While foreign investment is good for the economy of a nation, one must also consider the impact this investment would have on the emotions, feeling and desires of the people.

This sentiment was expressed by Leader of the Opposition Arnhim Eustace during a press conference on Tuesday.

Eustace made those statements following the recent disclosure by the Prime Minister that 31 acres of land at Mt Wynne/Peters Hope had been sold for $7 million.{{more}}

“We have to measure every decision we make in terms of its impact not only on economy but its impact on the emotions, the feelings and the desires of our own people,” the Opposition Leader stated.

Eustace noted that he and his party have taken a stand and firmly oppose the sale of what he describes as prime real estate.

“I therefore say to you that as a consequence of our review, we are totally against the sale of Mount Wynne/Peters Hope to foreign interest.”

The New Democratic Party president said the sale of the land would deny unborn Vincentians an opportunity to take a stake in their own land and therefore be reduced to second class citizens.

“That is the position of the New Democratic Party,” Eustace declared.

He noted that the area could have been developed without selling 31 acres of land of prime real estate.

He said what shocked him even more was that the land was sold for a mere XCD$7 million, which he says boils down to about $5.18 per square foot.

Eustace noted that the Prime Minister has boasted for years of having an investor for that piece of real estate, even before taking office in 2001.

“Even before 2001, he’s been telling us that he has investors lined up to build a hotel at Mount Wynne. And every election cycle he comes up with the same story.”

He noted that the one hotel development which has happened on the mainland turned out to be a disaster.

“The one hotel development on the mainland that has taken place under his watch has been a disaster. David Ames, a twice bankrupt business man came here and managed to get Gonsalves and Francis to participate in what that has turned out into,” he said.

Eustace stated firmly that the ULP simply does not understand what development is.

“Their approach to business and the private sector in this country is inimical to proper development. Their track record is dismal, it speaks for itself and it is plunging the country into poverty.”

The Opposition Leader stated that more and more lands are being sold the same way they are in the Grenadines where developers have been taking the attitude that the beach is a part of their private property.

“We cannot afford to continue as we have been doing, we just cannot afford it. Otherwise the time will come and it is already here in some instances were nationals of this country…their children will not even be able to live there because there wouldn’t be able to have any land to buy,” Eustace said to cheers from supporters.(CM)