ST. GEORGE’S, Grenada, Aug 1, CMC – Grenada is developing a new national export strategy that it hopes will provide new markets for existing exports, maintaining the focus on sustainability while expanding exports.
Trade Minister Oliver Joseph said that the strategy, which will cover the period 2017-2021, is aimed at establishing a competitive export sector focused on a mix of quality high value goods and service for the sustainable development of the island.
‘The strategy is expected to improve Grenada’s trade balance and its ranking in export, despite the country small scale production,” said Joseph, who noted that he hopes the island’s import bill would be reduce significantly by the time the strategy is reviewed.
In 2016, Grenada’s total export of goods and services amounted to US$650.5 million while total imports was estimated at US$1.14 billion.
“We have to significant increase our export figures and as you know the strategy identifies potential areas for growth,” Joseph said, adding that the sectors identified in the strategy include agriculture and fisheries, health and wellness, creative industries, tourism, maritime and yachting and professional services.
Permanent Secretary in the Ministry of Finance, Kim Frederick, said the overall objective of the strategy is to increase national income from exports of goods and services.
A comprehensive action plan has been developed for each of those sectors but for there to be effective implementation of the strategy a national export council with key members will be establish to act as both an advisory body and monitoring/oversight committee.
According to the strategy document, the recommendations for the health and wellness sector were based on the significant assets and potential advantage that Grenada could have in an international market with strong growth.
“The strategy downs on Grenada’s strengthen as a tourism destination with strong demand,” the document noted.
In the creative industries sector, the strategy is aimed at strengthening the capacity of the various components of the music industry including performance management and the business of music to create competitive products and use music and entertainment as a growth pole for audio visual and fashion as well as successful craft which is an outcome of the local culture.
The London-based Commonwealth Secretariat provided funding for the development of the new strategy.