- Hon. Camillo Gonsalves Highlights Economic Growth for SVG: Calls for More Local Investment
Minister of Finance Hon. Camillo Gonsalves has emphasized the resilience of the St. Vincent and the Grenadines (SVG) economy while calling for increased local private sector participation to capitalize on the favorable investment climate.
Gonsalves who holds parliamentary responsibility for Finance, Economic Planning, and Information Technology, was speaking at a business luncheon organized by the SVG Chamber of Industry and Commerce, held at the La Vue Hotel on Friday, June 7th.
In a compelling address on the nation’s robust economic performance and future growth prospects, Minister Gonsalves highlighted the impressive economic strides SVG has made despite recent adversities, including the COVID-19 pandemic, volcanic eruptions, and hurricanes.
The finance minister shared data demonstrating the nation’s remarkable economic recovery and growth, noting that the GDP increased by 5.5% in 2022 and 6% in 2023, with a projected growth of 5% for 2024. These figures he noted, underscore SVG’s position as one of the fastest-growing economies in the region.
“St. Vincent and the Grenadines is not just better than it was five years ago; it has become a model of economic resilience and growth,” Gonsalves stated. He attributed this success to strategic investments in infrastructure, disaster recovery, and digital transformation, which have laid a solid foundation for sustained economic expansion.
Minister Gonsalves further emphasized the importance of local investment in maintaining and accelerating economic growth. He called on the private sector to seize the opportunities presented by the improving economic conditions before foreign investors dominate the market. “Now is the time for local businesses to be more confident, more enterprising, and more willing to invest,” Gonsalves urged. He assured the private sector that the government is committed to creating an enabling environment that supports business growth and economic development.
Gonsalves highlighted several initiatives, including significant investments in infrastructure projects such as the construction of a new hospital and extensive road rehabilitation, as well as the development of digital solutions to streamline government services and reduce business costs. He also emphasized that these efforts are designed to enhance the overall business climate and improve the material conditions of workers and citizens.
In his concluding remarks, Minister Gonsalves reiterated the need for a collaborative approach between the government and the private sector to ensure sustainable economic growth. “We are creating a sustainable economy built to last, but we can achieve even more if we work together,” he said. The finance minister encouraged local business leaders to take advantage of the current opportunities and contribute to the nation’s ongoing transformation.
The luncheon was also addressed by Tony Regisford, Executive Director of the Chamber of Industry and Commerce, and Wayne Hull, Country Manager of Flow-SVG. The event served as a platform for meaningful dialogue and reinforced the importance of public-private collaboration to foster economic resilience and growth in St. Vincent and the Grenadines.
