The Grenada Development Corporation (GIDC) has reported significant growth in foreign investment, with foreign capital inflows reaching a record high of EC$488 million in 2023. This represents a 55% increase compared to 2022. The investment promotion agency (IPA), which is part of the GIDC’s efforts, played a crucial role in this achievement, being responsible for 81% of the 2,573 jobs created through various projects during the year. This positive trend in investment applications and project approvals highlights a continued upward trajectory in Grenada’s economic development and its attractiveness to foreign investors.
“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 projects, spanning tourism accommodation, agri-business/manufacturing, tourism services, and other service sectors, proposed investments totaling EC$35 million and aimed to create 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 center, commenced operations, further diversifying the FDI portfolio,” the report concluded.
The corporation highlighted that foreign direct investment (FDI) played a dominant role in Grenada’s economic landscape, with total FDI from projects amounting to EC$488,333,227.21, accounting for 96.6 per cent of total capital investment and representing a 55 per cent increase from 2022.
Key projects under construction included 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.
The report noted that while local startups increased by 16 per cent, total capital investment from these projects decreased by 67 per cent to EC$6.4 million, resulting in 119 jobs – a six percent reduction from 2022.