Created on 03 June 2010 Hits: 3823 Written by George
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...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 parties.

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.           
 
 
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