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Sector Studies

Agro- Processing

The cultivation and export of agricultural crops, especially bananas, continues to be of critical importance to the economy of St. Vincent and the Grenadines despite its steady decline on the world market. Although changes in the banana marketing regime resulted in a loss of international market share and a significant reduction in price to the farmer, it is still the leading crop in St. Vincent with over 62 million lbs yield in 2008.

In lieu of the ongoing challenges affecting the growth of banana export, the government has responded by focusing on diversifying the productive base of the economy with particular emphasis on agro – processing. At present, the Lauders Agro-Processers is leading the way in this sector preparing vacuum packed fruits and vegetables for local, regional and international markets. Investment opportunities, however, still exist for coconut processing, fruit, vegetable and root crops processing, live stock production, fisheries, cassava and arrowroot harvesting and processing, bio-technology and bio-energy.

Advantages of the Industry are:

Economy of St. Vincent and the Grenadines is traditionally agro-based
Wealth local expertise in the cultivation of various crops
Fertile volcanic soil
Provisions for preferential access to long-term financing for agricultural production and export insurance
Information on credit will be available to farmers, farmers groups and organizations on a regular basis through programmes implemented by both the public and private sectors
The export incentive programme including reduced duty on machinery, and spare parts used in the manufacture of export foods or services, tax credits for imported inputs and raw materials used for production and packaging of exports and, tax rebates on market exploration and promotional activities
Exporter Accreditation – available to investors involved in the production, manufacture or trade of goods and services which earn at least 30% of normal operating revenues from the export of their goods and services
Access to market intelligence
Inclusion in Trade Promotion Programmes including online trade fairs, outgoing missions to sector specific trade shows and inward buyer missions
Export financing schemes including export guarantees and export insurance

International Financial Services

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