Business View Caribbean - June 2024

rentable space within the Frequente Industrial Park. “To date, we have about 12 interests in that space, and we look forward to the construction, which will take about ten months. This will position us to welcome new entrants into the park,” he adds. On the SME front, Theodore underscores the GIDC’s efforts to formalize and support small businesses. “We have been trying to do a lot more promotion to get a lot of SMEs on board,” he states. This initiative focuses on transitioning businesses from the informal to the formal sector, enabling them We need more entrepreneurs on the island, and we are looking at different strategies to encourage and support them to benefit from government support and services. “We’ve been having a lot of outreach programs and events, even going to schools,” he says. “We need more entrepreneurs on the island, and we are looking at different strategies to encourage and support them,” he emphasizes. This proactive approach involves various activities to inspire young people to explore business opportunities and equip them with the necessary tools to succeed. GOVERNMENT POLICIES AND INCENTIVES Grenada’s appeal as an investment destination is further enhanced by the government’s business- friendly policies and fiscal incentives, designed to attract and retain diverse investments. Theodore outlines the comprehensive incentive program tailored to critical industries such as tourism, agribusiness, ICT, health and wellness, and energy. “There are incentives that include not only tax breaks on customs duties for items coming through the port but also investment allowances and tax credits,” he 44 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06 GRENADA INVESTMENT DEVELOPMENT CORPORAT ION (GIDC)