The Government is cognizant of the fact that all of the necessary infrastructure must be in place to facilitate Foreign Direct Investment (FDI), and any other private sector development. Significant strides have been made in this regard, with perhaps one of the most critical areas being the enhancement of the island’s capacity to facilitate air transport. St.Vincent and the Grenadines now boasts an international airport (Argyle International Airport), on the mainland, which is 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 construction of the international airport, and the exotic appeal of the islands, which have attracted investors such as the Mustique Company Ltd.
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”.
Heavy investments in higher education in Information Technology, 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 St. Vincent and 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, St. Vincent and the Grenadines is an attractive location, particularly since individual companies with proprietary software are finding it attractive to register offshore.