The principal institution responsible for shaping the government’s policy in respect of the country’s institutional development and to stimulate the development of the industrial sector by promoting greater economic diversification, export competitiveness and improved productivity. This unit processes applications for industry incentives under the Fiscal Incentives Act, Chapter 366 of the Laws of St. Vincent and the Grenadines (Revised Edition) 1990.
In addition to incentives the Unit facilitates private sector investment through:
- The processing of industry incentives for the production of goods.
- The provision of product development and marketing grants to small businesses in value-added production.
- The provision of technical advice and procedural guidance on accessing regional and international business development assistance, as well as quality standards and systems enhancement.
Small Grant and Contribution Program
As part of attempts to provide support to small and medium enterprises, the Unit administers a Small Grant Program specifically aimed at enhancing and increasing product scope and content.
Government Support for Industrial Development
Based on the 2012 Policy Statement of the Honorable Prime Minister and Minister of Finance in relation to Duty Free Concessions on raw materials to the sector; the granting of duty free concessions to all Manufacturers, including Agro-processors, duty free concession on all raw materials, plant and equipment imported for use in their operations. To access this facility, all manufacturers and processors will be required to make a formal request through the Ministry of Industry and all conditions in the Fiscal Incentive Act will apply to this program.
(See 2012 Budget Address pg 114-115 http://www.finance.gov.vc/finance/images/stories/pdf/budget%20address%202012.pdf )
Current and potential Investors are encouraged to take advantage of these policy provisions by contacting the staff of the Industry Unit (456-6957), CED (451-2235), SVG Bureau of Standards (457-8092) for further guidance.