Addressing attendees at Invest SVG’s “Home Is Where the Heart Is” diaspora outreach and investment conference in New York City, St. Vincent and the Grenadines Prime Minister Dr. Godwin Friday delivered a keynote address calling on overseas Vincentians to move beyond traditional remittances and step forward as “preferred investors” in the nation’s economic future. With more Vincentians currently living abroad than on the island itself, Prime Minister Friday urged the diaspora to leverage their skills, capital, and global networks to build sustainable enterprises at home.
While acknowledging the vital historical role of remittances and relief barrels—especially during recent crises like COVID-19, the eruptions of La Soufrière volcano, and Hurricane Beryl—Prime Minister Friday emphasized that long-term development requires structured commercial engagement.
“This is business. It ain’t charity,” Friday stated, encouraging diaspora members to pursue joint ventures, financing partnerships, and mentorships with local entrepreneurs. He noted that businesses established in St. Vincent and the Grenadines serve as a gateway to broader regional markets, offering access to both the Organization of Eastern Caribbean States (OECS) single economic space and the wider CARICOM market.
To guide future investments, Prime Minister Friday outlined the government’s economic strategy focused on four primary pillars:
- Agriculture: Enhancing local production, processing, and food security.
- Tourism: Expanding lodging capacity—including boutique Airbnbs to support major cultural events like Carnival—and elevating visitor experiences.
- The Blue Economy: Maximizing the potential of marine resources, shipping, and yachting, supported by the creation of a dedicated Ministry of Fisheries, Land and Marine Conservation and Sustainable Development.
- The New Economy: Capitalizing on information technology, digital payment integration, creative arts, music, and sports monetization
Highlighting key national projects, the Prime Minister announced ongoing negotiations with Global Port Holdings (GPH) for a Public-Private Partnership (PPP) to upgrade and expand the Kingstown cruise ship terminal. Noting that SVG currently records among the lowest average cruise visitor spends in the Caribbean, the port project aims to double visitor numbers and accommodate larger cruise vessels. Crucially, the government has negotiated a 30% local equity stake in the port operation, opening opportunities for Vincentian citizens and local entities to invest directly and share in the revenues generated by economic growth.
Friday also detailed plans to upgrade outdated maritime jetties across the Northern and Southern Grenadines, including Bequia, to enhance island-to-island commerce. Additionally, he shared urban renewal plans for “Reimagining Kingstown,” which include increased cabinet-budgeted funding for the revitalization of Little Tokyo, balanced street vending regulations, and improved urban amenities.
To protect and support incoming capital, Prime Minister Friday promised transparent governance, predictability, and equal application of the law for all investors. He highlighted recent legislative actions to slash accumulated commercial and intellectual property fees weighing down businesses, as well as a comprehensive ongoing review of international financial and business legislation to streamline operations.
He assured overseas nationals that the government is replacing past ad-hoc interactions with permanent, structured channels to ensure seamless diaspora engagement. Reflecting on the nation’s resilience, Friday concluded with an earnest plea for the diaspora to join the national rebuilding project: “If St. Vincent is worth it, then let’s take the bother and let’s do it”.
