Prime Minister Mitchell: The investors are ready

Prime Minister Dr. Keith Mitchell has given his most detailed response on the issue of investors that are lined up to do business in Grenada since his New National Party (NNP) came to power following the February 19 general elections on the island.

Addressing reporters at a press conference last week, the Prime Minister was asked to provide evidence to back his claim made in the build up to the national poll that investors were awaiting an NNP victory to come into the island to do business and to provide thousands of jobs.

Dr. Mitchell said there would soon be movement in the hotel industry but the five-month-old government has to be careful in order to not overheat the economy.

“At this very point in time we have to be very careful that we do not overheat our economy based on the signs that we are seeing,” he added.

Prime Minister Mitchell disclosed that three “serious billionaire investors” are ready to invest their personal monies into the development of Grenada particularly in the hotel and tourism industry.

He said that one of the investors is interested in the Silver Sand property on Grand Anse beach.

Several developers mainly from Trinidad and Tobago have showed interest in recent years in purchasing the beachfront property to erect a multi-million dollar hotel plant.

According to the Prime Minister, the project “is in train and we expect to see movement not long from now”.

He added that negotiations are ongoing between foreign investors and other property owners on the island to further develop the hotel sector in Grenada.

Dr. Mitchell said that the issue of hotel and airline are tied together and that with the advent of the Sandals brand in Grenada, this will be a boost to the country’s ability to attract new airlines.

“With that entrance of Sandals, with the other two properties that we expect and these people have international connections, airlines are now holding discussions with these various parties because in-fact one investor who I talked about has 23,000 rooms in Europe, already has shares in major airlines, so the ability of the country to get those airlines into the country with the advent of this property owner would not be difficult,” he remarked.

There have been reports coming out of government circles that a developer has expressed interest in the Riviera property along the Grand Anse beach.

The Prime Minister refrained from disclosing the names of the potential investors on the grounds that he did not seek their permission.

Prime Minister Mitchell said that apart from these foreign investors who are looking to do business, Government will soon commence the construction of Parliament building – a project that is largely due to the efforts of the former Tillman Thomas-led Congress administration.

He also pointed to the start of the Second Phase of the Consolidated Contractors Company (CCC) Agricultural Feeder Road Project, restoration of the Governor General’s residence, as well as the rebuilding of York House, which will be utilized as a Government legal complex.

The Prime Minister said that all of these projects will boost the construction industry and stimulate the Grenadian economy.


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