‘Sense and Sensibility’ – FDI – Invest SVG congratulatory message

Tue Oct 01, 2013

by Suzanne Joachim B.B.A, MA (HRM – Merit)

Anecdotal evidence suggests that trade and investment agencies, such as Invest SVG (formerly NIPI), contribute significantly to the local economy, by creating forward and backward linkages, through the attraction of Foreign Direct Investment – for which there is “Sense and Sensibility”.{{more}}

Foreign Direct Investment, for the most part, is an engine of growth for the host country – St Vincent and the Grenadines. So it is a Sensible national strategy to encourage Foreign Direct Investment and to have a dedicated agency, such as Invest SVG, attract and offer first rate one-stop-shop services to potential investors, strengthening the location’s image. Aftercare services which Invest SVG must to provide to existing investors, will also, help to generate further investment through expansion, reinvestment or diversification.

Moreover, aftercare benefits will also impact proactive investment efforts. After all, installed investors are the first point of call for potential investors. So the Sensible element of having an agency like Invest SVG promoting and supporting Foreign Direct Investment is REAL!

On the other hand, there are Sensibility issues surrounding Foreign Direct Investment and Investment Agencies like Invest SVG. In some instances, a particular investment may require physical, human and other displacements and/or adjustments, which challenge businesses and communities as usual. It therefore behoves the investment agency (Invest SVG, in this instance) to understand, manage and advocate the “Sensibility” characteristic of FDI, in order to be successful.

Importantly, the investment agency must understand how to target industries and geographic sources of investment that are most suited to its location’s attributes. And, once the agency has been successful in securing the investment, the agency ought to ensure that the investor lives up to, among other things, its Corporate and Social Responsibilities, including best practice environmental and human resource management and development – policy and practice alike.

Going forward, investment promotion is becoming more professional and business-oriented. Staying competitive will depend on Invest SVG’s ability to evaluate and modify the organization’s mix of promotional activities, functions and responsibilities, partnerships, budget, advocacy and human resources best practice, to reflect industry and geographic targets identified.

Importantly, it will also require a constant flow of new ideas and much smart work.

I take this opportunity to congratulate the board of directors, management and staff of Invest SVG as they celebrate 10 years of being in operation.