...BUT EXPRESSES GROWING CONCERN ABOUT INVESTMENT CLIMATE
St. George, June 3, 2010 -- Zublin Grenada Limited would like to clarify and deny rumours being circulated that the company is moving to another Caribbean territory, namely Guyana.
Zublin wishes to state that the company has been exploring potential
business opportunities in other territories and has been asked by at
least two Caribbean governments to submit proposals for projects. This
is within the confines of the expected business model of any company,
where the company seeks legitimate opportunity where it exists.
These opportunities outside of Grenada have no bearing at this time on
Zublin’s investment in Grenada. Zublin remains confident in the
tremendous potential which Grenada offers. Zublin has invested
successfully in Grenada and would like to continue to do so.
Therefore, even in the most difficult economic time in recent history,
Zublin is proposing to invest over 300 million dollars into Grenada’s
economy. This investment is contemplated in a project titled the St.
George’s Renaissance Project (SGRP) which seeks to double the number of
cruise ship passengers, construct a new cruise ship jetty, build and
operate a four star city hotel and tourism entertainment area.
The SGRP will also remodel the St. George’s market square into an
aesthetically pleasing recreation area and construct a new meat and
commodities market. The SGRP will realize the full potential of the
Carenage as a unique tourism and commercial area for Grenada, by
improving the quay wall, fixing the drainage problems, creating a
beautiful pedestrian vista, building a ring road linking the Carenage to
Melville Street and making the Sendall Tunnel pedestrian only.
A new and exciting feature of the SGRP which has been added after
successful consultation with Grenada’s many stakeholders is the creation
of a tall ship berthing facility on the Carenage.
However, Zublin is becoming increasingly concerned that the Renaissance
Project could be in serious jeopardy if crucial decisions are not made
by Government. This protracted delay is threatening the international
consortium of investors who have committed to financing at least two
thirds of the 450million dollar project.
Zublin remains hopeful that a decision to commence work will be given in
the very near future. Zublin states that staying a way of a decision,
irrespective of whether it is a no or a yes, is extremely bad for the
foreign investment climate.
Zublin is confident that this project will not only bring direct
investment but stands to trigger millions of dollars in third party
investments and in so doing positively impact on the investment climate,
which will trigger further substantial foreign investment from other
Most importantly, the SGRP in its current form will provide an immediate
relief to the unemployment situation by creating hundreds of jobs in
the construction phase and thousands of direct and indirect jobs once
the project is realised.