This Roosevelt led potbelly Cabinet is the largest per capita in the world. The members
under-perform with implementation of their promises. They all make spurious and wild assertions about their accomplishments. Can someone point out to me which member of this most inept government performs satisfactorially? Truth be told NOT one! All without exception are performing way below par.
The only work most of these ministers do is to attend ceremonies, read prepared speeches lauding the government on their fantastic performance. LIES! If each of them were to be paid strictly on the merit of their performance, their take home monthly salary will be $0.00.
How does the government expect the Diaspora to invest liberally in the comatose economy of Dominica? Firstly, doing business in Dominica is like trying to milk an elephant. Secondly, this current regime has a propensity to give foreign business investors ample concessions but native born Dominicans nothing. Just idle talk!
Dominica is not open for business especially small and medium size businesses where labour politicians and lawyers cannot directly profit, the name of the game is big money and fast money, anything else does not interest these guys.
Dominicans, in the diaspora who has money, and can return to invest in Dominica will only pick up arms to you call when Pigs begins to fly!
Hahahahahahahahahahahah!
Which Dominican with commonsense will risks their hard earn money to come home to kiss little nobody rats like you behind, and paying bribes demand to organize any kind of business in the most backward place on earth?
People like me will forever remember my friend Ron Abram who returned, and set up Marpin Television only for Dominicans to steal it right out from under him.
He Created, Marpin, and even gave free shares to some of those early employed.
When he needed them to be on his side they steep in his face even to the day when they brought the police to march him out of his office, in the business he formulated!
Too late, perhaps if you all start giving us a guarantee $20,000,000.00 and money to build as you gave to foreigners to build hotels in the country I personally will come and set up an electronic business!
Pure garbage. You have absolutely nothing to contribute, Mr. Google man, Mr. Tambourine man. You and Ibo France are worth nothing but talk, talk, talk.
Why don’t you google like me and find the thieves, and the biggest thief in Dominica government you serve and flush him out?
You are a little wimp!
Your comments has proved your exhaustion; your mind have become exhausted you are burnt out, with nothing important to say!
Hahahahahahahahahahahahah!
You should be smarter than I; since you claim that you attended both SMA, and DGS simultaneously.
You are the only person to have attended two secondary school in Dominica on the same days of the week. But you see a liar must expose themselves.
You exposed you lying tongue when you claimed that Edison James taught you at SMA.
As far as I know James is (me) biological cousin too and I know he was Headmaster at DGS.
Prove otherwise, you lying little weasel!
Boy, if you Roosevelt, Clown, and all you, and Roosevelt cronies come to debate me and lbo; when we finish with you little insects we would crush you so small your faces would not be recognizable.
Upcoming marina in Portsmouth, pie in the sky. $700 million agricultural sector, pie in the sky. Secure investment haven, pie in the sky. What is this security based on? A country which has to rely heavily on the prostitution of it’s birthright and heavy reliability on taxation can’t seriously offer secure returns on investment to any serious investors. Where’s the promised marina for Castle Bruce? pie in the sky, the promised cruise terminals? pie in the sky. The promised production of agricultural products in Guyana? pie in the sky, and on and on. The reason why diaspora abandoned farms is because of a lack of support by government, so why should they trust empty rhetoric now after 20 years? Where is the success of the coffee processing plant? DCP is gone, RUSM is gone, foreign banks are gone. Talk is cheap.
A fool and his money will soon part ways. Apparently the minister doesn’t agree with this piece of wisdom or else he wouldn’t have wasted his time mouthing emptiness. When folks overseas invest their money in the Stock market there is history which shows that on average it returns on average 10% yearly. The wise investments are in sound businesses which have been around for years with proven track records and sound management and succession plans. Also the political environment in the USA and elsewhere are open and transparent with good governance by the rule of law. Dominica is on the verge of being a lawless country with a one man “I’m-the-people” leader. We have been lied to numerous times by this absolute clown and his goons. No banks have disappeared in Dominica but some have packed up and left. why? Gambling and corrupt buffoons would heed this empty call but wise investors will laugh at this nonsense. Sing for your supper comrade Pinard, with your pie in the sky.
That’s a smart way to come in and invest as a national but, unfortunately, you are worth nothing to invest in your own country but run your mouth and criticize everything. The foreigners are leaving one by one. Now move in and invest. You have nothing to invest, your old wizard man.
These people they call upon to invest in DCA can’t even afford to pay for their own ticket to come and vote. Why on earth will you expect them to invest?
Truth is those diasporas can’t trust the government as far as they can throw them. All they want are plane tickets for a free trip to the island and complimentary tickets to attend festivals otherwise they wouldn’t even be bothered to vote!
I am in full support of the invitation to the Dominican Diaspora to invest especially in areas such as
> Hospitality and Tourism
> Agriculture and Agri-Business
> Information and Communication Technology
> Renewable Energy to include Solar, Wind, Wave, and Geothermal energy
> Financial Services to include private commercial and development banking
> Health Care Services
> Educational Services
> Housing Development
> Retail and Wholesale Business
> Joint venture partnerships in airport and seaport development such as the international airport development currently under construction, and the proposed cruise ship village at Canefield and the marina development at Cabrits
I keep saying a computer will expose the knowledge of those who know, and those who don’t.
Here is one such case this person went overboard using the greater than (>) symbol.
Comparison of Two Numbers:
In Mathematics, symbols play an important role, equality and inequality symbols are used to compare two values. Some of the equality symbols are equal to, equivalent to, and congruent to, ect. Some of the inequality symbols are less than, greater than symbol, less than or equal to, greater than or equal to, etc. If both the numbers are equal, we use an equal sign. In case, if the first number is smaller or greater than the second number, we use an inequality symbol.
I.E
Assume that “a” and “b” are the two numbers, the symbolic representation of the two numbers is given by: If a is equal to b, then a = b
If a is greater than b, then a > b
Related:
GREATER-THAN SIGN
≤ LESS-THAN OR EQUAL TO
⩽ LESS-THAN OR
≮ NOT LESS-THAN
≪ MUCH LESS-THAN
In computer programming they are used for another purpose!
“However, one of the first rules of finance is the need to have a diversified portfolio….” Pinard
That may be true, but who wants to invest money in a half dead economy? What return can an investor expect from an investment in Dominica?
Also, he talks about various initiatives the government has put in place to assist overseas Dominicans. I am not sure if he is aware, but I have heard from so many people who have ideas to invest and most attempts to contact a government ministry go unanswered.
As I have said, these guys are good at talking, but after all the hot air, nothing happens.
You are way too late, Sir. What I just read there is full of Bull. My friend returned to Dominica 🇩🇲 after spending 25 years abroad, brought his household items and a vehicle. He almost cried because of the amount he was charged to clear his vehicle. He told me, personally, that he had to choose whether to clear his household items or his vehicle. Eventually, he had to run to and fro seeking and actually begging for a little concession. And this brother has a lot to contribute to the country in terms of his education and accounting skills. It’s a shame.
How much are the Chinese charged for leaving China to put foot on our soil for the first time? You people are wicked and shameless; every one of you. So what you just spewed out in favor of continually selling Dominica is of no profit or benefit of diaspora people. So shut DFU.
Totally agree with Mash. We’re thinking of returning to Dca and looked at sending a vehicle and your customs tax is too high – what is going on?
Might as well relocate to another island
I am thinking of moving back for 6 months during the winter. I want to check the vibe on my first stay before bringing a vehicle down.
I have always looked forward to moving back, but some of the things I see going on gives me reason to be cautious.
No honest person can dispute your statements. This incumbent Roosevelt led administration caters for foreign people and things. Here are the objective facts:
*Chinese citizens are given free reign in this country – public contracts, tax breaks and concessions. Do they contribute to Social Security?
*A foreigner has full access to the billions of dollars of the CBI scheme
* There is no bidding for public contracts in construction. They automatically go to Bajans, Chinese, Arabs, etc.
Dominicans should always get first preference for public contracts. Foreigners get local jobs when Dominicans are not sufficiently qualified to handle the work. This is a policy of many countries.
Roosevelt has this proclivity for anything foreigners as if his very life depends on them. Even his children were born in the United States by choice. Dominica was not good enough. The hypocrisy with this man come preaching patriotism on Independence Day.
A special effect must be made to the Dominican youth in the diaspora and give them a chance to as minister pinard would say diversify and not put all there eggs in one basket. show them the Caribbean or in this case Dominica 🇩🇲 is a viable option to invest. They are the missing pieces of Dominica 🇩🇲 development get them on board. over the years association has been reluctant to involve youth causing a gap in development.
For the past 15 years I’ve been contemplating to invest in my country, but I kept on having second thoughts. How right I was, I might as well have burnt the money. Just have a look at the country: issues with pipe water, issues with a reliable electricity supply, our passport being sold to foreign criminals, the proceeds of CBI (billions of dollars) remain unaccounted for, the unacceptable crime rate, the corrupt police force (where is the PMs son), the unfair elections and the stalled reform, the poor road network, the government constructing of flats and then giving them away to supporters and young ‘girl friends’, the virtually non existing health care, the bogus construction of a new airport. You want me to go on? You know what irks me most, Sir? The smooth talk of people like you, Skerrit and Henderson trying to tell us that all is well! Let me tell all you, you think are so clever, but you are more stupid than police allows. I’ve eaten boys like you and your PM for breakfreast.
Spot on! These guys are shameless liars in a last desperate effort to save their skins. They know they are with their backs against the wall. But they don’t have the decency and stand up and admit that they messed it up big time. They all should resign immediately.
Keep contemplating and blame foreigners for your lack of action when they come in and build successful businesses.
This piece is all political nonsense and has nothing to do with investing.
YOU like your master Skerrit haven’t got what it takes. For that and other reasons you will excuse me for not gracing you with an answer.
Keep contemplating and blame foreigners for your lack of action when they come in and build successful businesses.
This piece is all political nonsense and has nothing to do with investing.
Why don’t YOU give it a go. Haven’t you got a penny to invest or don’t you trust Mr. Dimples and his policies. Which one is it, big mouth? You are nothing but a glorified Town Cryer and a shameless one at that.
Unfortunately, I don’t have that kind of cash, just a paycheck to paycheck survivor. The individual who has been contemplating investing in Dominica is all talk, BS, I doubt this person has a penny to their name. Just look at the reasons given for not investing and you tell me if this person is really someone looking to invest.
Good call but how do we do so? What we need is a mechanism by which we invest in Dominica, besides simply buying real estate and stuff like that. We don’t have a stock market for example. I’m not saying that we absolutely need to have or can sustain a stock market but what about some creative entity or persons setting up an investment fund of some kind, whereby individuals could invest/purchase shares with the profits divided annually or something like that? Diasporans would then find it easier to invest and help build Dominica that way.