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Invest SVG shops locally for Foreign Direct Investment

Invest SVG shops locally for Foreign Direct Investment


St. Vincent and the Grenadines has lots to offer investors. This was the message of Prime Minister Dr Ralph Gonsalves at Invest SVG’s Ambassadors’ Breakfast held on Tuesday, March 6, 2012, at the Prime Minister’s Residence.{{more}}

The event was organized by Invest SVG in the hope of building on already established relationships with locally based foreign Embassies and Honorary Consuls, towards achieving the objective of channeling investment from the various territories that they represent to St. Vincent and the Grenadines.

Dr. Gonsalves, who delivered the keynote address at the event, expressed that St. Vincent and the Grenadines has numerous attractive sectors for potential investors whose business will benefit both investors and Vincentians. These include agriculture, fishing, international financial services, and the creative and cultural arts.

The Prime Minister made mention of the Buccament Bay Resort and also announced that this country is to be visited soon by investors from Qatar and Bahrain. Through the facilitation of Invest SVG, internationally renowned business entities sought and are seeking to conduct business in St. Vincent and the Grenadines.

With the completion of the Argyle International Airport, by the end of 2013, visitor arrivals are expected to be more than double the current amount for stay-over visitors to the country. Dr. Gonsalves estimates that the country will see arrivals of roughly 300,000 visitors to our shores. This increase will allow investors to access a larger market for their products/services, for example, industries such as the hotel and restaurant business.

The event also saw a presentation from the Executive Director of Invest SVG Cleo Huggins, who further expanded the sentiments of the Prime Minister.

Within the creative sector, she made mention of the craft and leather industry and also the possible revival and evolution of the smocking and dress making industry as this country is home to several of the region’s most talented designers. Other possible investments may include the construction and operation of a private secondary school, the exploration of herbal plants for medicinal and cosmetic purposes, fish processing, the harnessing of wind, solar, and geothermal energy, along with the development of tourism/hospitality projects in the country. Mrs. Huggins also highlighted the advantages of investing in St. Vincent and the Grenadines as it gives investors direct access to leading world markets like the USA. The World Bank Doing Business Survey also ranked SVG regionally as being 1st for provision of construction permits, 3rd for providing electricity, 4th for starting a business and 6th overall.

The event also heard opening remarks from Chairman of the Invest SVG Board of Directors, Rhonda King.

In attendance were ambassadors from the Bolivarian Republic of Venezuela , Republic of China (Taiwan) , Cuba, Brazil, and honorary consular representatives from Belize, Czech Republic, Finland, Jamaica, Kingdom of Morocco, The Netherlands, Norway, Portugal, Spain, Turkey, and the United Kingdom, as well as members of the Invest SVG Board of Directors and other invited guests.