Manufacturing
Manufacturing
renada’s economy has shifted significantly since the 1970s, from one almost entirely based on producing agricultural commodities for export to a much more modernized and diversified one. For many years Grenada depended on exporting 3 main crops—bananas, cocoa, and nutmeg—but fluctuating world prices, natural disasters, and the threatened removal of preferential trading agreements have forced Grenada’s government to seek to broaden the island’s economic base. Successive governments since the 1980s have been acutely aware that small-island states such as Grenada are extremely vulnerable to economic factors beyond their control and have hence tried to reduce over-reliance on agricultural exports. Grenada now has a small but growing manufacturing sector. Manufacturing industries in Grenada are mostly on a small scale. Beverages, such as rum, beer, soft drinks and spring water are all manufactured locally and foodstuffs, such as flour from imported wheat, Chocolate from locally grown cocoa and Jams, Jellies, sweets are all manufactured in a variety of both semi industrial and cottage industry type businesses. Taking advantage of the abundant variety of spices grown on the “Spice Isle” there are also a number of companies / persons who package these items for resale. The manufacturing of T-shirts and other textile products is available as is a paper manufacturing plant, and galvanise roofing manufacturers which all rely on imported raw materials. Principal export items include flour, wheat bran, animal feed, roofing sheets and nutmeg oil. THE GOVERNMENT’S FOCUS Creating an enabling environment and providing business development and Investment services to encourage the
G
creation of new entrepreneurs and enhance the productivity, efficiency, growth and competitiveness of enterprises. EXAMPLES OF EXISTING JOINT VENTURES IN GRENADA ARE : Caribbean Agro Industries Guinness International. (UK/GDA) Sissons Paints Grenada Ltd Other Industries with opportunities for joint venture exploration include: • Appliances and Electrical Devices • Handbags and plastics • Screen Printing • Leather Products • Handicraft • Furniture • Garments • Jewelry • Paper Products • Perfumes and gift Items www.businessgrenada.com
INCENTIVES The following incentives are designed to make businesses more profitable: • Investment Allowance - 100% write off on total investment • Carry forward of losses for 5 years • 100% relief from customs duties and taxes on plant, equipment & raw materials.
110