“I think we are charting a new course here. This is a revolutionary approach.” Those were the words of Prime Minister Keith Mitchell after being apprised of the progress achieved to date for transforming the Grenada Industrial Development Corporation (GIDC) into a one-stop centre for all investment activities in the State. The Prime Minister and Minister of State responsible for Business and Private Sector Development Senator Einstein Louison met this morning with a team from the Department of Human Resources and representatives of GIDC to discuss developments for the Corporation, which are being coordinated through the Public Sector Management Improvement Project (PSMIP). Private Sector Development consultant with the PSMIP Promil Paul told the Prime Minister that the concepts being considered are new to the Caribbean Region, but have been successfully implemented in other countries such as Brazil and Mauritius. Under the proposal, the criteria for investment would be fully transparent and would remove any discretionary decision making. PSMIP Consultant Robin Swaisland told the Prime Minister that once a company meets the criteria, which would be published, for a specific area, the GIDC would have full responsibility for providing approval. The PSMIP, through consultations with stakeholders, is developing policies for “fast tracking” investments in Grenada that would be in harmony with World Trade Organisation regulations, as well as the Caribbean Single Market and Economy (CSME), which is scheduled to come into effect in 2005. The initiative also requires a new legislative framework in the form a new Investment Act that would supercede a range of existing sector-based laws. Ms. Promil said the draft for the new legislation would be presented to Cabinet by September in order to be laid before Parliament before year end. Senator Louison noted that the idea of transforming GIDC into a one stop centre have been discussed since 1984. “We now have the political will to act on this. Given what is happening in the international community, this initiative would provide wide ranging options to draw business to Grenada,” Senator Louison said. The initiative would also require major changes to the composition of the Board of Directors of the Corporation and would merge the Small Enterprise Development Unit (SEDU) with the Corporation. SOURCE: OFFICE OF THE PRIME MINISTER