The Government is cognizant of the fact that all of the necessary infrastructure must be in place to facilitate FDI and any other Private Sector development. Significant strides have been made in this regard, with perhaps one of the most critical projects being the enhancement of the island’s capacity to facilitate air transport. St.Vincent and the Grenadines is now accepting proposals for a Public/Private partnership for the development of a jetport on the mainland This project is even more timely in light of the heightened emphasis on export development, tourism and hotel development.
The further diversification of the tourism industry into upscale and niche markets has led to investments facilities such as convention centres, yacht facilities and professional golf courses. Incentives are now being offered to hotel developers interested in facilities in excess of 100 rooms. This sort of development is actively being encouraged in light of the proposed airport development and the exotic appeal of the islands, which have attracted investors such as the Mustique Company Ltd, Raffles Resorts, Donald Trump and Disney.
Sports Tourism will receive a major boost with the construction of a National Stadium. Proposals are being invited from investors for a partnership in the construction of this Stadium. The stadium will house an international sized athletic track, an international sized football field and an Olympic sized swimming pool. Major work on this project commences late 2004. St.Vincent and the Grenadines has become an ideal location for Sports Tourism as the tranquility of the islands ensure that athletes do not suffer the distractions prevalent in other locations. The capacity for sports tourism will be further enhanced by the impending increase in hotel accommodation.
As the Government continues to diversify the economy away from the traditional dependence on agricultural revenues, headway has already been made in a number of sectors. The sheer natural beauty of St.Vincent and the Grenadines has contributed immensely to the success of Disney’s “Pirates of the Caribbean”. The resounding success of the movie has led to discussions on filming a sequel.
Heavy investments in higher education in Information Technology and plans for a new technology park will increase investment prospects in this sector. Value added services to telecommunications, Intellectual Property, Research & Development and Medical transcriptions are areas for investments that can be pursued in Saint Vincent & the Grenadines. Our knowledge of English as a first language is a clear advantage over countries in the Far East in the transcription of medical notes dictated by Physicians. Similarly, Saint Vincent & the Grenadines is an attractive location, particularly since individual companies with proprietary software are finding it attractive to register offshore.