Investors showing confidence in economy of SVG – PM

The confidence people have in the economy of St Vincent and the Grenadines is reflected in a number of events taking place here.{{more}}

So says Prime Minister Dr Ralph Gonsalves, who, at a press conference on Tuesday this week, praised the launch of the country’s newest Supermarket, which opened this week at Pembroke.

He said he visited the supermarket last Friday, June 22.

Dr Gonsalves congratulated the Greaves family on the opening of the supermarket, the largest of three they now have in operation, hailing it as a modern and well equipped establishment, which is expected to bring a competitive edge to the supermarket industry.

“I had an opportunity on Friday… to look at the whole project.

“This would no doubt add to the competition for supermarkets in the country and you know, I love that and we all ought to celebrate that because, hopefully, we will see a wider range and a better quality of food and drinks and of course, hopefully too, at more competitive prices.”

The Prime Minister said that the supermarket, which was valued at eleven million dollars, was a sign of confidence in the government’s handling of the economy, and the people of St Vincent and the Grenadines.

Employing upwards of 80 persons, Gonsalves said that the venture indicates that the Greaves family do not believe “the propaganda of some, that the place is badly run and going to the dogs.

“When people take their money and invest in an enterprise of this kind, it’s clearly a sign of confidence.”

“The Greaves family, they are not investing in a charitable institution; it’s a business where they would serve Vincentians and our visitors, and no doubt make a reasonable return on their investment and in this way create further wealth in the country.”

The Prime Minister listed a number of recent instances that can be considered confidence boosters to the nation’s economy.

“We saw at the end of April… we had a 40 million dollar bond issue, in ninety minutes – two hours it was sold off…. And then just two weeks ago, a 25 million treasury bill issued; the 90-day Treasury bill was oversubscribed by 20.9 million dollars.

“It is the same confidence that we see with the multimillion dollar expansion at Canouan, the project at Adams Bay in Bequia and other parts in Bequia….

“The expansion is taking place at Petit St Vincent, solid proposals for investments in Mayreau and Union Island. We see the multimillion dollar investment project down at Buccament with Harlequin, which some people are trying their best to see if they can give a bad name…” Dr Gonsalves added.

Dr Gonsalves also listed the Armajaro Cocoa Project, along with Operation Plant Back of bananas, as evidence that the country’s economy is on the rise.

“I’m talking about confidence. I’m shown it by locals. I’m shown by foreigners in this country. I am shown it by the multiplicity of people who are investing their money in our bonds and in our treasury bills….

“Now the people of St Vincent and the Grenadines will see the difference, and see the principled manner in which this government functions. We go and look for investments to create jobs and create wealth to lift the standards of living of the people of this country.” Dr Gonsalves said.(JJ)