Government Eyes the “New Economy” and the “Blue Economy”
In a major push to modernize the economy of St. Vincent and the Grenadines, Prime Minister Friday is championing targeted investments in both the “Blue Economy” and the “New Economy”.
Friday emphasized the urgent need to transform the local fishing sector, noting that the country’s seascape offers vast, untapped potential.
He says the government will assist young fisherfolk in acquiring larger boats to increase their time at sea and their overall catch, moving the industry away from operations reminiscent of “biblical times”.
The government is also looking to attract private sector investors to rebuild the Otley Hall Marina and shipyard, an asset the Prime Minister says was allowed to stagnate under the previous administration.
Beyond traditional agriculture and fishing, the administration is focusing on the “new economy,” which encompasses non-traditional sectors like the creative arts, call centers, and online content creation.
The Prime Minister acknowledged the severe hurdles local online entrepreneurs face in receiving international payments and stated that his government is working feverishly with the Eastern Caribbean Central Bank to establish reliable payment gateways.
High-value, lightweight commodities, such as sea moss farming in the Grenadines, are also being promoted as highly viable export opportunities.
Furthermore, the government is actively courting the Vincentian diaspora to fuel this economic expansion.
Officials from the “Invest SVG” ministry are currently conducting international investment tours in the UK, the US Virgin Islands, and Toronto, inviting the diaspora to be the country’s “preferred investors”.