Traditional rare spices industry
For centuries Grenada’s economy and rich history have revolved around the industry of rare spices. In fact, to this day the “Spice Isle” produces 23% of the world’s nutmeg supply. Cinnamon, mace and cocoa also remain major exports of Grenada.
Tourism and hotel industry
In more recent years, the small island nation has worked to diversify its economy with a concerted focus on tourism and hospitality. Being one of the most beautiful places on earth has enabled Grenada to overcome the devastating effects of a revolution and invasion that took place just a few decades ago. As a testament of their success, today more than half of Grenada’s workforce is employed within the hospitality industry.
Block 21 – Opportunity for Foreign Investors
The Grenadian government has taken a new initiative to harness the potential that oil and natural gas represent to its economy. It has signed a binding treaty with Trinidad & Tobago for the sharing of resources in what may be the richest natural gas field in the world, an undersea area named “Block 21.”
The United States Geological Survey (“USGS”) estimates Grenada’s offshore fields to contain 804 billion cubic feet of natural gas. At current natural gas prices, such reserves equate to $2 trillion (USD), and represent great potential wealth for the nation of Grenada and its 110,000 citizens.
With a new and pro-development government, a thriving tourism industry, and a new petrochemical exploration program, Grenada is transforming itself into one of the most desirable places in the world to live and work.