Colonialism all over again

EDITOR: Foreign Direct Investment (FDI) as a practice, seems to be advocated by many of our political leaders. Recently, our Prime Minister was apparently boasting of another institution having so many millions invested in the Region and substantially more to be invested in the near future.

It has been shown very clearly that our national industries – copra processing, cotton ginnery, arrowroot industry, hotel industry, the banana industry, ship-building industry, fishing industry – have all been or are being decimated by Foreign Direct Investment.

Where are the latter-day Uncle Metro, Baynes, Stewarts, Eustace, Sonny Ballantyne, P.H. Veira, Tannis, et al.? Something must be wrong, greatly wrong.

During my travelling years, in discussion with a Chief Minister in another State, he informed me that it was his desire to see as many local millionaires as possible in his island.

In St Vincent and the Grenadines, are we seeing any millionaires evolving? We are seeing the opposite happening.

Some time ago, I wrote about a problem with the financial institutions. Recently, our oldest bank in St Vincent and the Grenadines went into liquidation and this was after one or two other banks changed hands.

My own credit union GECCU has announced an intention to enter the area of house construction although there is the well-established Building and Loan Association. The credit union GECCU had already established a bathing pool somewhere on the Windward side. Apparently, no lessons were learnt from the gas station and supermarket ventures.

Why are Vincentians not investing in agro-processing, hotel businesses, house construction, fish processing, ship building and repair, tailoring and seamstress work, etc., etc.?

Those in leadership roles in this country and the experts must see the wisdom in such activities for the development of the country.

Apparently, it is a true statement that “those with the authority have no knowledge and those with the knowledge have no authority”.

Hugh Stewart