Grenada boosts Investment by 55 per cent in 2023

Grenada amassed EC$488 million through investment applications and project approvals in the year 2023, with its Investment Promotion Agency (IPA), being responsible for 81 per cent of the temporary jobs created that year.

The EC$488 million was a 55 per cent increase compared to 2022, according to the Grenada Investment Development Corporation (GIDC).

“The projects facilitated by the IPA created a total of 2,573 jobs, though the majority (81 per cent) were temporary due to ongoing construction and expansion activities,” the GDC said in its 2023 annual report.

“These leads primarily came from the manufacturing, tourism, agribusiness, health and wellness, ICT, and services sectors. Of the leads generated, 26% submitted applications for incentives,” the report stated.

“Investment activity surged in 2023, with the IPA processing 68 applications for incentives, surpassing the annual target by 172 per cent. Sixty-one projects received approval, marking a 13 per cent increase from 2022.

These initiatives, encompassing tourism accommodation, agri-business and manufacturing, tourism services, and other service sectors, promoted a total investment of EC$35 million, to generate over 1,200 permanent jobs.

“These large-scale developments underscore the focus on expanding Grenada’s tourism sector. In addition to these construction projects, Grenadian Health Systems Inc., a Canadian-based medical call centre, commenced operations, further diversifying the FDI portfolio,” the report concluded.

The corporation has underscored the critical role that foreign direct investment (FDI) played in Grenada’s economic framework. The total FDI from various projects reached EC$488,333,227.21, accounting for 96.6 per cent of the overall capital investment- representing a 55 per cent increase from the previous year.

Notable projects currently under construction include the Six Senses Resort by Range Development Grenada Ltd.; the Joyau Des Caribes Beach House Project; the Port Louis Entertainment Hub; and the Grenada National Resort.

While the landscape for local startups has seen a 16 per cent increase, the report said that the total capital investment from these initiatives has decreased by 67 per cent, totalling EC$6.4 million. Consequently, this resulted in the creation of 119 jobs, indicating a six per cent decline compared to 2022. (Loop News)