MIAMI — Saint Lucia is getting a new cruise port thanks to a joint venture between Carnival Corporation and Royal Caribbean Cruises.

The two cruise lines have signed a memorandum of understanding (MOU) with the government of Saint Lucia to create and operate the new port as well as manage the island’s existing cruise pier and terminal facilities.

The new port will be located in Vieux Fort on the southern part of the island and will be able to accommodate the latest and most innovative ships in the cruise industry.

Saint Lucia’s Prime Minister Allen Chastanet has called the signing of the MOU “historic” and a major step towards enhancing the destination’s tourism product.

“Saint Lucia has had record-breaking cruise arrivals over the past few years and we thank our partners Carnival Corporation and Royal Caribbean for their continued confidence in our amazing destination,” said Chastanet. “It is essential that we continue to diversify what we have to offer, grow our brand and ensure that different sectors in our island’s economy benefit from the growth in cruise tourism and that Saint Lucians can benefit from the opportunities, which arise from the increased numbers, which means we have to improve our capacity.”

Together, Carnival Corporation and Royal Caribbean Cruises currently account for 75% of all cruise ship deployment to Saint Lucia. Under the new agreement, the joint venture will develop additional cruise infrastructure and promote the growth of cruise tourism on the island.

Michael Bayley, president and CEO of Royal Caribbean, added: “The cruise market is the fastest growing sector of tourism and in the next decade cruising in the Caribbean region is anticipated to increase by 40%. We are excited to partner with the government of Saint Lucia to ensure that the destination directly benefits from that growth, while giving more guests the opportunity to visit this unique gem in the Caribbean.”