Business View Caribbean - June 2024

expected returns. “For instance, if there’s a need for cold storage facilities on the island, we develop an opportunity profile that indicates the investment cost, where that facility can be located, the sort of incentives one can receive for doing that project, and projections like the return on investments,” he elaborates. This strategic approach extends to various sectors. Whether it’s cold storage facilities or family hotels, the GIDC is tailoring its efforts to match investors with projects that align with their interests.Theodore shares, “In June, we’ll be hosting an investment mission from Dubai.We are looking at matching them with some of the opportunities we have developed and are currently developing to suit their needs.” Theodore also highlights the GIDC’s collaboration with the Caribbean Association of Investment Promotion Agencies. “We believe the organization has great merit in promoting the region as an investment destination. Investors often look at regional blocks—Central America, the Middle East, or the Caribbean. Showcasing the Caribbean allows investors to explore opportunities within the respective islands,” he says. FACILITY EXPANSIONS AND SME DEVELOPMENT The GIDC fosters economic growth through its robust facilities management and dedicated support for small and medium-sized enterprises (SMEs). Theodore shares recent developments in the GIDC’s industrial parks. “There have been some expansions,” he notes. “One is a paint manufacturer, with a parent company from Trinidad, that has grown its operations within the park to a 7,000 square foot building.” Further enhancing infrastructure, the GIDC is on the cusp of a significant construction project. “We are about to embark on constructing a 40,000-square- foot facility,”Theodore reveals.With finances secured and the contractor selection process nearing completion, this new addition is set to increase the 41 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06 GRENADA INVESTMENT DEVELOPMENT CORPORAT ION (GIDC)