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Foreign investors on Canouan resolve differences

Foreign investors on Canouan resolve  differences


Many Vincentians are expected to benefit from an increase in employment, now that investors on Canouan have resolved their differences.

Irish businessman Dermott Desmond and Swiss-Italian entrepreneur Antonio Saladino had disagreed on various aspects of projects being carried out on the Grenadine island.{{more}} Desmond was in charge of building a marina in the southern part of the island, while Saladino was developing the Pink Sands Resort in the northern, developed area.

Prime Minister Dr Ralph Gonsalves, speaking at a press conference recently, noted that when the impasse occurred, approximately 500 persons lost their jobs, leaving about 800 persons still employed.

“That has been quite a blow for those families and most certainly for value to be created in the country. This is something which we didn’t have any control over…,” the Prime Minister said.

Gonsalves read an e-mail that Desmond had sent to him which spoke to the agreement that was reached between the two developers. Desmond also expressed excitement about working with the Prime Minister and his representatives “in building a world class marina.”

“I would like to express appreciation for all the support you have given to both sides during this challenging dispute,” the e-mail from Desmond said.

Prime Minister Gonsalves is therefore urging job seekers to keep an eye out for the employment opportunities that are bound to spin off as a result of the reconciliation between Desmond and Saladino.

Gonsalves noted that it is expected that contractors and other service providers will be needed at the marina in the southern part of the island, while the Pink Sands Hotel will be employing a number of workers, once it is open.

“A marina and real estate development in the south of that island is going to be a major money spinner for St Vincent and the Grenadines,” he said.

The reconciliation between Desmond and Saladino will also make available to the Government, US$9.5 million, which is outstanding from the sale of lands in Canouan.(BK)