As a developing nation Grenada has an emergent economy with potential for further economic growth, experiencing an annual growth rate of three percent of its gross domestic product (GDP). In recognition of Grenada’s growth potential, in 1985 through the enactment of the Grenada Industrial Development Corporation Act, the Grenada Industrial Development Corporation (GIDC) was established to be the national investment agency in Grenada.
GIDC is the main statutory body established by the Government of Grenada whose main purpose is to stimulate, facilitate and boost the development of industries.
GIDC does not provide exemptions for the immigration rules as provided for by Laws of Grenada, but, the GIDC provides services to foreign investors including action as a liaison service between potential investors and the Government by assisting them in obtaining work permits, alien land holding licenses, land development and building permits, land leases and other approvals or documentation necessary for the carrying on of business in Grenada.
Additionally, Grenada offers a range of investment opportunities and the GIDC provides favourable investment incentives in key industry areas for business immigrant looking to start up business in Grenada. These incentives are geared towards attracting business immigrants to Grenada.
The said incentive areas include:
- Information Communication Technologies (ICT)
- Software Development
- Data Processing
- Research and Technical Writing Services
- Customer and Technical Support Services
- Electronic Publishing
- Computer Aided Design
- Health and Education Services
- Retirement Homes
- Medical Facilities
- Sporting Facilities
- Rehabilitation Services
- Technical and Vocational Training
- Schools, Colleges and Universities
- Tourism and Hospitality
- Water Sport Facilities
- Recreational Facilities
- Hotels and Villas
- Poultry Products
- Agro Processing
- Organic Farming
- Animal breeding
- Rums, wines and Liquors
- Fruit and Vegetable juices
- Herb and Spice Farming
- Energy Development
- Alternative Energy (wind, solar, geothermal)
- Oil and Natural Gas Refinery