the grenada chamber of industry & commerce annual report 2012

Annual Report 2012 1

GRENADA CHAMBER OF INDUSTRY

AND COMMERCE

AnnualReport

2012


Let Us Help You...

GRENADA CHAMBER OF INDUSTRY AND COMMERCE 11 Frequente Industrial Park, St. George’s, GrenadaTel: (473) 440-2937/4485 . Fax: (473) 440-6627Email: [email protected] . Website: www.grenadachamber.org

Your

Is Our BusinessBUSINESS

Increase Your Business visibility.

Receive information on how to develop and improve your Business.

Network with regional and international Business Chambers.

By working together to develop and represent the Business Community.

By ensuring advocacy of Private Sector issues.


MISSION :

VISION :

MOTTO :

To be a reliable, effective and adaptive vehicle for Private Sector Advocacy, providing critical resources and facilitating initiatives for National Development.

To lead the process in the creation of a strong, unified, globally competitive Private Sector, working in effective partnership with Government and Civil Society and driving Economic and Social Development.

Your Business is our Business.


CONTENTSBoard of Directors

Members of the Secretariat

Private Sector Representative on Statutory Boards and Committees

President’s Review

Trade Update for 2012

The Grenada Bureau of Standards

Report of the Senate Activities for 2012

Major Projects Committee Report 2012

2012 Report on Grenada Ports Authority

2012 Grenada Industrial Development Corporation Report

Report of TAMCC Council for Year 2012

Grenada Solid Waste Management Authority

Grenada Authority for the Regulation of Financial Institutions

Junior Achievement of Grenada

Custom Brokers Report for 2012

GCIC 24th Banquet Awards & Dinner

Inter-sector Windball Cricket Competition 2012

GCIC Calender of Events 2013

Selected Economic Indicators 2012

6

7

8

10

14

22

24

26

28

30

34

38

40

42

46

48

52

54

57


Grenada Bottling Co. Ltd.P.O. Box 76, Tempe

St. George’s, GrenadaTel: 440-2222 / 1555

Recipient of the Manufacturer of the Year Award


BOAR

D O

F D

IREC

TORS

Mrs. Aine BrathwaitePresident

Mr. Clive HostenDirector

Mr. Simon Stiell2nd Vice President

Mr. Nicholas GeorgeDirector

Mrs. Hazelann HutchinsonExecutive Director

Mr. Wayne JamesDirector

Mr. Keith JohnsonTreasurer

Mr. Glynn ThomasDirector

Mr. Ruel Edwards1st Vice President

Mr. Elton CharlesDirector

Mr. Mervyn LordAssistant Treasurer


MEMBERS OF THE SECRETARIAT

Mrs. Hazelann HutchinsonMs. Jessie Cumberbatch Ms. Eudine Thomas Ms. Dolores Parke

Executive DirectorJunior Achievement Co-ordinator Administrative AssistantOffice Assistant/Attendant

*From Left to Right


List of 2012 Statutory Boards/Committees and RepresentativesCustom Brokers AssociationEPA Steering CommitteeGrenada Bureau of StandardsGrenada Industrial Development CorporationGrenada International Financial Services Authority Grenada Pharmacy CouncilGrenada Ports Authority Grenada Solid Waste Management Authority Junior AchievementMajor Projects Coordinating Committee National Trade Facilitation Task Force Non State Actors Panel Social ProtocolSustainable Development CouncilT A Marryshow Community College The SenateHall of Justice Project

Mr. Valentino Sawney Mrs. Hazelann HutchinsonDr. Reginald BuckmireMrs. Aine BrathwaiteMr. Basil HarfordMr. Cedric MitchellMrs. Hazelann HutchinsonMrs. Aine BrathwaiteMr. Nicholas GeorgeMrs. Aine Brathwaite Mrs. Hazelann HutchinsonMrs. Hazelann HutchinsonMrs. Aine Brathwaite Mrs. Aine Brathwaite Senator Christopher De Allie Senator Christopher De Allie Ms. Leslie Ann Seon

GCIC CommitteesEvents & MarketingJunior Achievement Finance Committee Membership Advocacy Committee Bus Shelter CommitteeInter-Sector Windball CommitteeEconomic Affairs Committee

Mr. Clive Hosten Mr. Nicholas George Mr. Keith Johnson Mrs. Hazelann Hutchinson Mrs. Aine Brathwaite Mr. Wayne JamesMr. Wayne James / Mr. Kelly GangadeenMrs. Aine Brathwaite

RegionalOECS Business Council Mrs. Aine Brathwaite / Mrs. Hazelann Hutchinson


Grenada IndustrialDevelopment Corporation

This is how weSUPPORT

We make it easier to do business

WE PROVIDE• Fiscal Incentives• Sites & facilities• Assistance to obtain Licenses and Permits • Small Business Support Services• Help with Advocacy

• SOUND ADVICE

• KNOWLEDGEABLE

AND FRIENDLY STAFF

• LESS RED TAPE• SUCCESS!

Call us for a FREEBusiness Start Up Kit

www.grenadaidc.comTe l : 1 ( 4 7 3 ) 4 4 4 - 1 0 3 3 - 4 0F a x : 1 ( 4 7 3 ) 4 4 4 - 4 8 2 8E m a i l : i n v e s t @ g r e n a d a i d c . c o m

• How to obtain Fiscal Incentives• Investment Opportunities• Sector Profiles• How to start a Business

Visit us at

C

M

Y

CM

MY

CY

CMY

K

GIDC 8.5 x 11 Chamber ad copy.pdf 1 4/2/13 8:47 AM


2012 witnessed Grenadian businesses holding on with their fingernails. We saw empty buildings, rising unemployment and greater financial difficulties for both private and public sectors. The national and global outlook itself had not improved enough to create any feeling of security and the continuing unpredictability in the financial markets and economies of our traditional trading partners did not encourage foreign or local investment. 2012, in a nutmeg, was an extremely difficult year.

With Government indebtedness to businesses estimated to be approximately $100 million as of December 2012, we applaud the business community for remaining resilient despite all the pressures surrounding them.

And additionally, the proroguing of Parliament for five months placed the business community and government at a standstill. The country

President’s Review

By: Mrs. Aine Brathwaite

was on hold through to the end of the year.

AdvocacyUnder the umbrella of the Grenada Private Sector Organization (GPSO), the affiliate bodies of the Grenada Chamber of Commerce, Grenada Employers Federation and the Grenada Hotel and Tourism Association, was very active in areas of advocacy.

The GPSO supported the security firms in their efforts to slow the implementation of the minimum wage in 2012 and spread it over two years. As a result of this government action, we saw the closure of one security firm and the retrenchment of security officers with the installation of electronic surveillance systems.

The GPSO also advocated strongly against the amendment of Section 66 of the Labour Code as a result of the Grenada Breweries/


TAWU impasse. At the end of the year, the amendment was still in the Lower House. The job is not yet over but the GPSO will continue to lobby against its implementation. The consequences of this amendment would be too dire for all foreign and local investment.

Manufacturers’ VAT RebateA comprehensive report was prepared on the effects of the VAT on manufacturing. This had been submitted to Government to use in their deliberations on VAT issues related to manufacturing. The road was rocky and while the VAT rebate was extended to December 31, 2012, in anticipation of a new regime for January 1, 2013, there was no firm agreement

on the way forward.

The main concern for manufacturers was the effect on cash flow problems and how the rebate would be offset.

Other sectors affected by the VAT and being supported by the GCIC was the construction industry where the regulatory framework has not been properly documented and real estate where transactions were being reassessed by the Inland Revenue Department after the completion of the sale and finally, the motor dealers who submitted a proposal to the government to improve sales volumes and consequently, revenues to government.


Social ProtocolDuring the latter part of 2012, economic difficulties forced government, trade unions and the private sector to a resumption of the social partners’ meeting where issues were aired and discussed. We consider this move critical to forward positive momentum on all developmental issues.

Business LunchesOur business lunches continued to be well received and supported. Efforts were made to facilitate discussions on topical issues and attract interesting speakers. But to put it frankly, we need more financial sponsorship from our business community.

Business AwardsIn November, the Business Awards – our equivalent to the Oscars – took place at the Spice Basket. Focus was placed on highlighting businesses as opposed to the event itself. For the first time, the event was nationally televised. The guest speaker was Dr. Warren Smith, President of the Caribbean Development Bank. While we did not generate as much revenue from the event as in previous years, the public relations effect did the Chamber well and for 2013, we look to increase revenues from the event with different types of sponsorship packages. Also for the first time, we used social media, both Facebook and texting, to reach out to the members and the general public. The response was heartening.

OECS Business CouncilThe private sector in the OECS is engaged in establishing the OECS Business Council. The Council’s mission and I quote, “is to be the premier business advocacy and best practices organization in the region where collaboration with governments, national, regional and international institutions, creates an environment that facilitates business so that the private sector becomes the engine of growth”.

This strengthening of the OECS private sector should facilitate us in access to funding, building partnerships among common businesses and between the different social sectors and representation on the Monetary Council for a more effective voice at a regional level.

WebsitePlans were put in motion to set up a technologically modern and effective website for the Chamber to better meet the needs of members. This will be implemented in 2013.

MembershipWe continue to attract members, many of them small businesses, and to profile the Chamber as an organization interested in and committed to the growth and development of business in our tri-island state. During 2012, we signed up 16 members in contrast to the 2011 figure of 11 members.


Tel: (473) 444-2896/3349/407-0049 . Fax: (473) 444-3835 . Email: [email protected]

GPSOThis fruitful collaboration between the private sector organizations presents a united front committed to consensus and partnership. It is through these means that we can move forward and achieve much.

ConclusionThe world is changing and changing rapidly. We no longer have that luxury to sit back and wait eons for things to happen. We have to make things happen. We need to avail ourselves of the opportunities available to us improving the efficiencies of our businesses and of our staff. We need to work with the different

sectors in our society to build a Grenada in which we can all be secure and comfortable. In all things, the word is partnership. No one can go it alone. We need to look outside the box and not put limitations on our economic future or ourselves.

We have to thank the Board of Directors and Mrs. Hazelann Hutchinson and the enterprising team of the GCIC for the work they have put into the Chamber during this challenging year. We wish to thank all the businesses that supported the Chamber’s efforts during 2012 and look forward to an even more dynamic year in 2013.


Trade Update for 2012

2012 was another challenging year for our local manufacturers; they grappled continually with the high cost of production particularly fuel and electricity as well as the ever increasing cost of raw materials and other manufacturing inputs procured both locally and abroad.

Despite the above challenges, manufacturers through the work of their Chamber were engaged in a series of advocacy initiatives geared towards enhancing the sector. Specifically we participated in the:

1. Manufacturers’ VAT RebateIn 2010, as part of the restructuring of the tax system with the introduction of VAT and Excise Tax, the Government of Grenada also gave manufacturers a rebate equivalent

to 10% of their gross sales as part of its commitment to ensure local manufactures remained competitive. Between 2010 and 2012 manufacturers have conducted studies and impact assessments and have spent a significant amount of man hours negotiating with Government for a successor program.

2012 saw the extension of the program in its current form. Manufacturers anticipate that negotiations will resume in 2013.

2. Private Sector Working Group (PSWG)Having regard to our narrow productive bases, small population size and limited export volumes, a Private Sector Working Group (PSWG) was formed with representatives from the Ministry of Trade, EPA implementation Desk,

By: Ruel Edwards and Hazelann Hutchinson


GIDC, Office of Private Sector Development and the GCIC to collectively pursue solutions for a broad range of challenges. To this end the PSWG has enlisted the following as key focal areas for articulation if the private sector is to improve its performance and contribution to GDP:

- Development of a mechanism for the dissemination of export market needs including the legal requirements needed by the private sector for entry into that market.

- Investigating and challenging unfair trade practices being adopted by other countries within the region.

- To examine the Transportation and shipping logistics challenges for less than container load cargo.

- Absence of an Export Agency or Desk.- Certification and product quality

management.- Private sector representative on the

Trade Negotiating Committee.

It is envisioned that accomplishing some or most of the above will lead to a coordinated

approach towards private sector development, assistance for capturing of new markets, overall improvement in the competitiveness of the sector etc.

TRADE NEGOTIATIONSGrenada is at present involved in simultaneous negotiations at the World Trade Organization (WTO) under the Doha Development Agenda, negotiations with Canada for a new free trade agreement, at the CARICOM level and other bilateral. The Ministry is also involved in the implementation of the recently signed Economic Partnership Agreement between CARIFORUM and the European Union.

In keeping with the decision of the CARICOM Heads of Government to negotiate a new Trade and Development Agreement with Canada, to date four rounds of negotiations were held with Canada. In 2012, the areas addressed in the negotiations were:

i. Trade in Goods/Market Access (National Treatment and Market Access, Tariff Liberalisation, Safeguards/Emergency


Action and Sanitary and Phyto-sanitary measures);

ii. Trade in Services (Financial Services, Energy Co-operation and Tourism) Investment;

iii. Trade-related Issues (Competition Policy, Monopolies and State Enterprises); and

iv. Development Co-operation and Dispute Settlement.

In preparation for the negotiations a number of consultations were held at the national level. Grenada also participated in the CARICOM Technical Working Groups on Market Access and Agriculture, Services and Investments, Legal and Institutional Issues and Trade Related Issues. Grenada’s initial tariff liberalization schedule and services offers were completed and submitted to the Office of Trade Negotiations. An initial investment offer was developed following consultations with the relevant stakeholders.

WORLD TRADE ORGANIZATIONOne year after the Doha Round of trade talks was formally declared at an impasse, WTO members began to show signs of re-engagement in the negotiations during 2012.

Grenada continues to follow the negotiations taking place in Agriculture, Manufactured Goods, Trade Facilitation, Fisheries Subsidies, Trade in Services, Special and Differential Treatment etc.

Some of Grenada’s key interests lie in the Small Vulnerable Economies (SVEs) modalities secured in the market access negotiations under agriculture and NAMA and the SVEs flexibilities being pursued in fisheries subsidies, for Grenada and the OECS, these SVE modalities and the flexibilities, are important and should not be lost.

The OECS Member States through the OECS


C

M

Y

CM

MY

CY

CMY

K

CBS Canto Magazine Ad with columbus map 8.5x11 FAW.pdf 1 3/20/13 4:20 PM


Mission in Geneva continue to play an active role in the elaboration of the regular work of the WTO.

CARICOM/DOMINICAN REPUBLICAt the Fourth Meeting of the Joint Council which took place in Port of Spain, Trinidad and Tobago, from 31 May - 1 June 2012, the main items on the Agenda related to requests by the Dominican Republic and CARICOM for additional preferential access for identified products under the Free Trade Agreement.

The Protocol of the Revised Treaty of Basseterre in Article 10, speaks to free circulation of goods among OECS Member States. In this regard, a National Consultation on Free Circulation was held with the support of the OECS Hubs and Spokes Project.

The National Trade Facilitation Task Force has been given the responsibility to coordinate the implementation of free circulation of goods.

With respect to EPA Implementation, during the period 2012, a Gap Analysis was developed and areas of legislative intervention identified in ensuring EPA compliance. A National EPA Implementation Work Plan was also developed following extensive consultations by the Consultant.

During 2012 a number of public awareness and information dissemination was undertaken. A number of consultations were held with Government Ministries and private sector organizations.

Article 164Promotion of Industrial DevelopmentIn 2011, the mandated review was conducted. However, Member States were not able to endorse the results of the study. Therefore, at the 35th meeting of the COTED in December 2012, the following was agreed:

i. Article 164 treatment would be extended to the same products and at the same rates until the end of 2018, with a review of the application of Article 164 to these products to be conducted in 2018.

ii. LDCs shall maintain automatic licensing arrangements, solely for statistical and administrative purposes.

iii. Without compromising the integrity of Article 164 and bearing in mind previous discussions held amongst Antigua and Barbuda, Grenada, and St.Vincent at the Seventeenth Inter-Sessional Meeting of Heads of Government in 2006, as well as the Twentieth and Twenty-First Meetings of the COTED, these three LDC countries would hold discussions aimed at resolving any outstanding issues pertaining to the regime on wheat or meslin flour.

iv. Supportive measures in accordance with paragraph 2 of Article 164 of the Revised Treaty should be instituted and should be considered an indispensable element of the regime, including:- Enforcement of regional standards- Implementation of (Harmonized)

Competition Policy legislation- Trade financing- Investment in the Energy Sector


- Transportationv. The successful realisation of the

objectives of the Article 164 regime would require shared responsibility and complementary actions by MDCs, LDCs, the Caribbean Community (CARICOM) Secretariat, the Organisation of Eastern Caribbean States (OECS) Commission, and the CARICOM Development Fund (CDF).

vi. An implementation plan should be prepared at the soonest opportunity outlining timelines, roles and responsibilities of all actors (LDC and MDC States, the CARICOM Secretariat, the OECS Commission, the CDF and CEDA) including the private sector firms that benefit from the Article 164 regime.

vii. MDCs would submit data on exports of Article 164 items to the LDCs, on an annual basis to the Secretariat.

viii. LDCs would submit data on imports of Article 164 items from outside the Region, on an annual basis to the Secretariat.

TRADE INFORMATION PORTALThe Grenada Trade Information Portal was successfully launched on June 14th, 2012. The website address is www.tradegrenada.gd.The Portal will provide manufacturers and exporters with an additional avenue to access export market information and to advertise their products to local, regional and international markets via the internet.

The website aims to link potential exporters to new markets and provide timely trade data and information on new trade opportunities.

The Portal forms part of an Action Plan of the National Export Strategy which also includes The Grenada Bureau of Standards Quality Management Project.

Since the official launch of the Portal, a number of information, which includes market research, shipping information, manufacturers’ products and contact information, manufacturers’ directory, statistical data etc were uploaded on the website.


Shelter Solutions Advert

Hubbard’s -Tel:440 6093Available at


The Grenada Bureau of Standards

By: Dr. E. Reginald Buckmire, MBE

The Grenada Bureau of Standards (GDBS) continued to improve its capabilities and has been promoting and maintaining successfully the Standardization Movement in Grenada.Several steps towards enhancing the efficiency of the GDBS’ operations and upgrading its services have been introduced. One such step is the development of an Annual Business Plan to guide and aid management to conduct sound strategic and operational work. Ten (10) strategic objectives were identified in the GDBS’ Business Plan.

They include :■ Seminars in Different fields of Endeavour■ Improving Agro-Industries and Agri-Business■ Improving competitiveness in the Tourism and Hospitality Industry■ Enhancing the capability of the GDBS Laboratories■ Harmonizing National, Regional & International Standards■ Ensuring Compliance of all Standards■ Improving Quality of work in Buildings and Construction■ Expanding Standards and Quality Awareness ■ Developing Staff and Management through Training ■ Ensuring all measurements are reliable and true


These are but a few achievements done as the Bureau of Standards move to address the water meters and other needs. There were three meetings of the Board during the year 2012.

To this end, the GDBS did the following :■ Signing of a Memorandum of Understanding (MOU) with GRENLEC to Certify Electri

Meters. In this regard over 1000 meters have been certified.■ Trained and audited some Food Vendors & Handlers in Cooperation with CARIRI

(Trinidad).■ Personnel including those located at the Fish Friday and Grand Anse benefited.■ Tested Food Products & Water both imported and manufactured in Grenada.■ Tested and monitored Wheat Flour base Products manufactured Locally and imported.■ Tested and monitored imported cement and sand, concrete materials in construction

and hollow concrete blocks made locally.■ Verified Vehicular Tyres and Fuel Pump deliveries.■ Trained personnel from Dominica, Guyana, St. Vincent & the Grenadines.■ Monitored & Tested Scales and Measuring Devices.■ Started working on Renewable Energy Systems in cooperation with some organizations

from Latin America.■ Developed Capabilities and obtained sophisticated equipment such as a modern GC/

Mass Spec to measure Essential oils & Alcohol based Products.


Report of the Senate Activities for 2012

The year 2012 was again announced to be one with a packed legislative agenda. However, the prorogation of Parliament in July 2012 leading to the dissolution of Parliament in January 2013 curtailed the activities of the Senate and as such we were engaged in the deliberation of twenty nine Acts, the passage of twenty Bills, and the debating of four motions with eight Bills sent back for amendment.

By: Senator Christopher De Allie


KNOW-HOW.For over 25 years, Spice Island Marine Services has been known for reliable customer service. With insurance approved storage, you will have peace of mind. This full service boatyard accommodates yachts up to 70 tons, 85 feet long, and 25 feet wide for all your hauling, storage, and repair needs.

[email protected] www.spiceislandmarine.com 473.444.4342

During the period the following Bills of note were considered and passed :

During the period the following reports were laid before the Senate :■ Report of The Supervisor of Insurance for the year ended December 31st 2010

■ Financial Intelligence Unit Act, 2012■ Income Tax (Amendment) Act, 2012■ Juvenile Justice Bill, 2011■ Terrorism Act, 2012■ Citizenship (Amendment) Act, 2012

Financial Statements for the following entities :■ National Insurance Scheme ended 31st December 2011■ GARFIN for the period ended 31st December 2011■ Grenada Bureau of Standards ended 31st December 2011■ Office of the Ombudsman Plan 2012 and Annual Report for the period 2011■ Grenada Ports Authority ended 31st December 2011■ Grenada Food and Nutrition Council ended 31st December 2010■ Financial Intelligence Unit Grenada ended 31st December 2011

■ Patents (Amendment) Act, 2012■ Property Tax (Amendment) Act, 2012■ Legal Profession (Amendment) Act, 2012■ Labour Relations (Amendment) Act, 2012■ Trademarks (Amendment) Bill, 2012


Depelopment ProgramMajor Projects Committee Report 2012

As of end 2012, the status of major government projects were as follows :

PROJECT COST UPDATE

Grenville Market Development

Agricultural Feeder Roads

Regional Disaster RiskReduction Project

Lowther’s Lane Government Office Complex

Abbatoir was 90% completed. Market was 75% completed. Bus terminus phase 1 was 100%completed.

Contract awarded but no mobilization as of end 2012.

Geotechnical works finalized. Terms of reference completed for various areas.

Tenders evaluation completed; award pending funding.

$13.2M USD

$20M USD

$262M USD



Geothermal Project

Carriacou Wind Energy Project

New Teaching Hospital

Athletic Stadium

Parliament House

Schools Rehabilitation

Caribbean Infrastructure Programme

St Mark’s Poultry Project

Venezuela Multi Project

MAREP

On hold pending policy shift.

Financing agreement signed with EU. Draft tender document and Environmental Impact Assessment completed.

Preliminary work ongoing with the PPP project awarded to Balfour Beatty and the site assessment study completed with the local consultant.

All plans completed and construction expected to begin June 2013.

Design contract awarded to Grenadian firm COCOA. Concept design development phase completed.

Construction ongoing at Grenville and at St Joseph’s Convent St George’s.

At pre-contract stage.

Site in St Marks approved. Awaiting financing.

Phase 1 of St George’s Market completed, Tanteen Pavilion completed and Ford Bridge contract completed.

75% of work plan re human and social capacity building completed, 30 small business plans reviewed and 80% of work plan achieved.

$7.9M USD

$32M USD

$10M USD

$8.9M USD

$10M USD

$8.2M USD


By: Mrs. Hazelann Hutchinson

2012 Report on Grenada Ports Authority (GPA)

The early part of 2012 had Grenada’s sea and air ports struggling to continue operations when revenues were halted by an injunction in favor of the Taiwanese Ex-Im Bank. This injunction was later overturned and the revenues returned to the appropriate entities. The Grenada Ports Authority management and staff managed this period with resilience and assiduously kept operations going with continued professionalism.

The global recession remained visible at the ports with physical indicators reporting a decline in cargo through-put for 2012 totalled 455,011 tons a shortfall of 4.7% from the 477,387 tons recorded in 2011.

Imports saw a decline from 414,957 tons 6.2% compared to 442,587 tons recorded in 2011. cargo exported recorded positive growth of 15% in 2012, increasing from 34,800 tons in 2011 to 40,054 tons.

Other results for 2012 revealed that break bulk imports as well as containerized imports decreased by 5% below 2011 results.

Although there was a decline in total ship calls, Cruise Ship calls increased by 11% moving from 207 in 2011 to 230 in 2012 principally influenced by the weekly Mandalay calls. In spite


of this increase, cruise passenger arrivals fell to 247,987 20.8% less than the 313,206 recorded in 2011.

Calls by yachts to ports of entry on the mainland and Carriacou in 2012 totalled 4,464, a decrease of 6.8% compared to 4,791 calls the previous year. Yacht calls to Carriacou have been increasing steadily over the past few years unlike calls to the mainland Grenada.

The continuing downward trend in operations is of much concern to the Authority as over 75% of its gross operating revenue is generated from cargo handling and other related activities.

The Grenada Ports Authority continued its partnership with Customs via the ASYCUDA World System which will provide an interface between the Customs and Port Authority. 2012 saw the introduction of a one stop shop at the Queens Warehouse which is also utilized by the Ministry of Health and the Bureau of Standards.

Key Strategic Objectives and Priorities for Fiscal Year 2013:■ Continue with initiatives aimed at

rationalizing cargo-handling labour with a view to achieving greater productivity and efficiency.

■ Institutionalisation of Performance Measurement for all staff.

■ Conduct an in-depth analysis of the various aspects of the Authority’s operations with a view to furthering the process of modernisation and mechanization and cost and waste reduction within the ports.

■ Improve the quality of service being delivered to port users and the general public.

■ Foster safe and efficient work practices.■ Shift the focus of the Maritime

Administration from a closed registry to establishing aninternational registry of ships.


2012 Grenada Industrial Development Corporation Report (GIDC)

During 2012, GIDC won three awards, the Global Investment Promotion Benchmarking Award for the #1 investment promotion agency in the ACP states for enquiry handling, runner up for the UNCTAD Investment Promotion Award 2012 for excellence in promoting investment for jobs and skills and the CAIPA Regional Excellence Award in investment promotion for 2012.

In keeping with the Investment Promotion Strategy, GIDC focused activities in 2012 on strengthening the investment generation system.

Among the initiatives worked were the following:

a. The establishment of an inter-agency coordinating team.

b. The establishment of a virtual web-based application and feed-back process.

c. The development of a rigorous instrument to determine the experience and needs of investors.

d. The alignment of the incentive regime with the investment promotion strategy.

e. Development of a database for the registration of privately owned business properties.

f. The development of a suite of accommodation solutions that match the needs of the investment promotion strategy.

g. The development of a suite of internationally



benchmarked aftercare services.h. A development of a system for vetting

investment applications, tracking the status of applications and the performance of investors.

i. The development of a system for monitoring and evaluating the impact of the investment generation process.

GIDC also focused activities on branding and positioning the country as a superior location to do business. Key stakeholders, including Ministry of Foreign Affairs, the Export Development Unit within the Ministry of Trade, Ministry of Tourism and the Board of Tourism have been identified. The first meeting of stakeholders will take place in early 2013. Another key area of focus was on identifying investment opportunities. A “best bet” framework for selecting market driven opportunities and a template for the development of investment opportunity profiles were created. The following “best bet “ opportunities were selected:a. Medical Business Process Outsourcing

(MBPO)b. Herbs & Spice Clusterc. Nutmeg value added Clusterd. Fish processing value added Clustere. Natural product Clusterf. Agri-business Clusterg. ICT Cluster

The profiles for the following opportunities were updated and marketed: ■ Bacolet Bay Resort and Spa ■ Grenada Forts Restoration project■ Levera Resort Development project■ Grand Harbour project

■ Dougaldston Estate project■ Petite Trou project In addition to the above a number of potential project sites were visited to ascertain suitability for the location of projects. Among these sites were the Bon Accord Estate, Douglaston Estate, Belmont Estate, Noelville, Laura Spice Gardens and other locations in St. Mark’s, St Patrick’s and St. Andrew’s.

Promotional activities in 2012 were geared towards increasing awareness of the country as an investment location. The main promotional tool used was the website. The website attracted a total of 1,224,733 hits. Most of the hits originated from the US, Canada and the region. 151 investment enquires were generated from the website. Twenty-nine (29) project proposals were received. Eighteen (18) were approved, seven (7) were implemented and two commenced operation. Sixteen (16) other projects which were in-implementation during the year also commenced operation bringing the total number to eighteen (18).

The type of the projects received was as follows:Greenfield (new) investments -26Brownfield (expansion) investments -3 Principle business activities were as follows:Resort/Guest Houses -4Ancillary tourism services -8Agri-business -5Poultry - 3Bottled water -2Manufacturing -6Medical facility -1


The average size of an investment project received was EC$2.2 million. The average number of jobs proposed per project was eight (8). Figure 1 below depicts the trend in investment proposals received by GIDC.

Twenty-four (24) of the twenty-nine (29) project proposals received were from domestic investors. Thirteen (13) were manufacturing, seven (7) were tourism and four (4) were services. The average size of a project received was EC$700,000. The average number of jobs per project was five (5) persons.

At the end of 2012 a total of sixty (60) projects were in the pipeline as follows:

from GIDC started operations. Twelve (12) jobs were created.

f. Fifteen (15) SME’s were assisted with costing and pricing, recordkeeping, and website design.

g. Four (4) exporters were assisted to access reimbursable grants in the amount of EC$416,000 to upgrade their operations:

h. US$199,000 was secured under the Caribbean Youth Empowerment Program. The following was accomplished thus far:■ 286 youth applied to the programme

surpassing the targeted number by 86%.■ 93 youth enrolled in the programme.■ 90 youth completed life skills training, 93

youth completed ICT training, 43 youth Table 1: Investment Pipeline at December 2012

Project Status EstimatesPending Implementation - 28 projects, EC$4.8 billion, 827 jobs Projects In-Implementation - 19 projects, EC$2.8 billion, 3,700Projects Under Review - 13 projects, EC$36 million, 126 jobs

In the area of Small and Medium Sized Enterprises (SME’s) the following was accomplished:a. Seventy-three (73) businesses were assisted

to formalize their operations by completing the necessary forms to facilitate Business Name Registration.

b. Business advice and counseling was provided to 106 businesses.

c. 291 persons were trained in entrepreneurial and business skills.

d. Preparation of business plans and access to funding was facilitated for thirty (32) potential and existing SMEs.

e. Six (6) new SME’s that received support

completed Entrepreneurship Awareness training and 11.43 youth completed Entrepreneurship Skills Development.

■ Only 3 youth dropped out of the programme thus far.

i. US$39,869 was secured under the Caribbean Financial Services Programme to provide training for SMEs Customer Service and Financial Management. Fifty-two (52) persons were trained.

This information is taken from the official annual report of the Grenada Industrial and Development Corporation.


Report of TAMCC Council for Year 2012

By: Senator Christopher De Allie

The greater part of the year had the Council engaged primarily in issues of financing for the College. The Council continues to grapple with the amount of subvention given especially when this amount is primarily for the payment of salaries.

The year 2012 also saw the increase in the number of students requesting assistance for meals, transportation and payment of fees. Towards this end the GCIC and the Employers Federation was instrumental in developing and financing a necessitous students fund to the tune of over E.C$10,000.00 to help the students.

As a result the Council continues to look for ways for the development of programmes and identifying sources for alternative funding for the College. This aspect of alternative funding

has been strategically approached by the development of a Resource Mobilisation Unit within the College which has used its relations with the Private Sector to generate some much needed funding in both cash and kind.

The Council appointed committee on pension matters recommended to the Council and Council approved for the staff an alternative Pension Savings Plan that will provide the necessary security and benefits for the employees. However, due to a shortage of funds the Plan has not been activated as at the date of this report.

A great part of the Council’s time was spent in finding the adequate space to house our student population of approximately 2,600. The College continues to be challenged to adequately house its students and as such was


successful in negotiating a lease and purchase arrangement with the NIS for the Armstrong Building in an effort to help alleviate this issue.

We are still not able to adequately cover our Mechanical Building which was damaged during Hurricane Ivan. The students continue to operate in a building that leaks profusely and results in the suspension of classes on a regular basis.

It is my opinion that the College has not benefited from being strategically placed by the Ministry of Education and the Government among the tertiary institutions in Grenada. We continue to see the slighting of the College in its proper financing for Capital works and Operational Expenses in that the Government budgets E.C$10M for the College when we actually require E.C$13M to just meet operational expenses.

We continue to be told of a perception existing within the halls of the Government that the

institution is wasteful and under performing, a perception that is easily dispelled by the performance of its students in the Cape Exams for 2012.

This is further augmented by the success of the graduation ceremony of the college where more than three hundred students obtained Associate Degrees.

In conclusion the main challenge for the College going forward continues to be the upgrading of the physical plant in this difficult economic environment to house the number of students that are interested in obtaining a tertiary education. The subvention from the Government continues to come at a slow rate and leave very little room for flexibility and manoeuvring at the Institution.

It is hoped that the College can be recognised for the excellent contribution it has made and continue to make to the development of students at the tertiary level.


The Grenada Solid Waste Management Authority continued to carry out its mandate to preserve Grenada’s environment and maintain the health of its people through collection of waste. Despite the severe financial limitations and land space constraints at Perseverence, the Authority’s management and staff have to be commended for the service they provide to Grenada, Carriacou and Petite Martinique.

Environmentally Friendly SchoolsInitiative The Environmentally Friendly Schools Initiative of the Grenada Solid Waste Management Authority has been one of the growing school projects of the GSWMA which has been effecting positive change in school aged children towards the environment.

In 2009 when the program was re-launched

following its suspension after the passage of Hurricane Ivan, a total of thirty-nine schools registered in the program and were actively engaged in the various components of the initiative. In 2012, there was a record number of registered schools in the program with fifty-two schools.

Schools have been actively engaged in projects at the community level such as adoptions of beaches, rivers, historic sites and other places of interest. Special projects including the cleaning of reefs and marine protected areas were targeted.

Waste reduction/ recycling initiatives including composting of organic school waste has been implemented by most schools as a means of encouraging students to be better committed to waste diversion.

Grenada Solid Waste Management Authority



At the end of the year St. George’s Methodist Primary School emerged as the most outstanding school with twenty schools getting Gold awards in the initiative.

Waste Diversion The Metal TradeThe GSWMA continued to facilitate private entities engaged in the export of metal for recycling purposes.

A total of approximately two thousand nine hundred and twenty seven metal bales, each bale weighing approximately eight hundred lbs were diverted for the landfill. This represents an approximately 80% increase over the previous year. New private sector companies have been formed to deal with waste materials as a source of revenue. This is a trend that is being encouraged.

Public EducationSeeing the need to encourage greater compliance to solid waste management, the Authority sought to reach out to more of the Grenadian population through its public

education programs. In 2012 the Authority moved from broadcasting its radio series from three days a week to a daily programs and extended its reach by adding two new radio stations to its usual list. It is hoped that with the use of these broadcasting agents, more of our citizens will have access to information from the Authority which will help them make more informed decisions that would encourage good solid waste management practices.

Anti-litter awareness week of activities in 2012 targeted communities throughout Grenada. The Authority staged a series of activities geared at sensitizing the population on the issues of littering.

The Authority also staged its first ever “Poor Man’s Dinner” as a fundraiser in aid of the Grenada National Patient Kidney Foundation and at the end was able to present a total of six thousand two hundred and fifty dollars ($6,250.00) to the organization to help its patients obtain dialysis care.


By: Basil Harford

Grenada Authority for the Regulation of Financial Institutions (GARFIN)

The Grenada Authority for the Regulation of Financial Institutions (GARFIN) is a Statutory Body created by Parliament by way of the Grenada Authority for the Regulation of Financial Institutions Act No.5 of 2006. This Act was proclaimed effective on February 01, 2007 by way of SRO No. 2 of 2007. Act No. 5 of 2006 was subsequently repealed and replaced in 2008 by Act No1 of 2008 which broadened the scope of responsibilities of GARFIN and strengthened its supervisory powers.

GARFIN is referred to as the Single Regulatory Unit or SRU for the non bank financial sector. The GARFIN Act consolidated supervision of the non-bank financial sector under one

Authority making GARFIN responsible for the administration of some twelve pieces of legislation as follows:

Building Societies Act, Cap 38

Friendly Societies Act, Cap 118Cooperatives Societies Act, 1996 (as it relates to financial cooperativesand Credit Unions)

Insurance Act, Cap 150 subsequently repealed and replaced with the Insurance Act 2010

Company Management Act, 1996


International Betting Act, 1998

International Trusts Act 1996 International Companies Act, Cap 152

International Insurance Act, 1996

Offshore Banking Act, 2003

Grenada Development Bank Act, Cap 129

Money Services Business Act 2009

Previous to the creation of GARFIN the above legislation was under the administration of several separate authorities.

Consolidation of Credit Unions under one single authority.During the period under review the Authority addressed the status of a number of Credit

Unions operating in the country, among them being the Tivoli Credit Union, the River Sallee Credit Union, the Communal Credit Union, the Grenada Union of Teachers Credit Union and the Public Service Cooperative Credit Union.

The Authority also addressed the status of the Grenada Building and Loan Association and in particular the appointment of a Judicial Manager to oversee its revitalization.

During the period also, the Authority addressed the performance of the Executive Director with a view to determining his suitability for reemployment. There was overwhelming approval as to his suitability and was accordingly approved for re-employment. Generally speaking I would say that the organization is functioning admirably and far above local normal standards. I would therefore recommend it for emulation.


St. George’s University Charter Hall was transformed into a room of splendor as over 300 Junior Achievers along with their teachers, business consultant and parents from the 15 JA companies throughout the State of Grenada came together to participate in the JA Company Program Annual Graduation & Awards Ceremony. Individuals as well as JA companies were awarded for their hard work and dedication towards the 2011/2012 Company Program.

Junior Achievement of Grenada

By: Nicholas George The achievers of St. Joseph’s Convent, St. Andrew (Fruitti D Litez) were in their glory as they received the most prestigious award “Company of the Year”. First runner up was Bishops College, Carriacou (Wonderfully Accessorized World) followed by Westmorland Secondary School (WestLime Promotions) second runner up.

It is customary that the top achievers of the winning company be given the opportunity


to represent Grenada at the JA Company of the Americas Competition. This year with the support of USAID, five (5) students and their business teachers representing St. Joseph’s Convent, St. Andrew (Fruitti D Litez) and Bishops College, Carriacou (Wonderfully Accessorized World) travelled to Montevideo Uruguay to present their respective JA companies amongst 19 other companies within Central America, North America, South America and the Caribbean.

After a very tough battle of business skills, ingenuity and innovation St. Joseph’s Convent (St. Andrew) created history in Montevideo on Thursday November 29th, 2012 when Fruitti D Litez received the 2nd place trophy in the Junior Achievement Company of the Year, Americas Competition. Grenada is the 1st Caribbean island to place in the top three (3) of this competition. JA Grenada (along with 4 other countries) is a proud recipient of a 3 year grant compliments USAID. The funding is to be used as a means of creating sustainability of JA offices in the region; hence there will be a transition whereby JA Grenada will become an independent entity. This fund also permits JA Grenada to grow and extend the

program to primary schools as well. After meeting with Minister for Education, Sen. The Hon. Franka Bernadine JA Grenada was given authorisation to introduce JA “Our Nation” to students of Grade 5. Our premiere target are the schools within Carriacou and Petite Martinique and the parish of St. Andrew.

St. George’s University along with CIBC/FCIB continues to be Junior

Achievement Grenada’s main sponsors and much appreciation is extended to them. The Committee also expresses sincere appreciation to all other local businesses, consultants, teachers and volunteers who have supported this program in cash or kind. Your contributions have certainly impacted positively in the development of the minds of our youth.


Set among rolling verdant hills, lies Belmont Estate, which offers an escape from the stress of day to day life and provides visitors – local and foreign - with the perfect opportunity to experience a slice of traditional rural life and agri-tourism at its best.

For more than 300 years, Belmont Estate has played a pivotal role in the agricultural sector of the island being involved in cocoa, nutmeg and bananas. Ten years ago the company diversified into tourism, creating an experience that affords visitors an opportunity to participate and observe a working plantation. Today, through the dedication and hard work of its directors, managers and employees Belmont Estate is considered one of the top agri-tourism businesses on the island. It offers an experience second to none with our main attractions being our heritage museum, tours, restaurant, and farm animals.

We host business luncheons; staff parties, dinners and awards ceremonies; cocktails and project launchings at our well appointed restaurant. We are also a chosen destination for weddings; Mother’s and Father’s Day luncheons; Valentine and Christmas dinners; fundraising luncheons and dinners; birthday, anniversary, and family reunions.

Our tour package include:Tree to bar Chocolate Lovers Tour which provides a fascinating experience of the delicate crafting of chocolate, from the bean to the bar. It allows the guest an opportunity to touch, taste, see, smell and hear cocoa and chocolate. It features include a visit to our cocoa fields and Grenada Chocolate Factory; Lunch featuring chocolate dishes at our restaurant.

A farm Tour which is an extraordinary adventure for persons interested in organic farming, or farming in the Caribbean. It features a full tour of our organic farm by All Terrain Vehicle or land rover and

foot, to discover cocoa, fruit orchards, vegetable garden, dry forest, observe wildlife and visit a natural spring.

Garden Tour which provides guests with a comprehensive overview of the many exotic and indigenous plants which; have made Belmont their home. It features our Sugar mill Garden; Herb Garden; Vanilla Garden; Orchid Garden; Blue Garden; Riverside Garden and a Wild and

Wacky Garden.

Our pursuit of excellence in all our products and services; has resulted in us partnering with several innovative, creative persons and companies such as the Grenada Chocolate Company, The Grenada Project, The Craft cooperative; Grenville Cooperative Credit Union and Imagine Gift Shop; all of which offer their services and/ or products on the estate. This has allowed us to create a stronger brand and offer a wider product range and services for our guests. We are also a member of the Grenada Organic Agriculture Movement.

We have also expanded into value added products such as cocoa balls, grounded nutmeg, cinnamon and mace; sauces and condiments; jams and jellies; floral bouquets and fresh flower arrangements which are available at the estate; supermarket shelves and gift shops. While here guests can also enjoy and purchase delicious award winning organic chocolate bars and bon-bons from the Grenada Chocolate company; goat cheese from the goat dairy and locally made arts and crafts.

Key to Belmont’s success is the relationship with its community. Following the passage of Hurricane Ivan we established a charity arm of the company The Belmont Foundation (formerly hearts and hands of Grenada). The Foundation seeks to enhance the lives of the vulnerable persons within the community in particular children and the elderly. Its activities include:• Weekly soup kitchen• Annual Christmas Hamper distribution• Annual Kiteflying and family Fun day• Annual book, uniform and school supplies distribution• Thrift shop for used and new clothing at low prices

As we continue to achieve our vision of being the Caribbean’s best agri-tourism experience we are increasing and diversifying our product offerings, while we maintaining high service standards and creating a ‘wow” and magical experience for all our guests.

Belmont EstateThe Caribbean’s Best Agri-tourism Experience


The introduction of Asycuda World by the Customs & Excise Department has completely transformed the clearing of goods through our ports. Not only has this technologically advanced data interchange system made it easier for customs brokers and traders to provide service in a more efficient and less cumbersome manner but also, Asycuda World has allowed Grenada’s demanding shipping community to make a giant and necessary leap into the future and save on much needed TIME.

The Manifest Module of Asycuda World was the first module introduced in early 2011 and though the initial phase of its introduction wasn’t without its share of problems it was successfully implemented in 2012. This module allowed shipping companies the

ability to transmit relevant and appropriate shipping documents electronically to local agents. Local agents now have the ease of transmitting their manifest directly to Customs as well as the ability to prepare and send required information to the relevant ports of entry in Grenada in a timely fashion.

Furthermore, shipping agents and consolidators have the option of now emailing shipping documents (the prepared waybill, bill of lading and airway bill) to importers. As you would imagine, the change from an in-person delivery process to simply transmitting and processing shipping documents with a click of a button has greatly reduced the time it takes for goods to be cleared. The drastic reduction in the time taken to process Customs entries for the clearing and exporting of goods

Custom Brokers Reportfor 2012

By: Valentino Sawney


through our ports is therefore an extraordinary achievement by Grenada’s Customs and Excise Department.

Asycuda World affords customs brokers and traders the versatility of using the system to process and submit customs entries at any time. Its single window functionality allows for other remarkable features such as:

■ The ability for customers to pay for their import through an agreed accounting system.

■ The ability for brokers and traders to

apply to the Ministry of Trade for an import license with the Grenada Bureau of Standards supporting this initiative.

■ The ability (within the next few months) for border control agencies, such as, the Ministry of Agriculture, the Ministry of Health and the Grenada Ports Authority to be fully integrated into a single framework.

Asycuda World has greatly enhanced the facilitation of Trade and will go a very long way in ensuring Grenada’s competitiveness on the regional and international market.


GCIC 24th Banquet Awards & Dinner

By: Mr. Clive Hosten

The Chamber’s activities for 2012 climaxed with our 24th GCIC Annual Awards Ceremony held at the Spice Basket. The event was a red carpet affair similar to the Oscars and gave us the opportunity to showcase the crème de la crème of the business community.

For the first time ever, the event was shown nationally live and via internet streams to the Diaspora compliments Flow Grenada. Various awards were also interviewed prior to the event with recordings shown on the night of the event and on local media before the event.

We also introduced a new category the People’s Award. The winner of this first ever prestigious award sponsored by Virgin Atlantic was Jonas Browne and Hubbard (Gda) Ltd.

As a business event it would be remiss of us not to have a recognized speaker deliver the feature address, Dr Warren Smith, Chief Executive Officer of the Caribbean Development Bank(CDB), spoke to the role and responsibilities of the CDB during these recessional times and the role of the private sector and Government.

We want to congratulate all our award winners, nominees and you our members who supported by sponsoring or attending and invite you to our 25th Annual Awards Ceremony scheduled for November 30th 2013.

Tier One Sponsors:


Governor General of Grenada, Carriacou & Petite MartiniqueSir Carlyle Glean

Prime Minister of Grenada, Carriacou & Petite MartiniqueHon. Tillman Thomas


People's AwardJonas Browne & Hubbards

(Sponsored by Virgin Atlantic)

Exporter of the YearMs. Cecile La Grenade - De La Grenade Industries

(Sponsored by Republic Bank (G’da) Ltd.)

Guest Speaker - Dr. Warren Smith President of the Caribbean Development Bank

Corporate Social Excellence of the Year Mrs. Michelle Sayers-Griffith - RBTT Bank Grenada Ltd.

(Sponsored by Grenada Grand Beach Resort)

Business of the YearMr. William Baptiste - Cathwills Stationery

(Sponsored by Grenada Co-operative Bank Ltd.)

Service Excellence of the YearMr. Clive Hosten - Grenada Electricity Services Ltd

(Sponsored by G4S Secure Solutions (G’da) Ltd.)


Winner of the Virgin Premier Economy TicketsMs. Sallie-ann Nixon

(Sponsored by Virgin Atlantic)

Young Entrepreneur of the YearMr. Andrew Welham - Up in Smoke

(Sponsored by Jonas Browne & Hubbards (G’da) Ltd.)

Business Woman of the YearMs. Debra Mason - Caribbean Naturals


Environmental ExcellenceMr. Ryan Singh-Spice Isle Recycling

(Sponsored by G4S Secure Solutions (G’da) Ltd.)

Manufacturer of the YearMs. Francis Taylor - Grenada Bottling Company

(Sponsored by Republic Bank (G’da) Ltd.)

Small Business of the YearMr. Sebastian Paul - SP's International Trading Ltd.



Inter-sector Windball Cricket Competition 2012

Zone D Winner - Police

1st Place Winner - Police 2nd Place - Country Cold Store

Zone A winner - MNIB

Zone B winner - Digicel Rising Stars

Zone C Winner - LIME Grenada Ltd


Development Through Financing

Student Loans

Mortgage Loans

Fishing Loans

Tourism Loans

Agricultural Loans

We have deep roots in building this country. Founded more than 45 years ago, GDB has played and continues to play a major role in developing our people and country.

P.O. Box 2300, Melville Street, St. George’s, Grenada . Tel: 473. 440.2382 / 1620 / 1379 . Fax: 473.440.6610Email: [email protected] . Web: www.grenadadevelopmentbank.com

GRENADA DEVELOPMENT BANK

We offer:

Agro-processing Loans

Micro-enterprise Loans

Other Business Loans

Business Registration

gdb2.pdf 1 24/04/2013 11:46:48


Grenada Chamber of Industry and Commerce Calender of Events 2013

JANUARYDate Event Venue

23rd Business LuncheonThe Flamboyant Hotel –

Bougainvillea Conference Room

FEBRUARYDate Event Venue

4th Junior Achievement Open House – St. Andrew’s Bains Hall

12th Junior Achievement Open House – St. George’s GBSS Auditorium

14th Junior Achievement Open House – Carriacou Hillsborough Community Centre

MARCHDate Event Venue14th GCIC Inter-sector Windball Cricket Opening Ceremony Morne Rouge Playing Field

8th Junior Achievement: Business Plan Presentation GCIC Conference Room

12th Junior Achievement: Launch “Our Nation” – Primary School Program Carriacou & Petite Martinique

APRILDate Event Venue

30th GCIC Annual General Meeting GCIC Conference Room

30th Junior Achievement Trade Fair Grenada Trade Center

MAYDate Event Venue

6th & 7th ECCB Financial Training Seminars GCIC Conference Room

14th Junior Achievement Annual Report Presentation GCIC Conference Room


15th Business Luncheon - Dr. The Right Hon. Keith Mitchell TBC

28th Junior Achievement Awards Ceremony TBC

JUNEDate Event Venue19th Business Luncheon TBC

JULYDate Event Venue24th Business Luncheon TBC

AUGUSTDate Event Venue

SEPTEMBERDate Event Venue18th Business Luncheon TBC

TBC GCIC Golf Tournament Golf Club

OCTOBERDate Event VenueTBC Junior Achievement Recruitment TBC

23rd Business Luncheon TBC

NOVEMBERDate Event Venue30th GCIC Banquet & Award Ceremony TBC

TBC Junior Achievement Leadership Training Seminar TBC

DECEMBERDate Event VenueTBC Junior Achievement of the Americas Competition TBC


GRENADA CHAMBER OF INDUSTRY AND COMMERCE 11 Frequente Industrial Park, St. George’s, GrenadaTel: (473) 440-2937/4485 . Fax: (473) 440-6627Email: [email protected] . Web: www.grenadachamber.org

Join the

Today!CHAMBERCHAMBER

Your


Let Us Help You...Increase Your Business visibility.






2012Selected Economic

Indicators

Source: Grenada Statistics Department/ECCBDate: February 2013

GRENADA CHAMBER OF INDUSTRY AND COMMERCE 11 Frequente Industrial Park, St. George’s, GrenadaTel: (473) 440-2937/4485 . Fax: (473) 440-6627Email: [email protected] . Web: www.grenadachamber.org

Join the

Today!CHAMBERCHAMBER

Your


Let Us Help You...Increase Your Business visibility.






GRENADA BALANCE OF PAYMENTS STATISTICS (EC$M)

2013FNet

-552.20

-524.81-697.56-716.5919.03

172.75-98.87296.16-28.5913.29-9.230.00

-94.330.46

-94.79-58.165.59

66.9419.5047.44

552.20

141.94141.94

0.00

410.2693.6193.6150.1214.9033.51-4.923.37

313.280.000.000.00

2009Net

-532.34

-469.38-614.48-630.9616.48

145.10-93.45274.09-24.913.37

-14.010.00

-170.220.47

-170.69-148.77

5.71

107.2662.4444.82

638.12

104.42104.42

0.00

533.70276.90276.90209.2614.1752.341.1337.84218.96-36.0469.75-69.75

2010RNet

-547.04

-525.45-683.88-700.5016.62

158.43-96.00273.13-23.7812.28-7.200.00

-107.670.46

-108.13-83.004.75

86.0840.2945.79

515.84

160.20160.20

0.00

355.64163.14163.14100.7713.3950.31-1.327.84

184.665.21

-25.9925.99

2011PNet

-552.10

-531.50-689.70-705.4315.73

158.20-95.05287.09-27.4212.36-18.780.00

-85.790.44

-86.23-55.553.73

65.1918.8946.30

563.63

140.49140.49

0.00

423.13115.15115.1565.0914.2341.06-5.2327.16280.82-6.125.41-5.41

2012FNet

-533.35

-519.42-681.03-699.5118.49

161.61-96.27281.43-27.8813.33-8.990.00

-79.790.45

-80.24-56.695.49

65.8519.1346.72

523.45

141.02141.02

0.00

382.4288.1388.1345.5614.5332.86-4.813.30

290.99-2.94-12.8412.84

CURRENT ACCOUNT

GOODS AND SERVICES A GOODS MERCHANDISE (f.o.b.) GOODS PROCURED IN PORTS BY CARRIERS

B. SERVICES TRANSPORTATION TRAVEL INSURANCE SERVICES OTHER BUSINESS SERVICES GOVERNMENT SERVICES OTHER (FINANCIAL)

C. INCOME COMPENSATION OF EMPLOYEES INVESTMENT INCOME Direct Investment Portfolio Investment

D. CURRENT TRANSFERS GENERAL GOVERNMENT OTHER SECTORS

CAPITAL AND FINANCIAL ACCOUNT

A. CAPITAL ACCOUNT CAPITAL TRANSFERS ACQUISITION / DISPOSAL OF NONPRODUCED NONFINANCIAL ASSETS

B. FINANCIAL ACCOUNT DIRECT INVESTMENT In Reporting Economy (inward) Equity Reinvested Earnings Land Sales Other PORTFOLIO INVESTMENT OTHER INVESTMENTSNET ERRORS AND OMISSIONSOVERALL BALANCEFINANCING

2014FNet

-567.13

-530.19-714.50-734.0919.59

184.31-101.62311.58-29.3413.19-9.500.00

-104.900.47

-105.37-59.795.69

67.9719.8648.11

567.12

143.04143.04

0.00

424.0899.6099.6055.1315.3234.18-5.033.43

321.050.000.000.00

Source: ECCB and Central Statistical Office


RETAIL SALES ‘000 EC$

INDEX (JAN1980 = 100)

BUILDING MATERIAL ‘000 EC$

INDEX (JAN1980 = 100)

TOTAL RETAIL SALES

BUILDING MATERIAL AS A %

OF TOTAL RETAIL SALE (%)

2010

118,106.6

357.6

35,659.9

415.6

153,766.6

23.2

2011

120,813.2

365.8

35,043.0

408.4

155,856.2

22.5

2012

126,200.4

382.1

28,614.4

333.5

154,814.8

18.5

2009/ 2008

-14.6

-14.6

-25.0

-25.0

-17.3

2010/ 2009

-10.1

-10.1

-13.1

-13.1

-10.8

2011/ 2010

2.3

2.3

-1.7

-1.7

1.4

2012/ 2011

4.5

4.4

-18.3

-18.3

-0.7

YEAR % CHANGE

SELECTED RETAIL SALES INDEX

200000

180000

160000

140000

120000

100000

80000

60000

40000

200002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

YEARS

RETAIL SALES EC$’000RETAIL SALES EXCLUDING BUILDING MATERIALSBUILDING MATERIAL

IN E

C$’0

00


SERIESTOTAL ARRIVALS STAY-OVER VISITORS Grenadians Residing Abroad Students OtherYacht Passengers EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERSESTIMATED EXPENDITURE ‘000EC$ STAY-OVER VISITORS EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERSSTAY-OVER VISITORS BY COUNTRY OF NATIONALITY *USACANADAUKGERMANY GRENADIANS RESIDING ABROADWEST INDIESOTHER TOTALNO. OF CRUISE SHIPSNO. OF YACHTSHOTEL OCCUPANCY RATENO. OF ROOMS AVAILABLENO. OF BEDS AVAILABLENO. OF HOTELSNO. OF GUEST HOUSESNO. OF COTTAGES / APARTMENTSAVERAGE LENGTH OF STAYTotal Stay-over Visitors in Paid Accom. (Stayover + Yacht) Hotels/Resorts Guest Houses Apartments Villas Cottages Other Private homes

2009459,595113,914

4,4862,829

342,852242,151.2204,896.9

373.336,881.0

24,7346,921

27,0902,311

13,88525,73913,234

113,914 246

8.52113,371 40,495 2,165 7,024

272 1,026 9,700

52,689

2010446,210110,47113,4697,072

84,9305,0002,448

333,291301,922.7263,888.5

728.837,305.5

24,5906,992

25,9272,146

13,46923,36813,979

110,471 206

8.27110,419 38,507 1,631 8,326

262 804

10,097 50,792

2011425,082113,94714,8626,944

92,141

1,571309,564

315,379.0280,648.4

260.734,470.0

27,3567,237

27,2362,022

14,86226,4768,758

113,947 198

8.16113,947 41,037 1,398

13,828 241 790

9,140 47,513

2012356,908112,30714,7437,104

90,460

2,147242,454

30,1967,822

24,4861,312

14,74324,8388,910

112,307 185

9.08112,307 40,615 1,304

16,303 214 603

8,359 44,909

SELECTED TOURISM INDICATORS


MAJOR AGRICULTURAL CROPS (EXPORTS)

CROPS 2009 20112010 2012% CHANGE

2011 /2010

2010 /2009

2012 /2011

QUANTITY IN 000’LBS BANANA 110.3 0.0 0.0 0.0 #### COCOA 1,045.2 1,155.1 1,454.7 1,996.9 10.5 25.9 37.3 NUTMEG 783.9 748.0 939.8 710.2 -4.6 25.6 -24.4

MACE 68.4 45.3 71.6 38.0 -33.8 58.0 -46.9

TOTAL 2,007.8 1,948.4 2,466.0 2,745.1 -3.0 26.6 11.3VALUE IN EC$’000

BANANA 63.7 0.0 0.0 0.0 ####

COCOA 4,809.6 4,964.5 6,386.5 8,910.4 3.2 2 8.6 39.5 NUTMEG 6,995.4 7,741.1 16,121.5 18,612.8 10.7 108.3 15.5 MACE 703.0 614.4 1,954.6 1,188.2 -12.6 218.1 -39.2 TOTAL 12,571.7 13,320.0 24,462.5 28,711.4 6.0 83.7 17.4 SOURCE: CENTRAL STATISTICS VALUE BASED ON ADVANCE PRICES PAID TO FARMERS

value 2012

BANANA 0.0

COCOA 8,910.4 NUTMEG 18,612.8

MACE 1,188.2

NUTMEG64.8%

MACE4.1%

COCOA31.0%

BANANA0.0%


DISTRIBUTION OF COMMERCIAL BANK LOANS BY SECTORS

SECTORS DEC2010

DEC2011

DEC2012

%Dist

%Dist

%Dist

AGRICULTURE

FISHERIES

DISTRIBUTIVE TRADE

MINING AND QUARRYING

TOURISM

MANUFACTURING

ENTERTAINMENT

TRANSPORTATION

UTILITIES

CONSTRUCTION AND LAND

DEVELOPMENT

GOVERNMENT EXCLUDING

STATUTORY BODIES

FINANCIAL INSTITUTIONS

PROFESSIONAL AND

OTHER SERVICES

PERSONAL:

(a) HOUSE & LAND

(b) DURABLE CONSUMER GOODS

(c) OTHER

TOTAL

23,041

2,353

145,672

2,865

176,047

32,583

25,610

77,932

18,688

100,451

93,122

15,404

100,127

648,830

52,503

487,901

2,003,129

1.2

0.1

7.3

0.1

8.8

1.6

1.3

3.9

0.9

5.0

4.6

0.8

5.0

32.4

2.6

24.4

100.0

21,292

2,456

137,954

2,096

160,777

30,881

66,010

38,595

18,329

76,667

87,481

17,319

139,955

672,170

47,209

495,126

2,014,317

1.1

0.1

6.8

0.1

8.0

1.5

3.3

1.9

0.9

3.8

4.3

0.9

6.9

33.4

2.3

24.6

100.0

23,723

2,516

140,439

915

130,381

36,854

62,621

35,679

17,780

70,125

53,875

13,034

189,651

651,577

43,813

506,100

1,979,083

1.2

0.1

7.1

0.0

6.6

1.9

3.2

1.8

0.9

3.5

2.7

0.7

9.6

32.9

2.2

25.6

100.0

SOURCE: CENTRAL STATISTICAL OFFICE


COMMERCIAL BANKS SELECTED INTEREST RATES

PERIODENDING DEC.

2010

2011

2012

SAVINGS

3.0 - 4.0

3.0 - 4.0

3.0 - 4.0

THREE MONTHS

2.8 - 3.8

2.8- 3.8

1.0 - 2.2

TWELVE MONTHS

3.0 - 5.0

3.0 - 5.0

1.0 - 2.7

PRIMELENDING

8.5 - 9.5

8.5 - 9.5

8.5 - 9.5

OTHERLENDING RATES

7.5 - 17.0

7.5 - 17.0

5.9 - 17.0

DEPOSITSTIME

SIX MONTHS

3.0 - 4.5

3.0 - 4.5

1.0 -2.5

LENDING RATES

Annual Report 2012


CONSUMER PRICE INDEX 2010 = 1002009 - 2012

Code0

11.01

11.0211.03

11.04

11.0511.0611.0711.0811.0911.1011.1111.12

Weights100.00

20.35

1.833.66

29.05

4.501.94

18.7210.032.710.831.814.59

2010103.57

105.73

111.28103.08

103.23

103.98103.40103.74100.84103.98100.90105.45100.04

2011106.71

110.40

114.71103.55

105.27

104.32115.90105.34110.98101.76103.80106.6398.82

2012109.28

113.71

115.28104.77

105.78

111.52125.08108.97115.27102.40110.18106.1799.94

2010104.10

106.80

113.57103.90

104.13

104.73103.42103.08101.39103.87103.37106.5498.73

DescriptionAll Products

FOOD AND NON-ALCOHOLIC BEVERAGESALCOHOL BEVERAGES, TOBACCO AND NARCOTICSCLOTHING AND FOOTWEARHOUSING, WATER, ELECTRICITY, GAS, AND OTHER FUELSFURNISHING, HOUSEHOLD EQUIPMENT & ROUTINE HOUSEHOLD MAINTENANCEHEALTHTRANSPORTCOMMUNICATIONRECREATION AND CULTUREEDUCATIONRESTAURANTS AND HOTELSMISCELLANEOUS GOODS AND SERVICES

Average (Jan - Dec) % Change

90939699

102105108111114117120123126129

2009201020112012

CONSUMER PRICE INDEX (2010=100) AVERAGE (JAN - DEC 2009 - 2012 )

INDE

X P

OIN

TS

2011/ 20103.03

4.42

3.090.46

1.98

0.3312.091.54

10.06-2.132.871.12

-1.23

2012/ 20112.41

3.00

0.501.19

0.48

6.907.913.453.860.636.14

-0.431.14

CONSUMER PRICE INDEX (2010=100)AVERAGE (JAN - DEC 2009 - 2012)

129126123120117114111

10810510299969390

IND

EX P

OIN

TS

All Products

HOUSING, WATER, ELECTRICITY, GAS, AND OTHER...HEALTH

COMMUNICATIONEDUCATION

MISCELLANEOUS GOODS AND SERVICES

ALCOHOL BEVERAGES, TOBACCO AND NARCOTICS

INDIVIDUAL CONSUMPTION EXPENDITURE BY...


CONSUMER PRICE INDEX 2010 = 1002009 - 2012

2010104.10

106.80

113.57103.90

104.13

104.73103.42103.08101.39103.87103.37106.5498.73

2011107.76

112.70

114.99104.17

105.18

104.44124.55105.02115.41102.20104.74106.6599.75

2012109.71

114.15

115.20105.13

106.09

112.62125.50110.20113.75102.11113.99105.57101.70

% ChangeAt Dec

90939699

102105108111114117120123126129

2009201020112012

CONSUMER PRICE INDEX (2010=100) AVERAGE (JAN - DEC 2009 - 2012 )

INDE

X P

OIN

TS

2010/ 20094.22

6.91

13.803.90

4.52

4.593.443.091.393.873.376.54

-1.27

2011/ 20103.52

5.53

1.250.26

1.01

-0.2820.431.88

13.83-1.611.330.10

1.03v

2012/ 20111.81

1.29

0.190.92

0.86

7.840.764.94

-1.44-0.098.82

-1.011.95

MISCELLANEOUS GOODS AND SERVICES

2009201020112012


WATER (M. GAL)2010

2161.12011

2380.92012

2337.6

2010/2009

-12.1

2011/2010

10.2

2012/2011

-1.8

WATER PRODUCTION

100013001600190022002500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012QU

ANTI

TY IN

M/G

ALS

WATER PRODUCTION (M. GAL)

AGE-GROUPS

14-15

16-19

20-24

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60+

TOTAL

2010

0

676

795

150

88

53

58

44

48

40

25

1,977

2011

6

780

1035

224

81

56

60

48

49

26

21

2,386

2012

2

710

910

164

81

62

40

42

30

37

30

2,108

2010/2009

-7.4

2.4

-19.4

-16.2

-19.7

38.1

-34.3

2.1

37.9

31.6

-4.5

2011/2010

15.4

30.2

49.3

-8.0

5.7

3.4

9.1

2.1

-35.0

-16.0

20.7

2012/2011-66.7-9.0-12.1-26.80.010.7-33.3-12.5-38.842.342.9-11.7

% Change

NEW REGISTERED EMPLOYEES BY AGE-GROUPS

WATER PRODUCTION (M. GAL)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012YEARS

2500

2200

1900

1600

1300

1000QUA

NTI

TY IN

M/G

ALS


ELECTRICITY PRODUCTIONVolume (‘000 KWH)

ELECTRICITY CONSUMPTIONDOMESTICCOMMERCIALINDUSTRIALST. LIGHTSTOTAL

DOMESTICCOMMERCIALINDUSTRIALST. LIGHTSTOTAL

2010

208,728.4

72,091.7101,966.3

6,265.84,459.9

184,783.7

62,265.091,544.04,704.93,771.1

162,285.0

2011

203,973.9

70,463.499,808.26,074.54,567.5

180,913.7

72,357.0105,772.7

5,714.84,590.7

188,435.1

2012

199,703.9

69,123.098,783.05,845.24,680.5

178,431.7

74,314.6109,500.8

5,769.24,926.6

194,511.2

2010/2009

2.8

5.62.9

10.63.34.2

32.016.322.418.122.1

2011/2010

-2.3

-2.3-2.1-3.12.4

-2.1

16.215.521.521.716.1

2012/2011

-2.1

-1.9-1.0-3.82.5

-1.4

2.73.51.07.33.2

ELECTRICITY PRODUCTION & CONSUMPTION

110000

130000

150000

170000

190000

210000

230000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

IN '0

00K

WH

YEARS

ELECTRICITY PRODUCTION & CONSUMPTION IN ('000KWH)

ELECTRICITYPRODUCTION

230000

210000

190000

170000

150000

130000

1100002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

YEARS

ELECTRICITY PRODUCTION & CONSUMPTIONIN (‘000KWH)

ELECTRICITY PRODUCTION

IN ‘0

00KW

H


BECOME A MEMBER OF THE CHAMBER TODAY!

We hereby make application for membership to the Grenada Chamber of Industry & Commerce, and undertake to abide by the Articles of Association and such other rules or regulations as are in force.

Date:

Business Name:

Business Address:

Mailing Address:

Fax:

Phone:

Email Address:

Website:

Type of Business:

Owner:

Manager:

Number of Employees:

Approx. Annual Revenue:

Referred by:

Signed:

Tel: (473) 440-2937/4485 Fax: (473) 440-6627 Website: www.grenadachamber.org Email: [email protected]

GRENADA CHAMBER OFINDUSTRY AND COMMERCE


Helping Businesses

Advertising & Marketing Graphic & Web Design Printing & Publishing

#1303 Bruce Street Mall, St. George’s, Grenada . T: 473.440.4467 . F: 473.435.4467E: [email protected] . www.imscaribbean.com

Make the Right Moves!


GRENADA CHAMBER OF INDUSTRY

AND COMMERCE

Designed by: Innovative Marketing Services . www.imscaribbean.com . [email protected]

the grenada chamber of industry & commerce annual report 2012

Documents