NIPI Chairman: SVG has special appeal

Competition from other investment promotion companies is one of the main challenges facing the NIPI, but Chairman Edmund Jackson believes that this country still has the advantage.

He said that although a significant number of countries with larger land space are promoting their territories as destinations for investment St Vincent and the Grenadines has counteracted by putting a heavy focus towards luxury tourism development.{{more}}

Jackson said that this is where this country has the upper hand because it is one of the least developed places and is seen as one of the last bastions of virgin territory when it comes to tourism development. The chairman stressed that this gives the investor a privileged position and gives the landscape a very special appeal.

Another factor which makes this country ideal for investors is the liberalised telecommunications environment which he noted was excellent for the Information Communication Technology, ICT sector.

He noted that with this country having a very modern and reliable telecommunications network more opportunities in ICT become available.

Jackson saw a need for improved air access for passenger and freight.

Jackson confessed that the current global environment with record high oil prices also affected the competitiveness and productivity of small countries like St Vincent and the Grenadines, but re-inforced that the economy was becoming increasingly service-based with the financial assistance of the Commonwealth Secretariat.

He said that a tourism investment

strategy is being established and that it would provide significant guidance as to how to approach the tourism product – its development and attraction without disturbing the fragile environment.

The NIPI Chairman also acknowledged that since the contraction of the banana industry there has been need for other export type endeavors and noted that tourism has been the best alternative.