No to certain types of Foreign Direct Investment, says PM Gonsalves
The Government of St Vincent and the Grenadines (SVG), continues to say ‘no’ to certain types of Foreign Direct Investment (FDI), with programmes like Citizenship by Investment (CBI) and gambling, topping the list.
Speaking on NBC radio’s Morning Cup programme last Wednesday, February 26, 2025,Prime Minister, Dr Ralph Gonsalves said that last week, Canadian Bank Note (CBN), a reputable company, approached him about, “a pretty sanitized system” that is operating in the other Windward Islands- Grenada, Saint Lucia, Dominica”.
He said commented that CBN helped to set up the system at the National Lotteries Authority (NLA) and hinted that CBN’s “pretty sanitized system” had to do with some sort of digital gambling set-up.
“…and they said that I can talk to the leaders there (other Windward Islands)…. I know that they were operating it, and those who choose to do so… that’s their country, but I have to protect our people in particular ways,” Gonsalves stated.
“It is true that people can do a lot of online gambling the way the technology is now, and that could be just as addictive… we are in a new world….
“I told them (CBN) if you have a proposal- and they have a proposal- I say, ‘submit it let me see what it is’… they’re a reputable entity…” Gonsalves noted, while stressing that the government is not interested in these types of FDI’s. He said that some countries have state approved ‘whore houses’ that generate good income, but that does not mean SVG should follow.
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