PRIME MINISTER FREUNDEL STUART is counting on the $450 million redevelopment of historic Sam Lord’s Castle giving Barbados a big boost with increased foreign exchange and hundreds of new jobs, while piloting the island towards a year-round tourism destination.
Speaking at yesterday’s ground-breaking ceremony, Stuart said the new property, which is scheduled to open in 2018, would generate 3 000 jobs and earn Barbados $140 million in foreign exchange.
“The macroeconomic implications of the project cannot be understated. The hotel will employ at least 1 000 persons after completion and is also expected to generate approximately 2 000 additional jobs in other sectors of the economy.
“Foreign exchange earnings to be made by the property are estimated at over US$70 million a year, with a direct contribution to the GDP of US$35 million,” the Prime Minister noted. (SC)
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Prime Minister Freundel Stuart (left) receives a gift from Liu Xueyi, chairman of Sam Lord’s Castle financier China National Complete Plant Import & Export Corporation (Group) – Complant.
