POND ISLAND--The Ministry of Tourism, Economic Affairs, Transport and Telecommunication (TEATT) has awarded a contract to Pinnacle Consultants, a St. Maarten-based consulting firm, to develop the institutional and operational framework for the establishment of an Investment Promotion Agency (IPA) for St. Maarten.
An IPA is a dedicated entity responsible for attracting, facilitating and supporting domestic and foreign investment. It serves as a central point of contact for prospective and existing investors by providing information, guidance and practical assistance, while helping to identify investment opportunities, address barriers and improve the overall investment environment.
The project is being funded through the Temporary Work Organization (TWO) as part of the Government’s broader efforts to strengthen St. Maarten’s economic development framework, improve the business climate and enhance the country’s capacity to attract and facilitate strategic investment.
The development of the IPA is an important component of St. Maarten’s economic diversification agenda. It is intended to position the country as a more competitive investment destination while supporting sustainable economic growth, private-sector development, entrepreneurship and job creation.
Following a competitive procurement process, Pinnacle Consultants was selected based on its technical expertise, knowledge of the local business environment and experience in economic development, strategic planning and institutional strengthening. The appointment of a local firm also reflects the Government’s commitment to utilising and strengthening local expertise in the implementation of national development initiatives.
Minister of TEATT, Grisha Heyliger-Marten, welcomed the awarding of the contract and emphasised the importance of developing an investment framework that is both practical and responsive to St. Maarten’s needs.
“The development of a dedicated Investment Promotion Agency is an important step towards building a stronger and diversified economy. St. Maarten must be properly positioned not only to attract investment, but also to guide and support local and foreign investors throughout the process. By combining local knowledge with international best practices, we can develop an agency that responds to our realities and advances our long-term economic priorities,” Minister Heyliger-Marten stated.
The proposed IPA will serve as a centralised platform for investment attraction, facilitation and investor aftercare. Its responsibilities are expected to include promoting St. Maarten’s investment opportunities, assisting prospective and existing investors, coordinating with relevant government entities and helping to address barriers affecting the establishment, development and expansion of businesses.
As part of the assignment, Pinnacle Consultants will undertake a comprehensive assessment of the current investment ecosystem. The firm will also develop recommendations concerning the IPA’s governance and legal structure, operational model, funding mechanisms, staffing requirements, service-delivery systems and strategic priorities.
Consultations will be held with stakeholders across the public and private sectors, including government entities, financial institutions, business-support organisations and civil-society representatives. These consultations will gather insights, experiences and recommendations regarding the current investment environment and opportunities for improvement. Stakeholder participation will be essential to developing an IPA that is effective, responsive and aligned with St. Maarten’s long-term development priorities.
“This initiative goes beyond establishing another institution. It is about creating a coordinated and investor-focused system that can help translate opportunities into tangible economic activity,” the Minister added. “We want to attract quality investments that complement our national priorities, create meaningful employment, encourage innovation and strengthen St. Maarten’s competitiveness regionally and internationally.”
Pinnacle Consultants expressed its appreciation for the confidence placed in the firm and reaffirmed its commitment to developing a framework that reflects international best practices while remaining tailored to St. Maarten’s unique economic environment and development objectives.
The Ministry of TEATT extends its appreciation to the TWO for supporting this initiative and looks forward to collaborating with Pinnacle Consultants and stakeholders throughout the process.
