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Business Profile
Economy: St Vincent & the Grenadines is poor by Eastern Caribbean standards, with agriculture the main source of income and export earnings. Bananas are the main crop, but St Vincent is also the world’s leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Fishing has also been revitalised and a processing complex has been built with Japanese assistance. Agriculture is especially vulnerable to the unpredictable, often adverse, weather patterns of the Caribbean.
Tourism is the other main component of the economy. By regional standards, this was relatively late to evolve and was initially hampered by the lack of a suitable infrastructure. This was addressed with the help of aid from the European Union and the industry is now growing rapidly: the most recent figures record its contribution to the economy at US$75 million. A small manufacturing sector and an embryonic ‘offshore’ financial services industry complete the country’s economic inventory.
St Vincent is a member of the regional trading bloc CARICOM and the Organisation of Eastern Caribbean States, which is assuming a growing economic role. In addition to the USA and the UK, St Vincent has important trade links with Trinidad & Tobago, Barbados, St Lucia and Martinique.
Business: Short- or long-sleeved shirt and tie or a safari suit are suitable for most business visits. Government office hours: These vary from department to department but generally Mon-Fri 0800-1615, with some opening for a few hours Saturday morning.
Commercial Information: The following organisation can offer advice: St Vincent & the Grenadines Chamber of Industry and Commerce, PO Box 134, Corea’s Building, Halifax Street, Kingstown (tel: 457 1464; fax: 456 2944; e-mail: svgcic@caribsurf.com; website: www.svgcic.com).
Conferences/Conventions: For information, contact the St Vincent & the Grenadines Tourist Office (see Contact Addresses section).
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