| |
|
|
| |
Home
>
World
> Caribbean
> Grenada
|
Business Profile
Economy: Grenada’s agricultural economy is centred on the production of spices. The principal exports are nutmeg, cocoa, bananas and sugar cane. There are extensive timber reserves but exploitation is being strictly controlled to prevent deforestation. The fishing industry has grown in recent years and now generates one sixth of export earnings. There are thought to be some oil and gas deposits off the southern coast of Grenada, and attempts to locate them continue. Industry is confined to production of nutmeg oil and rum, as well as drinks, paint and paper. Tourism (particularly stopover and cruise-ship visitors) has developed gradually since the mid 1980s but the industry is now the island’s leading foreign exchange earner. This has, to some extent, eased the depressed condition of the economy which has suffered from the general low level of world commodity prices during the last ten years or so. Grenada has also developed a sizeable financial services industry in recent years, but has fallen foul of global efforts to tighten regulation.
The other main source of income for the island has been remittances from the estimated 100,000 Grenadians working abroad, mainly in the USA, Canada and Europe. Grenada also relies on foreign aid from the USA, the UK, Canada and the EU. This has declined in recent years and the Government has been looking elsewhere (including Libya) for financial support. The UK and the USA are the island’s main trading partners. Grenada is a member of the Caribbean trade bloc, CARICOM, and the Organisation of East Caribbean States.
Business: All correspondence and trade literature is in English. Office hours: Mon-Fri 0800-1200 and 1300-1600.
Commercial Information: The following organisation can offer advice: Grenada Chamber of Industry and Commerce, PO Box 129, Decaul Building, Mount Gay, St George’s (tel: 440 2937 or 440 8858; fax: 440 6627; e-mail: gcic@caribsurf.com; website: www.spiceisle.com).
Conferences/Conventions: Eight hotels offer meeting facilities, seating from 25 to 300 persons. For details, contact Grenada Board of Tourism (see Contact Addresses section).
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
|
|
|
|
|
