A growing economy, bolstered by commitment to entrepreneurship
It is with great pleasure that I invite you to Grenada, our tri-island state, bordered by the cobalt waters of the Caribbean Sea. It is with even greater pleasure that I can report on a Grenadian economy that has shown excellent economic performance and growth over the past three years.
During this period, we experienced a drop in unemployment – from 40 to 29 percent; a boom in our tourism industry; and a reduction in the monthly wage bill from 70 percent of current expenditure to only 48 percent. Indeed, Grenada has witnessed the first primary surplus in over a decade, which is a tremendous achievement following the global economic crisis, from which the world has recently emerged.
We have also devised Grenada’s National Sustainable Development Plan 2030, which aims at maintaining fiscal discipline while encouraging economic diversification, empowering Grenadians, and developing competitive and sustainable businesses. The Plan also prioritises the environment and ecology – focusing particularly on climate change, as well as on the creation of a ‘caring society’ to support the youth, promote health and wellbeing, supply housing, and create a sense of social care and dedication.
Grenada has achieved all of this within the framework of a positive investment climate where entrepreneurship has been fostered. We have encased new business incentives into law and have embarked on a Structural Adjustment Programme (SAP) through which we have laid a foundation for stronger growth and GDP expansion.
Foreign Direct Investment (FDI) on our islands has also been boosted by the passing into law of Grenada’s Citizenship by Investment Programme. Launched in 2013, the Programme has reinvigorated investment in Grenada – in particular real estate development, and through direct donations to the National Transformation Fund (NTF). The former has been particularly attractive to investors who are quickly responding to rising tourist demand for accommodation. FDI in tourism and other major growth sectors, such as organic farming and alternative energy, has also allowed us to transform the Grenadian economy into a knowledge based one. We have seen progression in the advancement of the service sectors, including training in skills relatively new to Grenada, such as offshore financing.
A major priority of our Government is the integration of Information and Communication Technology (ICT) into service delivery, to ensure our global competitiveness and increased efficiency in our system.
Finally, access to micro-financing for small businesses has allowed local entrepreneurs to concretise their creative ideas and business plans; thus broadening the scope of Grenada’s economy like never before.
With a growing economy backed by a strong Governmental commitment to entrepreneurship, Grenada is the ideal location for investment and business opportunities.
Dr the Right Honourable Keith Mitchell
Prime Minister of Grenada