Business View Caribbean - June 2024

says.These incentives are pivotal for making Grenada an attractive option for potential investors. The government has been updating its incentive regime, initially established in 2016, recognizing the need for continuous improvement. “The cabinet set up a committee to review the regime and make recommendations for improvements,” Theodore explains. “That work has been done, and it’s now been sent to the cabinet for review and hopefully approval.” The updates aim to keep the incentives relevant, particularly in sectors like climate change and green economy initiatives. Efforts to streamline the business environment extend beyond fiscal incentives. “The government continues to look at the doing business framework,” Theodore notes. One significant area of improvement is the digitalization of business processes, which can significantly reduce the time it takes to complete necessary procedures. “Digitalization can help, and those initiatives are underway,” he mentions. This includes carefully analyzing the consents and licenses required for different types of businesses and exploring ways to expedite these processes. CITIZENSHIP BY INVESTMENT PROGRAM Grenada’s Citizenship by Investment (CBI) program continues to be a significant driver of foreign investment, offering a streamlined path to citizenship for investors and their families. “The Investment Migration Agency handles the CBI program, but we maintain a close collaboration with them,” Theodore clarifies. “The program has been rebranded recently but continues to perform well for Grenada.” The CBI program has facilitated several high-profile hotel projects, contributing substantially to the island’s economic development. Theodore says, “The last project to open, completed in March, was the sixth CBI project. We see these projects constructed in a timely manner due to the alternative financing the program provides.” Beyond real estate and hotel developments, the GIDC aims to diversify the sectors benefiting from the CBI program. “We’re looking to aggressively expand into agribusiness, ICT, energy, and other niche areas,” Theodore mentions. This expansion is part of a broader strategy to ensure that various sectors can tap into the program’s benefits, fostering a more robust economic landscape. In tandem with the CBI program, the GIDC ensures that up-to-date statistical data is readily available for potential investors.“We keep an eye out for new data, collect it from various sources, and make it available for investors,” Theodore states. The GIDC works closely with Grenada’s embassies abroad, providing them with current and relevant statistical data. “My research team just sent new data on tourism, tourist arrivals, GDP, and inflation rates to our embassies,” he notes. Moreover, the GIDC has developed an investment facilitation manual, a comprehensive toolkit for investors. “The manual will be updated in 2024,” Theodore announces. This update follows the completion of the incentive review, which has been prioritized to ensure that the manual reflects the latest policy changes. 46 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06