In a stirring address at the SVG Chamber of Industry and Commerce luncheon, held at the La Vue Hotel on June 7th, Hon. Camillo Gonsalves, the Minister of Finance, spotlighted the robust economic resilience and growth of St. Vincent and the Grenadines (SVG). He urged local private sector leaders to ramp up investments to capitalize on the favorable economic conditions.
Minister Gonsalves, responsible for Finance, Economic Planning, and Information Technology, presented a compelling narrative of SVG’s impressive economic strides despite facing significant adversities, including the COVID-19 pandemic, volcanic eruptions, and hurricanes.
“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, highlighting a 5.5% GDP increase in 2022, followed by a 6% rise in 2023, with a projected 5% growth for 2024. These figures underscore SVG’s status as one of the fastest-growing economies in the region.
He attributed this success to strategic investments in infrastructure, disaster recovery, and digital transformation, which have laid a robust foundation for sustained economic expansion. Minister Gonsalves emphasized the critical role of local investment in sustaining this momentum, urging the private sector to seize emerging opportunities 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, assuring the private sector of the government’s commitment to fostering a supportive business environment.
He highlighted key initiatives, including major infrastructure projects like the construction of a new hospital and extensive road rehabilitation, alongside digital advancements aimed at streamlining government services and reducing business costs. These efforts, he noted, are designed to enhance the business climate and improve the lives of citizens and workers alike.
In his closing remarks, Gonsalves called 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, encouraging local business leaders to take advantage of current opportunities and contribute to the nation’s ongoing transformation.
The luncheon also featured remarks from Tony Regisford, Executive Director of the Chamber of Industry and Commerce, and Wayne Hull, Country Manager of Flow-SVG, underscoring the event as a pivotal platform for fostering meaningful dialogue and reinforcing the importance of public-private collaboration in driving economic resilience and growth in St. Vincent and the Grenadines.