100 Percent Duty-Free Concession To Vincentians Purchasing Fishing Vessels

To boost private sector investment in fishing, the Government has taken a decision to “accord a 100 percent duty-free concession to Vincentians purchasing fishing vessels.

Prime Minister Gonsalves made the announcement on Saturday at the 39th Independence parade at Victoria park.

He said this will unfoundedly stimulate more growth in the fishing sector.

Gonsalves at present the pirogue not the big fishing vessels which use outboard engines, the owners get 75 percent duty free concessions.

Because of our seascape, we have a significant number of people who are engaged in the fishing industry.

Prior to the opening of the Argyle International Airport on February 14, 2017, Minister of Agriculture Saboto Caesar said we did not have a direct link to international markets, to be able to move fish and fish products from Saint Vincent and the Grenadines.

However, with the Argyle International Airport and the direct link to international markets, where we now have the airlift capacity for 110,000 pounds [50,00 kilograms] twice per week.

The government of Saint Vincent and the Grenadines has moved towards the privatization of the fishery centers.

In several of these centers, the local investors who would have obtained the leases have already paid their investment by having joint ventures with foreign direct investors.

1 Comment

  1. It would be good to see if the very economically ignorant government of SVG will finally wake up to doing things that will benefit the country instead of just conducting economics that benefit themselves. I know nothing about this concession but it may be a small step in the right direction. As any intelligent person knows, there has to be something done to bring prices and all costs down in SVG. Investors do not want anything to do with SVG because the cost of doing anything is way too high. The cost of doing anything in most all the Caribbean is way too high when one considers what one gets for returns. Only those who can find the small niche can survive. That niche sometimes meaning getting very special concessions from the government, which means the system here is obviously not fair and the corrupt often thrive and the best ideas often fail. Special priveledge is usually based on how much money one has or which political agenda is supported, NOT how good your idea is.
    Fish is one of the highest demand products on earth and with much of the earth’s oceans becoming contaminated by Radiation or Chemicals such as those used by the US Government in the Gulf of Mexico, along with over-fishing and destruction of habitats. the price of uncontaminated GOOD fish will only go up. Hopefully the SVG Government will not, as usual, get together with other greedy entities and abuse this resource.

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