Invest SVG continues push forward

Invest SVG continues its thrust towards becoming the leading Investment Promotions Agency in the Greater Caribbean Region.{{more}}

Executive director Bernadette Ambrose-Black, together with business facilitation manager Nadine Agard-Juillerat, and export development manager Shanna Browne participated in a regional mission to Nicaragua to view the operations of its Investment Promotions Agency. This, on the heels of recently being historically earmarked to receive IDB Compete Caribbean Grant Funding.

Invest SVG participated in this mission with the aim of continuing its drive towards institutional strengthening, thereby improving the investment climate and its own capacity to attract Foreign Direct Investment (FDI) into the jurisdiction.

PRONicaragua, the Nicaraguan Investment Promotion Agency (IPA), has gained much recognition within recent years, as a result of its overwhelming increases in attracting Foreign Direct Investment of 91 per cent in 2011. PRONicaragua also stood out in 2012 with the best results among all the Investment Promotions Agencies in the world, as reflected in the Global Investment Promotion Benchmarking report. PRONicaragua is an example for all Investment Promotions Agencies in the world, in terms of its best practices in facilitating investment. With FDI levels only slowly recovering post-crisis, this study tour capacity building exercise was more important than ever in aiding in invest SVG’s ability to be highly responsive to the needs of potential Investors and new investment locations, a statement from the agency said.

Invest SVG supports the Government’s thrust towards continued regional integration and regional harmonization. It is in light of this that the agency continues to work with other Regional IPAs to strengthen the Greater Caribbean region (Latin America and Caribbean) as a compelling investment jurisdiction. To this end, Invest SVG is an active member of the Board of Directors of the Caribbean Association of Investment Promotion Agencies (CAIPA) and seeks to promote not only the interest of the Greater Caribbean, but also that of the St Vincent and the Grenadines.

The mission, coordinated by CAIPA, bore much fruit, as it validated Invest SVG’s new strategic thrust with much the same policies as those of its Nicaraguan counterpart already in implementation. ISVG has already embarked on an initiative to aggressively procure grant funding from international donor agencies to supplement its current budget, as well as to align itself with strategic private sector entities, by way of public/private partnerships, to aid in fostering national economic growth. The agency, as part of its expanding mandate, is also on target towards incorporating trade and export promotions, as well as market intelligence services and fostering business processing outsourcing in the ICT sector.

Invest SVG was exposed to beneficial information regarding Administrative and Organizational Development, Investment Promotions, Export Promotions, Market Intelligence and Communications, Investor Servicing (Aftercare), Investment Climate and International Indicators. The Nicaraguan study tour also included visits to the National Free Zone Commission, an apparel manufacturer, a medical transcription and business processing outsourcing company.

Undoubtedly, PRONicaragua is a prime example for all IPAs in the world in terms of best practices in facilitating investments. Invest SVG is confident that it is on the right path to witnessing at least a 20 per cent plus increase in inward FDI through its sustained use of global best practices.