Nestled in the southern Caribbean is a tropical paradise as rich in FDI opportunities as it is stunning beaches and rainforests
Branded as “Pure Grenada” this tri-island state comprising Grenada, Carriacou and Petite Martinique prides itself on its unspoiled natural environment and world-famous hospitality. From white-sand beaches to exotic reefs, rainforests, and volcanic lakes, few tourist destinations are as inviting as Grenada.
What might not be quite as well known is the vast range of untapped FDI opportunities on offer. Grenada’s solid, super-efficient infrastructure includes an international airport, sea port with cruise ship facilities and a modern telecommunications network. Grenada is in prime position to do business through a dynamic economic climate that serves local and foreign enterprises alike. There are minimal entry requirements for overseas investors, no restrictions on foreign ownership and foreign currency transactions, easy movement of capital, profit and dividends and attractive investment incentives. Additionally, foreign investors are treated the same as domestic investors.
There is no denying that economies worldwide have been impacted as a result of Covid-19, and Grenada is no exception. Despite this temporary economic decline, Grenada remains open to investment and continues to receive significant interest for new opportunities.
Interest in Grenada soared during the pandemic, with several projects given the green light during the period – the most significant being three large luxury hotel developments. Construction work also continued for major projects in the tourism and agri-business/manufacturing sectors. Furthermore, there was an increase in the applications received for citizenship through the country’s robust Citizenship by Investment programme.
The GIDC: Making FDI happen
Investment opportunities can be found across a wide range of sectors in Grenada. Priority areas include: tourism, agribusiness and agro-processing, information communications technology, health and wellness services education and energy.
The Grenada Investment Development Corporation (GIDC) provides a one-stop investment service for all investors. The services offered by the corporation include:
- Business and investment advisory services;
- Processing of applications for fiscal incentives;
- Assisting investors to secure all required approvals, certificates, work permits, land for project, and any other support and assistance required by the investor to establish and operate their projects;
- Business support services including technical assistance for business diagnostics and the preparation of business plans;
- Access to affordable warehousing, factory and administrative office space.
Through the GIDC, investment incentives are available to investors. Such incentives include investment allowances, tax credits, customs duty exemption, and property transfer tax waivers.