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As the primary facilitator of investment services in Grenada, we help you navigate our business landscape.
Doing business in Grenada is already relatively easy, especially with our range of hand-holding services that take you through the steps of investing locally.
A first for the Caribbean, the world-renowned Six Senses brand will be established in the beautiful isle of Grenada. A 100-bedroom ultra-luxurious Resort and Spa will be developed at the tranquil, secluded La Sagesse Beach in St. David’s. The project commenced October 2020 and will create construction employment for over 500 individuals and permanent employment for over 300 Grenadians when completed.
An exclusive resort development to be built on the northernmost part of the island of Grenada, Levera St. Patrick’s. This mixed-use development is a fully integrated tourism project, utilizing traditional tourism cornerstones like world-class branded hotels and casinos while incorporating duty-free shopping, an international business conference center, amusement park, golf course and helipad service. The project is estimated at US $2 billion, and commenced construction in July 2020. It is expected to create employment for over 500 Grenadians and 500-800 permanent local jobs on completion
A multi-mix development featuring internationally recognized branded resorts, a university and entertainment complex. The development is estimated at US $2 billion and commenced construction of its show room in August 2020 to be repurposed for a mini resort featuring seventeen (17) suites, a restaurant, business Centre, and offices for staff. To date it has created over (150) construction and 500 permanent jobs at its expected completion in June 2024.
Doing business in Grenada is relatively easy.
There are minimum entry requirements, free movement of capital, profits and dividends, attractive fiscal incentives, no restriction on foreign ownership, and a host of programs and opportunities geared towards helping you make the most of your investment.
Since its inception in 1985, the Investment Promotion Agency has transformed into a full-fledged investment agency, capable of facilitating all domestic and foreign investments.
The IPA continues to be a reliable, responsive, and world-class professional organization which makes an ever-increasing contribution to the socio-economic development of Grenada. Its operations are governed by the principles of integrity, confidentiality, and reliability and the promotion of inclusive business relationships with investors. In keeping with its mission to support economic and social development, the IPA has been facilitating investments and advocating for an enabling environment in which business, trade, and industry can prosper.
Within the last decade, the IPA has facilitated over 350 domestic and foreign investments projects, resulting in the creation of over 5000 jobs, and the injection of over EC$ 1.5Bn of foreign capital into Grenada’s economy.
in Foreign Capital Inflows
The Tourism and hospitality industry in Grenada remains the fastest growing sector of the Grenada Economy. In 2014, the island was officially branded as “Pure Grenada” which is truly fitting proprietary that/as it encompasses the natural attributes and features such as lush verdant mountains and rain forest, cascading waterfalls, rivers, volcanic craters, lakes and ponds, tropical flora and fauna and beautiful white and black sand beaches. Added to these, Grenada is equipped with modern infrastructure – Cruise ship terminal, international airport and guest accommodations that includes a luxury hotel, boutique hotels, villas, cottages, and guest house.
Grenada’s small size and intimate atmosphere are the main contributors to the island’s exclusive feel and desirable attributes. The island boasts of a wide array of award-winning, Caribbean chic hotels with a contemporary vibe and modern Caribbean spirit. There are opportunities for investment available for further expansion of this niche sector to construct small attractive hotels that will complement the island’s existing level of accommodation.
As one of the best yachting destinations in the Caribbean, sailing in Grenada affords yachters the luxury of admiring lush mountains, white sand beaches and enjoying a host of activities ashore. This attractive sector has numerous opportunities for investment for further expansion and profitability. Grenada has an active cruising community and due to its location at the southernmost end of the Caribbean Archipelago, the island is usually a haven for yachts during the hurricane season.
Grenada is considered the dive capital of the world and has some of the most breath-taking dive sites in the Caribbean region. Home to the world’s first underwater sculpture park, Grenada boasts the most picturesque shipwrecks, vibrant coral reefs and drift dive sites. As a constant staple in the tourism industry, the dive sector has the potential and numerous investment opportunities to be further developed as auxiliary tourism products increase in demand.
Grenada has a stable and liberalized telecommunications market with two major regional players namely, Cable & Wireless (FLOW) and Digicel (Grenada) Limited. Services can also be obtained from smaller locally operated companies such as Green Dot and Ailsecom (Spice Mobile). Mobile services available include, Talk, Text and Data Plan while internet offerings constitute providing high speed through various mediums such as ADSL, COAX, WiMAX, and Fiber, Optic. Additionally, telecommunication services accessible on the island include Roaming, Business Systems/Features, Domestic Telcom Products/Features.
A Prominent emerging sub-sector of the ICT industry is Business Process Outsourcing (BPO). Over the last 5 years, the sector has experienced heightened growth and provides employment for over 500 Grenadians. Though most of the growth has been attributed to contact centers. There is potential for new BPO segments to include niches like medical billing, accounting outsourcing, data ns claims processing, etc.
The Sector has significant potential for growth; its English-speaking population, proximity to the US mainland, time zone affinity, and strong telecommunication network are some of the main drivers that can foster development, investment opportunities in the sectors include:
Business Process Outsourcing & Customer Service Call Centres
A Prominent emerging sub-sector of the ICT industry is Business Process Outsourcing (BPO). Over the last 5 years, the sector has experienced heightened growth and provides employment for over 1000 Grenadians. There is potential for new BPO segments to include niches like medical billing, accounting outsourcing, data and claims processing, etc.
In the technological industry, the software keeps the modern world moving. These critical components are the center of every device. The software development sector is Grenada is largely underdeveloped and attractive incentives exist for the development and mobilization of the sector.
Mobile Device Applications
Mobile apps have taken over the digital era and are now the most integral part of human life, as businesses with mobile applications experience increased productivity and customer engagement. Grenada is poised as a key investment location with the available human resource of recent university graduates that possess the necessary skills to be trained to further complement the development of this sector.
Agriculture is a critical sector for Grenada. The Government continues to undertake initiatives that are aimed at further developing and boosting the industry. Some of these include a 2 million CXD increase to the agriculture budget allocation for 2020, crop insurance pilot project, capacity building and technical support staff within the Ministry of Agriculture, and implementation of projects through financial backing from donor agencies such as the rehabilitation of farm access roads, The sector comprises several small-scale farmers and Agri-Processors who supply the local market and larger producers who supply high-value produce such as nutmeg, cocoa, and soursop for export.
As the world makes the shift to more healthy and sustainable food practices, the demand for organic produce has been steadily increasing. With the availability of acreage of fertile lands and a supportive Ministry of Agriculture, investment opportunities exist for the establishment of organic farms.
Products for Wellness Services
As consumers continue to shift from products that contain harmful chemicals, there is a growing demand for natural products to be used in wellness services. There is an abundance of spices on the island available to be converted into aromatherapy oils and creams, especially those known for their anti-inflammatory and healing properties.
Value Added Processing
The investment opportunity exists for value-added processing facilities to be established throughout the island. There is an abundance of locally grown fruits and vegetables available for processing, packaging and export to various markets. At present, fresh fish is exported to the international market from Grenada, the current oversupply can be processed and exported to further compliment the sector.
Grenada Continues to explore oil and gas production within its marine space. In 2017, the island confirmed the discovery of natural gas and, in 2018, Grenada’s Prime Minister reaffirmed that the initial hydrocarbon finding is of commercial value. While infrastructure to benefit from this discovery is not yet defined, studies remain ongoing to determine the best outcome.
Grenada is a tropical island with an average of 90% sunshine yearly which makes it an ideal location for solar power harnessing. The country’s primary provider of electricity, Grenada Electricity Services Limited (GRENLEC) continues to work towards its objectives to stabilize energy costs and protect the environment by increasing the use of renewable energy. Over the last 5 years, the company has initiated and implemented serval solar projects including furnishing residential care facilities with rooftop panels. Approximately 2,16 MW of renewable energy is generated annually in Grenada (grenlec.com). Strong policies/acts govern the sector and attractive incentives are available to encourage investment.
Grenada continues to explore various sources of renewable energy and geothermal energy shows promising prospects as a sustainable and long-term resource. Opportunities for investment are available with strong governmental support.
Grenada is a tropical island with an average of 90% sunshine yearly which makes it an ideal location for solar power harnessing. The country’s primary provider of electricity, Grenada Electricity Services Limited (GRENLEC) continues to work towards its objectives to stabilize energy costs and protect the environment by increasing the use of renewable energy. Approximately 2,16 MW of renewable energy is generated annually in Grenada (grenlec.com). Strong policies/acts govern the sector and attractive incentives are available to encourage investment.
As the Government of Grenada continues to work towards stabilizing electricity prices and reduce the nation’s carbon footprint, small wind energy projects are underway. With reliable trade winds, this underdeveloped sector hosts numerous opportunities for investment that will allow the advantages of wind power to be realised.
Grenada is home to the prestigious medical institution, St. George’s University (SGU), which has become the second-largest source of doctors for the entire US workforce. Over the last 10 years, SGU has been the number one provider of doctors into first-year US residencies. In addition to medicine, the university offers degree programs in veterinary science and arts and general/business studies.
The United Nations Development Programme (UNDP) Huma Development Index (HDI) Ranking, which is a statistic that considers life expectancy, education, and per capita income indicators, ranked Grenada as 78th out of 189 countries and territories in 2019.
Grenada has the potential to become an attractive destination for Medical Tourism. An abundance of fresh, clean air and sunlight makes it ideal for rejuvenation and healing. Additionally, with the increased demand for skilled, qualified service providers, the young, trainable workforce also makes Grenada an ideal location for educational development
As the pace of life becomes more frantic, stress-relieving exercises and “self-care” has become buzz words in recent years. The need for facilities where people can unwind, rest and relax is increasing. Investment opportunities exist for the establishment of day spas that offer massages, facials, body scrubs and other treatments.
As the Government of Grenada continue to place healthcare at the forefront for development, certain medical diagnoses require specialized treatment. The investment opportunity exists in the medical tourism sector for the development of treatment facilities for various diagnoses such as cancer and dialysis.
Currently, there are no treatment centers on Island to assist individuals who suffer from alcohol addiction or substance abuse problems, this makes the investment opportunities in this sector very lucrative. Health and wellness are listed as priority investment sectors and comprise of attractive investment incentives. The development of this sector not only provides a service to locals but also international clients who may want to seek treatment away from the public eye. Grenada’s tropical location gives it a great advantage of making it the ideal choice for such a venture.
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