Prime Minister Dr. Ralph Gonsalves says the Sandals 500-million-dollar investment is all part of the overall thrust in holistic development, intended to propel the nation to first world status.
Speaking at the signing ceremony on Monday, Dr. Gonsalves noted that Sandals has had a tremendous impact on the country, in terms of direct financial impact, sandals direct economic impact is estimated at approximately 40 million US annually.
“Sandals, according to the Ministry of Finance estimates, Sandals’ direct economic impact is estimated at approximately 40 million US annually, directly 108 million EC annually, stimulating local businesses, agriculture, transportation and cultural industries, this infusion has contributed significantly to GDP growth, foreign exchange earnings and national development,” Dr. Gonsalves explained.
In addition to this impact on the GDP, the Prime Minister noted that with the operations of Sandals Resorts, there has been an increase in overall visitor arrivals, supported by the increased access through major international airlines.
“The available seats because of the presence of Sandals in international flight capacity has risen by 412 per cent; from 612 to 3,162, incredible numbers, this growth is driven primarily by new routes by the major airlines and the gateways, making St. Vincent and the Grenadines more globally accessible than ever before,” The Prime Minister said.
Sandals Beaches Resort will sit on 51 acres of land at Mt Wynne purchased at a cost of 41.66 XCD million dollars.
