Invest SVG comes in for high praise from Investor

The investors in St. Vincent and the Grenadines’ newest Bed & Breakfast facility were in high praise for the role played by Invest SVG in the facilitation of their establishment to be known as Burkasa, currently under construction in the Buccament Valley.{{more}}

Foster Burke and his wife noted that the organization was instrumental in their decision to invest here. The process began in 2006 when Invest SVG, formerly NIPI, visited Bermuda on one of its overseas missions. Now five years later, the construction of the project, which began late last year, is indeed a significant step. It further emphasizes the fact that the investment process takes a while to move from conception to implementation.

Invest SVG is mandated to attract foreign direct investment (FDI) and promote export development.

Acting Marketing Manager Tonya Fraser explained that the entity encourages ‘local direct investment’ (LDI). She said: “We are not only concerned about attracting foreign direct investment (FDI). We also facilitate local investors.” The Burkes, who are returning nationals, bear testimony to this fact. Burke lauded the work of Curtis Dennie, Business Facilitation Officer, who guided them through the entire process. As an investment promotions agency, Invest SVG guides the investor from the initial enquiry through the implementation phase and also provides unwavering support upon completion of each project.

According to a report from Invest SVG’s Business Facilitation Department, the BURKASA project has an estimated value of EC$1.3 million and is expected to be completed within two years. Currently, there are seven persons employed on the project. However, this number is expected to significantly increase over the coming months. In addition, it will also provide permanent employment for some residents of the community upon its completion. The BURKASA development will help to generate economic activity in the immediate communities as local producers will be required to supply the establishment with food (vegetables, meat, poultry, etc). Furthermore, it has the potential to become an outlet for locally made art and handicraft products.

The investors noted that they encountered many challenges. Speaking to Executive Director Cleo Huggins, Burke stated that the service he received from Invest SVG was invaluable and was critical in getting the development to its present stage.

“We are more than happy with the service we have received from your organization,” Burke stated.

These sentiments are in sync with the company’s philosophy of being the “One Stop Shop”, where the investor can have his questions answered. In this regard, Invest SVG offers expert guidance during the enquiry stage (pre-investment), the investment stage (post investment) and upon completion of the investment project (aftercare).