2013 Grenada Chamber of Commerce Annual Report

Grenada, West Indies

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GRENADA CHAMBER OF INDUSTRY AND COMMERCE 11 Frequente Industrial Park, St. George’s, Grenada Tel: (473) 440-2937/4485 • Fax: (473) 440-6627 Email: gcic@grenadachamber.org • Web: www.grenadachamber.org

annual report | 2013

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Contents Vision, Mission & Motto

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Board of Directors

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The Secretariat

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List of Statutory Boards/Committees and Representatives

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President’s Report

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Report on the Senate Activities

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Trade Report

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Review of Grenada Ports Authority

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Association of Custom Brokers Report

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Grenada Industrial Development Corporation (GIDC)

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Junior Achievement Report

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Review of GCIC Business Awards

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Report of NAWASA

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The National Relief Committee Report

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Grenada Solid Waste Management Authority Report

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Small Business Development Fund

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GCIC Windball Cricket Tournament

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Selected Economic Indicators

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Audited Financial Statements

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annual report | 2013

VISION

To lead the process in the creation of a strong, unified, globally competitive Private Sector. Working in effective partnership with Government and Civil Society and driving Economic and Social Development.

MISSION

To be a reliable, effective and adaptive vehicle for Private Sector Advocacy, providing critical resources and facilitating initiatives for National Development.

MOTTO

Your business is our business

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board of directors Mrs. Aine Brathwaite President

Mr. Ruel Edwards 1st Vice President

Mr. Clive Hosten 2nd Vice President

Mr. George Bain Treasurer

Mrs. Hazelann Hutchinson Executive Director

Mrs. Julie Quinn Director

Mr. Glynn Thomas Director

Mr. Elton Charles Director

Ms. Lorraine Mitchell Director

Photo Missing: Mr. James Pitt - Director

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the Secretariat Mrs. Hazelann Hutchinson Executive Director Ms. Eudine Thomas Administrative Assistant

Ms. Vivian Radix Office Administrator

Ms. Dolores Parke Office Assistant/Attendant

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List of Statutory Boards/Committees and representatives Custom Brokers Association

Mr. Valentino Sawney

Grenada Cultural Foundation

Ms. Lorainne Mitchell

Grenada Industrial Development Corporation

Mrs. Michelle Steele

Grenada Ports Authority

Mrs. Hazelann Hutchinson

Grenada Solid Waste Management Authority

Mrs. Aine Brathwaite

Junior Achievement

Ms. Jessie Cumberbatch

NADMA

Mr. Elton Charles

National Trade Facilitation Task Force

Mrs. Hazelann Hutchinson

NAWASA

Senator Christopher De +Allie

Small Business Development Fund Committee

Mr. Eric Benjamin

Social Protocol

Mrs. Aine Brathwaite

The Senate

Senator Christopher De Allie

Trade

Mr. Ruel Edwards

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president’s report Mrs. Aine Brathwaite

The GCIC plays a vital role standing up for the business community. Let us continue to give this important organization the support that it needs to help us navigate through the turbulent times ahead.

Grenada is at a very pivotal point in its movement towards sustainability on all fronts – economically, environmentally and socially.

Decisions we take now will have a serious impact on our population in the near future and on generations to come. While we can continue to bIame the hurricanes of 2004 and 2005 and the economic recession of 2008, we also have to take responsibility for our lack of foresight and forward planning and most of all, implementation of the necessary structural measures to change the basis of the economy.

Over the past twenty (20) years, we have seen governments trying to create economic activity through excessive borrowing which has just resulted in a high debt burden.

At the same time we have seen a contraction in the level of private sector investment including reduced exports and are seeing a growth in the informal economy which is directly competing with the established private sector. It is clear that we are not looking at a balanced economy.

Over the short to medium term, our way out of this will be through agriculture and tourism. This will require a strong public-private

cooperation that will facilitate this process. No one sector can go it alone and it is foolhardy to think along those lines. We are at a tipping point.

2013 was another year filled with challenges and constant activity.

There was actually no break taken by the Board of Directors and Secretariat of the GCIC because of the demands on time and resources during the 2013. It was an extremely active year.

It was an election year so the months of January and February were centered on the elections.

Luncheons were held inviting leaders of both parties to address the membership and outline their plans going forward. The win by the New National Party signalled a new government in power and the process of engagement on the bureaucratic front began afresh to continue the work of the Chamber.

Advocacy

During the course of the year, the MCP programme took centre stage. The 10% rebate continued through until the end of the year and the 2014 Budget recognized the programme but with a reduced

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percentage - 5%. However, at the end of the year despite the Budget pronouncement, there had not been any formal conclusion to the issue. This matter continued then into 2014.

The Chamber was well represented at various fora throughout the year and participated in a number of private sector related interactions, for example, the Private Sector Working Group(PSWG) with the Ministry of Trade held a Manufacturers Consultation which brought together manufacturers from sectors such as, craft, agro processing, beverages and the honey sector. The consultation identified solutions to the challenges experienced and provided some strategic directions for the sectors going forward. The Private Sector Working Group also embarked on a Buy Local Campaign promoting products made by our local manufacturers.

OECS Business Council

This fledgling organization which has been established and registered initially in St. Kitts to represent the region’s private sector interests at the Monetary Council level and give a unified voice to the Private Sector continued to evolve over the course of the year.

The Business Council adopted the three pillars of the Caribbean Growth Forum as its mandate and worked on establishing critical linkages with major donors such as the World Bank. At the end of the year, recognition of the Council by the World Bank heralded a move in the right direction at a regional level to move the organization to a sustainable level. Progress is being made slowly but surely with foundation stones being secured prior to moving on to the next stages.

Caribbean Growth Forum

The first phase of the Caribbean Growth Forum (CGF) took place in Grenada with workshops on Logistics and Connectivity, Investment Climate and Skills and Productivity in 2013, but there was no further progress on the implementation stage of the reforms arising from these workshops during the course of the year. The Ministry of Finance was more focused on the IMF structural adjustment programme. The Chamber supports the CGF programme because it has a strong governance and accountability component in which the Private Sector has a role to play through the establishment of the Civil Observatories. Rather than reinvent the wheel, the Civil Observatory can segue into the OECS Business Council creating positive linkages.

Business Awards

The Business Awards took place on November 23rd at the Grenada Trade Centre. Our guest speaker, Dr. The Honourable. Ralph Gonsalves, presented on the issue of transportation and matters affecting the transportation sector. A good turnout of over 200 persons attended the event and it was a grand occasion to highlight the achievements of our business people. The Board took a decision to further embrace the spirit of collaboration and partnership by inviting the Grenada Hotel and Tourism Association (GHTA) and the Grenada Employers Federation (GEF) to submit nominations for the event. The winners reflected this synergy with a number of the GHTA members winning various categories. This event has the potential for continued expansion and development.

Social Partners Forum

Meetings were convened with representatives and stakeholders from different groups, namely, Private Sector, NGOs, Labour, Churches and Government.

Many of these meetings were presided over by Dr. The Right Honourable Keith Mitchell or his alternate, Permanent Secretary in the Ministry of Finance, Mr. Timothy Antoine. Representatives for this forum constituted leaders in the community in their various areas. This forum sought to bring the different groups together in order to devise a strategy for the way forward in relation to the impending IMF restructuring which was to begin in January 2014.

A Memorandum of Understanding was signed to symbolize the commitment of the groups to work together in the interest of Grenada and the adoption of the Social Partners Strategy is to be formally signed in 2014.

Structural Adjustment Programme

In 2013, the business community realized that the impending structural adjustment programme would have consequences impacting on our businesses. For those of us still left standing following the recession since 2008, it would mean further tightening of belts.

High unemployment would highlight the emerging informal business sector which would be competing directly with the established businesses without the burden of overheads and accountability to the bureaucracy. The private sector climate is changing and the definition has to be broadened to include

annual report | 2013 other stakeholders such as farmers and fishermen.

It is truly a time of transitioning from the old to the new but we must be careful to not throw the baby out with the bathwater and make mistakes in not understanding the new culture that pervades. It is a time to accept change while at the same time, analyzing it and understanding what drives those changes.

GCIC Website

The Chamber website was launched in 2012 and was intended to generate revenue for the organization. However, during the course of 2013, it did not generate the revenue intended. More efforts have to be made to make it a viable tool contributing to the revenue generation of the Chamber.

Public Relations

The GCIC was very much in the forefront and media participation was welcomed and engaged on topical areas such as the Social Compact, the Home Grown Programme and the 2014 Budget among others.

Conclusion

The GCIC continues to represent its members to the best of its ability taking into consideration the limited resources, both financial and human it faces on a daily basis. I would like to acknowledge the contribution of our Past Presidents who continue to support the Chamber and are always willing to provide advice and step in when called upon by an embattled Secretariat. I would like to single out Senator Christopher De Allie who continues to be a tower of strength in the entire process of engagement with the bureaucracy. The Board of Directors met every month without fail and ironed out issues in a spirit of partnership and camaraderie. They are all to be highly commended. And finally, but not by no means the least, the Secretariat of the GCIC under the capable leadership of Mrs. Hazelann Hutchinson provided that lifeline support to all of the members of the Chamber. We should count our blessings for the voluntary support that members give to our organization. The GCIC plays a vital role standing up for the business community. Let us continue to give this important organization the support that it needs to help us navigate through the turbulent times ahead.

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Your Your

BUSINESS BUSINESS OurBusiness Business IsIsOur

Let LetUs UsHelp HelpYou...

You...

Increase Your Business visibility.

Increase Your Business visibility.

Receive information on how to develop and improve your business.

Receive information on how to develop and improve your business.

Network with regional and international Business Chambers.

Network with regional and international Business Chambers.

By working together to develop and represent the Business Community.

Byensuring workingadvocacy togetheroftoPrivate develop andissues. represent the Business Community.

By Sector By ensuring advocacy of Private Sector issues.

GRENADA CHAMBER OF INDUSTRY AND COMMERCE

11 Frequente Industrial Park, St. George’s, Grenada Tel: (473) 440-2937/4485 . Fax: (473) 440-6627 GRENADA CHAMBER OF INDUSTRY AND COMMERCE Email: gcic@grenadachamber.org .

Website: www.grenadachamber.org 11 Frequente Industrial Park, St. George’s, Grenada

Tel: (473) 440-2937/4485 . Fax: (473) 440-6627 Email: gcic@grenadachamber.org . Website: www.grenadachamber.org

ty.

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annual report report || 2013 2013 annual

REPORT OF senate activities The year 2013 was again announced to be one with a packed legislative agenda. However, the prorogation of Parliament in July 2012 leading to the dissolution of Parliament in January 2013 curtailed the activities of the Senate somewhat and as such we were engaged in the deliberation of forty-two Acts, the passage of thirty-eight Bills, the debating of four motions with two Bills sent back for amendment and two withdrawn for further consideration.

By Christopher De Allie During the period the following Bills of note were considered and passed: • Electronic Filing Bill, 2013 • Electronic Evidence Bill, 2013 • Electronic Transfer of Funds Crime Bill, 2013 • Electronic Transactions Bill, 2013 • Electronic Crimes Bill, 2013 • Income Tax (Amendment) Act, 2013 • Chemical Weapons Act, 2013

• Free Trade and Processing Zone Bill, 2013 • Grenada Tourism Authority Act, 2013 • Grenada Citizenship by Investment Act, 2013 • Integrity in Public Life Act, 2013 • Companies (Amendment) Act, 2013 • Electricity (Amendment) Act, 2013 • Property Tax (Amendment) Act, 2013

annual report | 2013 • Criminal Code (Amendment) Act, 2013 • Embarkation Tax (Amendment) Act, 2013 • Offshore Banking (Amendment) Act, 2013 During the period the following reports were laid before the Senate: • Report of The Supervisor of Insurance for the year ended December 31st 2012 During the period for 2013, 54 Reports and Financial Statements were laid at the Senate and some of note are listed for the following entities: • National Insurance Scheme ended 31st December 2012 • GARFIN for the period ended 31st December 2012 • Grenada Bureau of Standards ended 31st December 2012 • Office of the Ombudsman Plan 2013 and Annual Report for the period 2012 • Grenada Ports Authority ended 31st December 2012 • Grenada Food and Nutrition Council ended 31st December 2011 • Financial Intelligence Unit Grenada ended 31st December 2011 • Grenada Development Bank ended 31st December 2012 A number of Motions were passed in the Senate for the year in review.

Of these the majority concerned money issues relating to the Government requiring the authority to borrow by means of overdraft

facilities and amending schedules in main Acts to adjust fees and charges.

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We continue to call for the proper functioning of the committees that are currently in place in an effort to have more reports discussed In conclusion commendation so that the public can have an must be given to the staff of the opportunity to understand more of Parliamentary Office and the new what transpires in Government and Government for the number of that the Ministers charged with the matters brought before the Senate responsibility of administering can since the resumption of Parliament, be held accountable. following the February 2013 elections.

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annual report | 2013

Trade report

By Ruel Edwards 2013 was a very quiet year for Trade Agreement Negotiations as it can be assumed that the new Government was settling in following the February 2013 general elections. The GCIC and other members of the Private Sector were invited to participate in a National Trade Negotiations Task Force, this Task Force is expected to provide private sector inputs directly influencing policy positions on trade agreements. Despite holding few meetings during to 2013, the GCIC is extremely optimistic and the Private Sector would be asked to participate in such discourse in deeming the best path to be followed to influence private sector lead growth and development.

The Ministry of Economic Development, Planning, Trade and

Cooperations in September of 2013, held a one day seminar Re: identification and assessment of the underlying reasons affecting CARICOM’s Trade Performance under the existing Bilateral Trade Agreements with the Dominican Republic, Costa Rica, Colombia, Cuba and Venezuela.

Specifically, the consultation sought answers for the following questions with emphasis on Private Sector Companies and Associations: 1. Awareness of Bilateral Trade Agreements with Countries listed above.

2. Whether exports were sent to any of those countries prior as they are so listed.

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3. In the case of non – exportation to those countries, the underlying challenges.

4. The importance of those export markets on Grenada’s development.

Specifically, the Caribbean Community (CARICOM) in 2000 had signed a partial scope trade agreement with Cuba which provided for further negotiations between the parties to be held in 2001 which was never done.

Subsequently, in 2003 at the 37th meeting of the Council for Trade and Economic Development (COTED) a draft agenda submitted

by Cuba was conducted. The final agreement remains outstanding and negotiations are expected to continue into 2014.

The Economic Partnership Agreement with Europe continued its very slow growth and exploration by the Private Sector; our members were concerned that the technical nature of the document impedes their ability to fully comprehend the market opportunities which may exist.

Your Chamber will continue to engage the EPA Implementation Unit on ways to simplify the document going forward.

CARICOM and Canada continued negotiations for a new trade agreement. From all accounts the chapter relating to beer and spirit drinks remains contentious.

As we look ahead to 2014, the Private Sector is cognizant of its role in promoting economic growth, which can only be sustainable if our businesses can grow and remain profitable.

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annual annual report report || 2013 2013

REVIEW OF GRENADA PORTS AUTHORITY

By Hazelann Bell-Hutchinson In 2013 the Grenada Ports Authority (GPA) finally experienced a positive move in terms of Operational performance. Setting the stage for this was the growth in the overall Grenadian Economy by an estimated 2.74%. One of the main contributors being the Construction Sector resulting from the La Source Sandals Project in addition to a number of private homes. Other sectors such as Wholesale, Retail, Education and Manufacturing experienced growth and this therefore contributed to the Ports Authority’s positive physical performance for this year.

The physical performance of the Ports exceeded all targets with the exception of Cruise Ship Passengers. For example, the cargo throughput target of

445,113 tons was surpassed by 9.5%, reaching 487,556 tons, an increase of 5.6% over the 461,479 tons recorded in 2012; however, cargo exported via the ports during the year declined to 36,200 tons.

Total ship calls increased. The Ports of Hillsborough and Tyrrel Bay increased in 2013 by 49.4%, moving from 419 calls in 2012 to 626 calls. The number of calls by cargo ships, including tankers, moved from 385 in 2012 to 536 in the year under review, an increase of 39.2%.

Yacht calls to Carriacou also increased, albeit, marginally, from 1,971 calls the previous year to 1,977 in 2013.

The GPA embarked on a new Port facility in Tyrell Bay, which would provide a much improved infrastructure for Port operations

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5.6% 49.4% 2.74%

Increase in import cargo over 2012.

However export cargo showed a decline during the same period.

Increase in ship calls to Carriacou.

Moved from 419 in 2012 to 626 in 2013

Growth in the overall Grenadian Economy.

The main contributor being the Construction Sector.

and business development in Carriacou. Construction was expected to begin 2013 but unfortunately some unavoidable delays have been experienced.

The GPA in an effort to address the operational and efficiency challenges that have arisen from the recession invited the International Finance Corporation (IFC) of the World Bank to provide technical assistance in undertaking diagnostic studies for costing and efficiency exercises in respect of the operations at the Port of St. George’s under its Trade Logistics Project in the Caribbean.

The Board of Directors look forward to the technical assistance from the IFC as the challenge for the Authority in 2014 is one of generating much needed revenues in a sluggish economy whilst improving operational efficiency and remaining competitive.

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annual report report || 2013 2013 annual

Association of Customs Brokers report

By Valentino Sawney The Association of Customs Brokers continues to play an important role in the facilitation of cross border trade between Grenada and the outside world.

We continue to work alongside the Customs and Excise Department in the Ministry of Finance, Planning, Economic Development, Trade, Energy and Cooperatives, one of our main stakeholders, to meet our shared objectives.

ASYCUDA World, our new automated system, continues to be our main focus as we work to ensure its seamless operation.

At a recent meeting with the Customs and Excise Department in November 2013, the Association raised critical concerns on behalf of

our members and users of the system. Several of our members felt discriminated against as all or most of their entered entries were forwarded to the ‘red lane’ within the system. Entries placed in the red lane often experienced much longer and less timely processing and clearance at the ports (In addressing this issue, the Comptroller of Customs explained that this was as a result of a risk assessment instituted by its department due to an increase in high-risk users and importers who use the system).

Concern was also expressed on the number of system users and the quality of entries entered into the system.

Entry quality is dependent on how knowledgeable users

annual report | 2013 of the system are on providing proper classification of imports, the laws and regulations governing clearance of goods, regional and international trade agreements and other procedural matters.

Such knowledge can only be garnered through extensive studies and practical experiences in custom brokerage. It is our hope that we can find a solution to address the issue of inexperienced and unknowledgeable users. Without the proper legislation in place we are apprehensive about the operational effectiveness of ASYCUDA World.

We look forward to the Act, which governs ASYCUDA World, and associated regulations being passed, as promised, within the first quarter of 2014 (we were advised new customs tariff will be introduced in January 2014).

The ASYCUDA World team should be commended for their efforts in keeping the system functioning 24/7.

Our ultimate objective is to create a single window system, which centralizes all operations for the clearing of goods on our ports. Currently, import licenses can be applied for through the system. We have engaged the support of the Bureau of Standards and the Energy Division within the Ministry of Finance, Planning, Economic Development, Trade, Energy and Cooperatives. We anticipate the support of the Ministry of Health and Social Security in the New Year.

Thirty-five custom officers and brokers represented Grenada amongst 12 other countries in the region in a 2-day workshop entitled “Protecting the Caribbean borders from illegal trade in ozone depleting substances” organized by the National Ozone Unit. This regional workshop focused on discussion of ozone depleting substances (Hydrofluorocarbons (HFC’s) and hydrochlorofluorocarbons (HCFC’s)) and was funded by the

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Multilateral Fund for the Implementation of the Montreal Protocol.

We extend our gratitude towards the National Ozone Unit, headed by Mr. Leslie Smith, for their exemplary work over the past few years in ensuring that all stakeholders are kept abreast of issues of concern.

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annual report report||2013 2013 annual

Grenada Industrial Development Corporation (GIDC) The vision of the Grenada Industrial Development Corporation (GIDC) is to make Grenada a leading investment destination ranked among the fastest growing developing economies with high sustainable economic growth. Its core mission is to promote investment opportunities, provide superior investor facilitation and business support services and foster a strong enabling environment which supports investors and nurtures the growth and development of businesses, trade and industries.

By Michelle Steele The following are highlights of accomplishments for 2013.

Investor Generation Conferences attended

GIDC attended two conferences during the period namely The Caribbean Hotel and Investment Summit in Miami and the 1st Investment Conference of Martinique. These events allowed for the promotion of several investment opportunities and for the dissemination of information on doing business in Grenada.

Outreach Seminar

GIDC held a seminar with members of the Tivoli Development Committee (40 persons) on the procedures for starting a business and incentives available to establish businesses.

Opportunity Profiles

Opportunity profiles were developed for the following projects: - Virgin Beach Development, Petite Tout Development, Levera Development Project and Grenlec Solar Panel Project . These profiles were placed on the Corporation’s

annual report | 2013

website, forwarded to overseas embassies and placed on promotional material of the Caribbean Association of Investment Promotion Agencies (CAIPA).

Inward Investment Missions Facilitated

A total of eight (8) investment missions were facilitated during the period. The missions were made from Costa Rica, Dubai, Canada, US, Martinique, Trinidad and China. The aim of the missions was to explore investment opportunities in Grenada.

Investment Leads

A total of seventy-three (73) leads were generated during the period, from the seventy-three (73) leads, three (3) submitted applications for incentive support.

EC$83,000,000 Foreign Direct Investment The actual investment realized from a total of six (6) foreign projects which commenced operations in 2013.

628 jobs were created.

EC$21,352,000 Domestic Investment The actual investment realized at start-up of operations of twenty one (21) domestic projects which commenced operations during the year.

A total of 115 jobs were created

Image Building Promotional Material

Developed several promotional materials to include Investment Maps, GIDC branded pens, GIDC 2014 calendars which featured the marine and yachting sector, and print advertisements to be used for posters, and magazines etc.

GIDC also published an article in the Signs of Competitiveness in the Americas 2013 magazine. The article featured Grenada’s involvement in Caribbean Regional Communications Infrastructure Program (CARCIP) and the capability of the project to stimulate growth through the development of ICT in Grenada.

Website

The GIDC website saw a total of 187,904 visits. The top five (5) geographic locations of these visitors were from USA, Grenada, Canada, Great Britain and China.

US$199,000 Development of a Strong Dynamic Domestic Investment Sector USAID approved funding for GIDC to upgrade the skills of 120 youth at risk under the Caribbean Youth Empowerment Programme (CYEP)

US$50,000 Sector development Grant assistance received from Compete Caribbean for the development of the agribusiness sector.

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There were ninety-five (95) investment inquiries generated from the GIDC website. All requests were responded to within 24 hours.

Investment Facilitation Investment Approval / Consents

During the period, GIDC processed a total of thirty five (35) investment applications, fifteen (15) of which were from foreign investors and twenty from (20) local investors. There were thirteen (13) manufacturing projects, ten (10) tourism, two (2) agro processing and ten (10) within the services industry.

Foreign Direct Investment From the fifteen (15) foreign

investment applications received, five (5) were within the manufacturing sector, six (6) within tourism, and four (4) within services sector. The overall proposed investment of these projects was EC$66,652,757.00 to create employment for 174 persons.

A total of six (6) foreign projects commenced operations in 2013.

The actual investment realized at commencement of operations was EC$83 million, creating 628 jobs.

Domestic Investment

During the period, the Corporation received a total of twenty (20) applications for investment incentives from domestic investors. From the twenty (20)

applications received, eight (8) were manufacturing projects, four (4) were tourism projects, two (2) agro-processors and six (6) were services. The proposed investment from these projects was EC$ 75,779,410 to create 122 jobs.

Investment incentives were granted to twelve (12) of these applicants. Six (6) within the manufacturing sector, three (3) within the tourism sector, one (1) agro processing and two (2) within the service sector.

Twenty-one (21) domestic projects commenced operations during the year. The actual investment realized at start-up of operations was EC$21,352,000, creating 115 jobs.

Investment Highlights Indicators

2006

2007

2008

2009

2010

2011

2012

2013

Investment Applications Received

83

67

58

47

37

41

32

35

Investment Projects Approved

52

73

21

62

34

43

19

22

Investment Projects Implemented

46

30

12

28

14

24

5

16

Investment Projects Commencing Operation

34

34

28

34

22

15

18

27

258.2

465.36

399.9

85

110

171

223

132

257

743

Foreign Capital Inflow ($M) Jobs Created

Enabling Environment Incentive Framework

GIDC developed policy recommendations for the establishment of a list of equipment, spare parts and raw materials to be exempted from

280.90 171.24 110.40 174

custom duties for Marinas and Boatyards. The recommendations were approved by Cabinet.

Sector Development

GIDC applied for and received grant assistance of USD 50,000.00 from Compete

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Caribbean for the development of the agribusiness sector. The financial assistance will support technical expertise which will lead to an increase in the value-added capacity of the Agribusiness Sector in Grenada.

annual report | 2013 Increasing the Value Added of Nutmeg in Grenada Cartfund

The GIDC signed a grant agreement with the Caribbean Development Bank to increase the value added of the nutmeg sector in Grenada.

A Project/Nutmeg Cluster Coordinator was contracted and commenced work on November 1, 2013.

Development of a Strong Dynamic Domestic Investment Sector USAID approved US$199,000.00 for GIDC to upgrade the skills of 120 youth at risk under the Caribbean Youth Empowerment Programme (CYEP). The project focused on providing youth between the ages of 18-25 with the following: • Training in Life Skills, Remedial Math and English, ICT and Business Plan Development.

• Individualized assistance to develop business plans.

• Business support services including, advice and counseling, business registration, presentation of the business idea to a financial institution and other forms of business support necessary for the start-up of the business.

At the end of the project on August 30, 2013, the GIDC successfully surpassed almost all of the indicators. 503 youth applied to the programme, 146 were enrolled, 136 were trained and 46 youth started a business.

Advice and Counselling

GIDC planned and coordinated 5 business skills workshops as

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annual report | 2013

indicated in the table below to improve the competencies of existing businesses.

364 persons upgraded their skills.

At the end of the year

# PERSONS TRAINED

NAME OF WORKSHOP

DATE OF WORKSHOP

1

Pattern Making Workshop

February 28 – March 2, 2013

2

Brand Development & Packaging Workshop

July 17-18, 2013

6

3

Preparing Customs Entries

August 26 – September 3, 2013

26

4

Preparing Customs Entries

September 9-17, 2013

28

5

Marketing Techniques for Small Hotels

October 29-30, 2013

20

TOTAL The following technical assistance was provided: • Assisted 28 enterprises to complete project proposals, financial projections and business plans to access funding to start their business operations. By December 2013 at least 7 accessed funding and started their business in the retail, agribusiness, ICT, creative arts and service sectors and created employment opportunities for 29 persons.

• Assisted 96 businesses (sole proprietorships, partnerships and non-profit organizations) to formalize their operations by completing application forms, statement of particulars, statutory declaration, name search and name reservation, Articles of Incorporation, Notice of Directors and Notice of Address to facilitate Business Name Registration with the Corporate Affairs and

284

364 Intellectual Property Office.

• Counseled and provided advice to 73 potential and existing entrepreneurs in starting a business and business planning.

• Upgraded the operations of 11 enterprises through the development and provision of in-plant training in recordkeeping systems and costing and pricing.

• Assisted 4 export enterprises to access a total reimbursable grant of EC$416,000 from Caribbean Export Development Agency to upgrade their operations.

Other Activity GIDC solicited participation of Grenada‘s businesses and companies for the Regional Investor of the Year Award organized by Caribbean Export and CAIPA. Three (3) companies took part in initiative: Spice Isle

Imaging Ltd. - for local investor of the year, Le Phare Bleu Ltd. - for foreign investor of the year and The Discovery Train Ltd. for Special award. A total of thirtyfour (34) applications applied from ten (10) countries in the region. These companies created a thirty percent (30%) increase in jobs in the region in 2012 relative to 2008, with more than 24,000 persons being employed and invested more than US$1.6 billion in the last five (5) years. The winners of awards were: • Foreign Investor of the Year Qualfon Guyana Inc. (Guyana) • Local Investor of the Year: Administradora de Riesgos de Salud Humano (ARS Humano) (Dominican Republic) • Special Award: Cayman Enterprise City (Cayman Islands)

annual report | 2013

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annual report report||2013 2013 annual

junior achievement report

By Jessie Cumberbatch Since 1986 Junior Achievement Grenada (JA-GND) has played a significant role in shaping the minds of third and fourth form students through the JA Company Program which fosters entrepreneurship, workforce readiness and financial literacy.

The 2012-2013 competition climaxed with “Total Local Production”, a JA Company of St. Joseph’s Convent (SJC), St. Andrew receiving the award for JA Company of the Year. In second place was “Coconut Explosion” of St. Rose Modern Secondary School followed by “Chips N Stylez” of Grenville Secondary School. With the support of United States Agency for International Development (USAID) the students of SJC St. Andrew represented Grenada at the Company of the Year-Americas Competition held in Mexico, December 2013. Students from Canada, Latin America, and other Caribbean countries

presented the results of their enterprise and learning experience.

The impact JA has had on youth development has been extremely positive; JA-GND in conjunction with Junior Achievement Program of the Eastern Caribbean (JAPEC), Junior Achievement Worldwide (JAWW) and the support of USAID took the initiative to expand programs to primary schools, tertiary institutions and youth at risk. These programs focus on developing youth innovation and creativity and encouraging budding young entrepreneurs.

As a pilot project JA Our Nation program was introduced to primary school students of Carriacou, Petite Martinique and in the parish of St. Andrew, which culminated with Summer Programs held in July and August 2013. Over 300 students between ages 10 and 13 treasured the JA experience and were awarded certificates for their participation.

annual report | 2013

JA-GND now operates under the patronage of a Board of Directors chaired by Mr. Bernard Antoine.

Other members of the Board are Mrs. Hazelann Hutchinson, Ms. Patricia Maher, Ms. Sandra James, Mr. Stephen Jerome and Mr. George Harford.

“JA programs help prepare young people for the real world, it shows them how to generate wealth and effectively manage it, how to apply entrepreneurship in their thinking and create jobs in their community” says Mr. Antoine. “JA has the programs but requires the continued support from the public and private sector to remain in existence”.

St. George’s University continues to be the major sponsor since 2007. The Board applauds the local businesses who have contributed toward the success of JA-GND over the years in cash and kind.

2012-2013 Partners: Bank of Nova Scotia, Bryden & Minors Ltd, Rubis (WI) Ltd, Digicel Grenada Ltd, First Caribbean International Bank, Grenada Public Service Cooperative Credit union, Grenada Electricity Services Ltd, Jonas Browne & Hubbard G’da Ltd, National Insurance Scheme, Quinn Company Ltd, NAWASA, Republic Bank G’da Ltd., GUT Credit Union, Grenville Credit Union, Spice Isle Marine Services and Budget Marine.

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annual report report || 2013 2013 annual

Review of GCIC Business Awards

By Clive Hosten The Silver Anniversary of Business Awards in 2013 was a spectacular gala event. There was enormous participation from the business community and interested stakeholders for the 25th Annual Awards which is the major event on the GCIC calendar. Our partner Flow once again was very supportive in televising the awards section of the event.

This year there were two new awards, the Rising Star Award and Employer of the Year Award which brought the total number of awards to eleven. LIME sponsored the Peoples Award where the general public was allowed to select their choice of ‘The Business of the Year’.

The guest speaker was the charismatic Dr. The Hon. Ralph Gonsalves, Prime Minister of St Vincent and the Grenadines who addressed “The role transportation has played (Air and Sea) on trade in the region”.

The overall event was well planned and executed and the businesses which earned awards were elated to be at the helm of the Commercial Sector and recognized by their peers in the business arena.

On behalf of the Chamber we say thank you to all the businesses that participated, provided sponsorship or helped in any special way to make the event a success and a very hearty congratulations to all the awardees.

annual report | 2013

2013 Business Award Winners CATEGORY

WINNERS

ENVIRONMENTAL EXCELLENCE Sponsored by Jonas Browne & Hubbards Presenter: Mr. Osmond Henry

Tambran by Tamara

CORPORATE RESPONSIBILITY Spice Island Marine Services Ltd Presenter: Glyn Evans

Dive Grenada

SERVICE EXCELLENCE Sponsored by Budget Marine Presenter: Mr. Nicholas George

Southern Electrical Co. Ltd.

EXPORTER OF THE YEAR Sponsored by Republic Bank Presenter: Mrs. Naomi De Allie

Grenada Distillers Ltd.

MANUFACTURER OF THE YEAR Sponsored by Republic Bank Presenter: Mr. Keith Johnson

Barons Food (Gda) Ltd.

YOUNG ENTREPRENEUR OF THE YEAR Sponsored by Beacon General Insurance Presenter: Ms. Molly Roberts

Mark Wilson

BUSINESS WOMEN OF THE YEAR Sponsored by Jonas Browne & Hubbards Presenter: Mr. Osmond Henry

Shadel Nyack Compton

RISING STAR AWARD Sponsored by RBTT Presenter: Mrs. Lynette Ogilve-Alexis

ISLA Consulting

SMALL BUSINESS OF THE YEAR Sponsored by RBTT Presenter: Ms. Champa Rampersaud Barnes

Deyna’s Restaurant

EMPLOYER OF THE YEAR Sponsored by GCIC Presenter: Dame CÉcile La Grenade GCMG,OBE,PHD, Governor General

True Blue Bay Grenada

BUSINESS OF THE YEAR Sponsored by RBTT Presenter: Mrs. Champa Rampersaud Barnes

Spice Island Beach Resort

PEOPLES CHOICE AWARD Sponsored by LIME Presenter: Mr. Cecil Noel

SP’S International Trading Ltd.

SPECIAL RECOGNITION Sponsored by LL Ramdhanny Co. Ltd. Presenter: Ms. Leslie-Ann Ramdhanny

Hugh Dolland

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annual report report || 2013 2013 annual

25th Chamber’s Banquet & Award Annual Ceremony

guest speaker

Business of the Year

- Prime Minister of St. Vincent & The Grenadines, Dr. The Hon. Ralph Gonsalves -

- Spice Island Beach Resort -

Manufacturer of the Year

Employer of the Year

- Baron Foods (G’da) Ltd. -

- True Blue Bay Resort -

Exporter of the Year

YOUNG ENTREPRENEUR OF THE YEAR

- Grenada Distillers -

- Mark Wilson -

People’s Choice

- SP’s International Trading Ltd. -

Business Woman of the Year

- Shadel Nyack Compton Nakeisha Jadey Baptiste receiving award

annual annual report report||2013 2013

ENVIRONMENTAL EXCELLENCE

SERVICE EXCELLENCE

- Tambran by Tamara -

- Southern Electrical Co. Ltd -

Rising Star

Virgin Alantic - Special Award

- ISLA Consulting -

- Le Papillion -

37

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annual report | 2013

REPORT OF NAWASA The new Board of NAWASA was re-constituted in the month of August 2013 after the general elections that was held in February 2013.

By Christopher De Allie The period from August to December 2013 resulted in the Board paying attention to a number of operational issues and getting the feel for the strategic issues facing the Authority.

As such, the Board was tasked with getting the relevant subcommittees of the Board up and functional in order to start the process of resolution of various matters. As such the Compensation Committee was immediately constituted in an effort to deal with issues such as union negotiations and pension matters.

The Authority was also able to present its plan for 2014 and the Board was challenged to seek financing for the many projects that the Authority needs to finance its capital projects and also be able to look at financing operational expenses.

The new Board is looking forward to working with all its constituents’ - Government of Grenada, employees and the public- in 2014 and to successfully manage and solve the challenges that will present themselves.

annual report | 2013

39

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annual report | 2013

the national relief committee REPORT The National Disaster Relief Committee is a sub-committee of the National Disaster Management Agency.

By Elton Charles During the year representatives from 13 different sectors were appointed to be part of the Relief Committee. The Sectors include the Ministries of Agriculture, Health, Education, Communication and Works, Grenada Ports Authority, Customs Department, The Grenada Marketing & National Importing Board, The RGPF, Civil Society Organizations and the Grenada Chamber of Industry and Commerce.

The prime purpose of this subcommittee is to ensure that proper mechanisms are established, even at the community level, so that in case of a national disaster the Relief Committee will be prepared for the mobilization and distribution of emergency supplies.

Mr. Oliver Patrick (Chairperson of the Relief Committee) led the Committee in implementing part of the overall national disaster plan that deals with the creation of Accountability Forms and the establishment of a Logistics Support System (LLS) that

will track items received and distributed as part of relief efforts.

The Committee engaged in round table discussions involving the potential natural disasters, its consequences and the possible courses of action that can be taken when a disaster strikes.

The Committee also initiated discussions on food, clothing and emergency supplies in case of an emergency. The arrangements for their safe and secure storage, distribution and the proper recording of those supplies.

Those discussions were held with entities such as the Grenada Ports Authority, Ministry of Health and the MBIA who will work along with the Relief Committee to ensure that all relief supplies are safe, legal and are in good condition.

Given that the members of the Committee are new, a ‘team building’ exercise was held during the year to foster a greater team spirit and camaraderie to help to develop a greater working relationship among the members.

annual report | 2013

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annual report | 2013

Grenada Solid Waste Management Authority Report

By Aine Brathwaite During the year 2013, approximately 34,282.51 short tons of solid waste were delivered on weigh days to the Perseverance landfill. In comparing the data provided for the year 2013 to the corresponding data of 2012, an increase of 1.11% was experienced.

The tyre shredder equipment operated by the GSWMA at the Perseverance landfill was used to reduce large, cumbersome tyres into smaller more compact volumes lessening on the space consumed at the disposal site.

At the same time this eliminated the possible creation of breeding zones for mosquitoes and other disease vectors at the disposal area.

During the month of December 2013, GSWMA commissioned a new Caterpillar D7R2 Waste Handler and commenced its operations at the Perseverance landfill. The introduction of this new bit of equipment was required as expenses for regular repairs of the already deteriorating fleet of tractors were exceedingly high.

Waste diversion (WD) initiatives geared towards minimizing the quantities of waste that enter the disposal sites continued in 2013. The WD initiatives can be categorized as follows: • waste diversion ventures directly pursued by GSWMA • waste diversion ventures

annual report | 2013

pursued by third parties with or without the support of GSWMA The metal baling operations continued to contribute to the conservation of the limited landfill disposal space while at the same time providing employment opportunities through the export of the waste metal to foreign markets for recycling. Records show that three thousand one hundred and twenty-nine (3,129) metal bales were produced during the year 2013.

The wood shredding service was utilized primarily by one of the hotels in Grenada and by the Grenada Poultry Association.

These to some extent contributed to the reduction of green waste entering the landfill.

During September and October the Authority took on a major community initiative to tackle a number of waste management and environmental concerns in the community known as Gun Battle in the Town of Gouyave. This drive stemmed from discussions

with residents and commercial establishments in the town and observations made by staff and board directors during the Antilitter week “walk about�. Some of the issues identified were extensive littering, poor waste disposal practices, river and beach pollution, illegal dumping on the beach, abandonment of derelict boats and vehicles and poor sewerage disposal.

Two award ceremonies were held in January and February to conclude the 2012 Environmentally Friendly Schools Initiative (EFSI).

A total of fifty six schools registered for the program in 2013.

The Public Relations Department visited schools to conduct presentations on solid waste management in Grenada and how the school can make an impact in the sector through its involvement in the EFSI. St. George’s Methodist primary

43

school was the top award winner in 2013.

Despite the ongoing financial straits of the organization, it continues to carry out the vital function of managing as best it can the collection and disposal of waste in Grenada, Carriacou and Petit Martinique. However, it would be fair to say that the situation is not sustainable and funds need to be injected into the organization so that it can provide the service that is required for a healthy state.

An overcrowded landfill has so much space and no more. New methods of management of waste need to be implemented as landfills are no longer the recommended way forward. The situation is not tenable.

I would like to commend the men and women who manage and work with the Grenada Solid Waste Authority for the commitment and dedication to their jobs and the mission and vision of the Authority.

They walk a difficult path but our citizens often never know it.

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annual report | 2013

Small Business Development Fund

By Eric Benjamin

Indicators

Small Business Development Fund was launched on October 17, 2013 with a nine (9) member comittee. Mr Eric Benjamin was recommended by the Grenada Chamber of Industry and Commerce to represent Businesses on the committee, cabinet accepted the recommendation and appointed Mr. Benjamin to sit on the committee as the Chamber’s representative.

The fund is a three(3) million dollars($3,000,000.00) investment coming from the Government of Grenada. The main purpose of the fund is to assist small Agro-processing, Retail, new and existing businesses. From Oct 2013 to Dec 2013 Government had disbursed $1,000,000.00 and from that, eighty five (85) loans were approved and distributed as follows:

2013

Retail Grocery

$195,730.00

Retail Clothes

$134,500.00

Fishing

$ 77,000.00

Support Services

$ 67,200.00

Retail Other

$ 67,130.00

Light Manufacturing

$ 56,000.00

Catering

$ 52,000.00

Hairdressing/Beauty

$ 51,000.00

Cruise Ship Assistance

$ 38,629.00

Tourism

$ 36,000.00

Agriculture

$ 29,500.00

Import & Distribution

$ 25,000.00

Social Services

$ 25,000.00

Construction

$ 5,100.00

Grand Total

$860,289.00

annual report | 2013

45

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annual report report || 2013 2013 annual

PIC

GCIC Windball Cricket Tournament

By Kelly Gangadeen

The 2013 GCIC Inter-Sector Windball Tournament started on Thursday 7th March, 2013 with 28 teams registering. Teams were placed in four zones, namely; A, B, C and D. At the end of the preliminary round the four top teams from each zone were pulled out and contested games on a knock-out basis. The competition then boiled down to a quarter final stage, then to a semi-final and to the final. The finals were played between ASG and La Touche Interior, in a keenly contested game; La Touche Interior was victorious and crowned champion.

As Chairman of the Planning Committee I believe that this year’s competition was once

again a tremendous success.

The competition was organized extremely well and I still firmly believe that this is the best organized windball tournament in Grenada. We continue to see positive growth in the tournament and most importantly workers are socializing and having great fun. Added to the excitement we see co-workers coming out and making noise for their team. This shows that even work mates are using this opportunity to enjoy themselves.

Teams played throughout the tournament in the good team spirit expected and there were minor problems. We had good performances both in the batting

annual report | 2013

47

and bowling departments and even in our fielding. This shows that the standard is growing and that teams are taking this competition seriously.

I want to congratulate the teams for doing so and to keep it up.

As we look down the road, the Committee will be working closely with some of our stakeholders to see if we can take this tournament to a next level. For example, we will start looking into the possibility of lighting up the Morne Rouge playing field so that we can extend the competition into the night. This of course will enhance the competition and more teams will participate.

In conclusion, I would like to thank the entire staff of GCIC and in particular Ms. Dolores Parke for their continuing support of this tournament.

To all sponsors and contributors, I say thanks for your support and look forward to seeing you on board for 2014. Once again congratulations to all the teams for participating and to La Touche Interior for emerging the 2013 Champions.

Winner of the 2013 Inter-Sector Windball Cricket - La Touche Interior

Second Place - ASG Fourth Place - Youth and Sports

Third Place - Modern Interior

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annual report | 2013

Communication Tools SMS

Benefits of Collaboration

Instant Messaging

Customer Service

Email

Mobility

Mobile Device Desktop Sharing

Unified Communications (UC)

Unified Communications (UC) uses the network as a platform to coordinate communication tools and channels such as the office phone, laptops and tablets, with services such as email and interactive calendaring UC allows greater collaboration in the workforce as information can be shared easily as users have a variety of methods at their disposal.

Video Conference

Cost Savings

Increased Productivity

Changing the Voice of your Business: Unified Communications and Collaboration

The State of Business Communication Traditionally, communications within a business was limited to face-to –face meetings and telephone calls. Today, millions of device and service are transforming the way our businesses communicate. The growing popularity of communication tools such as email, text messaging, instant messaging, videoconferencing and desktop sharing have revolutionized the voice of today’s business, erasing the boundaries that previously existed between each channel. Now our cellular phones do the work of several devices- giving you access to your email, wherever you are, while allowing you to schedule meetings with co-workers on a shared calendar, make a videoconference call and send broadcast messages using instant-messenger apps. This is done through Unified Communications (UC), a solution that integrates various communication channels so that information is easily shared across the corporate network.

How does it work?

UC uses the network as a platform to coordinate devices such as the office phone, laptops and tablets, with services such as email and interactive calendaring. With this level of integration, employees are able to communicate using voice, email and other mixed media from one mailbox, regardless of the access device being used.

Why use Unified Communications?

Aside from integrating disparate communication channels within the business, UC also provides service consolidation,

Contact Digicel Business today for further details at 473 415 0028 or 473 535 3900 or at digicelbusinessgnd@digicelgroup.com

eliminating the need to have multiple providers to fulfill the communication needs of your business. According to Justin Boylan, Business Solutions Sales Manager, “With the economic pinch being faced by many organizations, businesses and government entities have to be making the most of the fewer resources while finding ways to serve their customers better and improve collaboration. within the workforce, This forces them to find creative ways to facilitate the growing trend of mobility and respond to the demands of their customer while gaining competitive advantage and cutting costs. A Unified Communications solution can help them to achieve this and give them greater power of collaboration.”

Collaboration Michael Schrage, a research fellow at MIT Sloan School’s Center for Digital Business defines collaboration as “a process of value creation that our traditional structures of communication and teamwork can’t achieve” Collaboration refers to employees being able to share information with ease across a consolidated communication platform.

Tech Tip

Train your staff An integral part of implementing new solutions in your business should include training for all users - not just technical or IT staff. Your staff should understand how the system functions and be fully aware of the support avenues available to them, whether it is online or in-house.

annual report report||2013 2013 annual

49

Selected Economic Indicators

2013

50

annual report | 2013

2013 Statistics SELECTED TOURISM INDICATORS 2012

2013

2013/ 2012

361,146

315,450

-12.7

116,242

116,456

0.2

14,774

14,994

1.5

7,139

6,861

-3.9

90,444

94,601

4.6

2,147

1,686

-21.5

242,757

197,308

-18.7

332,783.0

21,970.2

-93.4

27,031.0

21,970.2

-18.7

31,661

35,904

13.4

8,065

9,861

22.3

24,958

21,025

-15.8

1,497

941

-37.1

GRENADIANS RESIDING ABROAD

14,774

14,994

1.5

WEST INDIES

25,485

25,025

-1.8

9,802

8,706

-11.2

116,242

116,456

0.2

185

144

-22.2

SERIES TOTAL ARRIVALS STAY-OVER VISITORS Grenadians Residing Abroad Students Other Yacht Passengers EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERS ESTIMATED EXPENDITURE '000EC$ STAY-OVER VISITORS EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERS

3,885

305,507.9 244.1

STAY-OVER VISITORS BY COUNTRY OF NATIONALITY * USA CANADA UK GERMANY

OTHER TOTAL NO. OF CRUISE SHIPS NO. OF YACHTS HOTEL OCCUPANCY RATE NO. OF ROOMS AVAILABLE NO. OF BEDS AVAILABLE

annual report | 2013

51

2013 Statistics SELECTED TOURISM INDICATORS

...continued

2012

2013

2013/ 2012

8.94

9.12

2.0

116,242

116,456

0.2

41,245

38,739

-6.1

1,482

840

-43.3

16,457

29,918

81.8

Villas

222

91

-59.0

Cottages

657

327

-50.2

Other

10,470

10,644

1.7

Private Homes

45,709

35,897

-21.5

SERIES NO. OF HOTELS NO. OF GUEST HOUSES NO. OF COTTAGES / APARTMENTS AVERAGE LENGTH OF STAY Total Stay-over Visitors in Paid Accommodation (Stayover Plus Yacht) Hotels/Resorts Guest Houses Apartments

SOURCE: CENTRAL STATISTICAL OFFICE & GRENADA BOARD OF TOURISM

New rates have been applied to visitors estimated expenditure :- cruiseships passenger $160 with 50% disembarking : stayover $474: excursionist $160

31%

STAY-OVER VISITORS BY COUNTRY of NATIONALITY - 2013 21%

18% 13% 8%

7% 1% USA

CANada

UK

germany

grenadians abroad

west indians

other

52

annual report | 2013

2013 Statistics GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CURRENT PRICES: 2011 - 2013 (EC$ Million) 2011

2012 Prelim.

2013 Est.

2014 Proj

Agriculture

69.44

74.69

75.82

78.85

Crops

53.46

58.71

59.64

62.11

Bananas

2.18

3.95

4.13

4.28

Nutmegs

7.89

6.60

8.08

8.49

43.39

48.16

47.43

49.35

Livestock

12.29

12.19

12.23

12.52

Forestry

3.68

3.79

3.95

4.21

Fishing

24.07

30.08

34.87

35.89

4.95

4.25

3.86

4.02

Manufacturing

71.01

67.27

70.67

73.16

Electricity & Water

80.25

85.51

86.21

88.90

Electricity

64.00

69.55

69.33

71.43

Water

16.26

15.96

16.88

17.48

Construction

124.31

104.83

128.94

134.80

Wholesale & Retail Trade

148.13

152.69

164.20

174.00

79.67

81.60

79.32

82.68

Hotels

56.73

58.18

55.19

57.70

Restaurants

22.94

23.42

24.12

24.98

INDUSTRIES

Other Crops

Mining & Quarrying

Hotels & Restaurants

annual report | 2013

53

2013 Statistics GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CURRENT PRICES: 2011 - 2013 (EC$ Million)...continued 2011

2012 Prelim.

2013 Est.

2014 Proj

233.39

227.74

226.51

235.63

157.06

151.77

150.94

158.17

104.07

95.02

95.48

100.31

Sea

20.79

17.76

16.30

16.88

Air

2.06

3.49

3.49

3.68

30.13

35.50

35.67

37.30

76.33

75.97

75.56

77.46

117.87

132.02

133.81

139.01

94.68

108.48

109.55

113.42

22.36

22.69

23.38

24.68

0.84

0.85

0.88

0.91

253.61

255.47

259.74

264.94

174.56

177.18

179.85

182.56

22.24

22.57

22.81

23.25

2.64

2.89

2.92

3.07

2.67

2.71

2.78

2.88

51.49

50.11

51.37

53.18

153.43

156.21

159.34

161.79

148.65

151.04

153.94

156.26

4.78

5.17

5.39

5.53

INDUSTRIES Transport, Storage and Communications Transport and Storage Road

Supporting and Auxiliary Transport Activities Communications Financial Intermediation Banks & Other Financial Institutions Insurance and Pension Funding Activities Auxiliary to Financial Intermediation Real Estate, Renting and Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery and Equipment Computer and Related Activities Business Services Public Administration, Defence & Compulsory Social Security Central NIS

54

annual report | 2013

2013 Statistics GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CURRENT PRICES: 2011 - 2013 (EC$ Million)...continued 2011

2012 Prelim.

2013 Est.

2014 Proj

Education

368.93

419.57

451.22

475.00

Public

86.87

87.12

90.63

92.45

Private

282.06

332.45

360.60

382.56

46.70

46.45

47.35

48.13

Public

44.08

43.78

44.62

45.29

Private

2.62

2.67

2.72

2.83

33.30

36.10

37.38

38.84

1.35

1.42

1.49

1.50

31.95

34.67

35.89

37.34

Private Households with Employed Persons

18.64

19.10

19.83

20.39

Less FISIM

23.81

25.28

23.58

24.90

1,803.88

1,868.30

1,955.49

2,031.14

0.37

3.57

4.67

3.87

298.47

295.76

289.70

299.46

-

-

INDUSTRIES

Health and Social Work

Other Community, Social & Personal Services Public Private

Gross Value Added at Basic Prices GROWTH RATE Taxes on products Less Subsidies GDP at Market Prices GROWTH RATE SOURCE: GRENADA Statistics Department/ECCB

2,102.35

2,164.06

2,245.19

2,330.60

0.99

2.94

3.75

3.80

annual report | 2013

55

2013 Statistics PERCENTAGE CONTRIBUTION OF GROSS DOMESTIC PRODUCT

BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CONSTANT (2006) PRICES: 2011 - 2013 INDUSTRIES

2011

2012 Prelim.

2013 Est.

2014 Proj

Agriculture

3.81

4.00

3.89

3.90

3.02

3.20

3.10

3.11

Bananas

0.11

0.19

0.19

0.19

Nutmegs

0.24

0.17

0.20

0.20

Other Crops

2.67

2.84

2.71

2.72

Livestock

0.60

0.60

0.59

0.58

Forestry

0.19

0.20

0.20

0.20

Fishing

1.39

1.50

1.78

1.78

Mining & Quarrying

0.21

0.18

0.16

0.16

Manufacturing

3.74

3.78

3.80

3.78

Electricity & Water

4.72

4.70

4.61

4.59

Electricity

3.36

3.35

3.23

3.21

Water

1.36

1.35

1.38

1.38

Construction

7.24

6.00

7.01

7.04

Wholesale & Retail Trade

7.72

7.87

8.19

8.22

Hotels & Restaurants

4.38

4.70

4.37

4.39

Hotels

2.93

3.16

2.86

2.88

Restaurants

1.45

1.54

1.51

1.51

Crops

56

annual report | 2013

2013 Statistics PERCENTAGE CONTRIBUTION OF GROSS DOMESTIC PRODUCT

BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CONSTANT (2006) PRICES: 2011 - 2013...continued 2011

2012 Prelim.

2013 Est.

2014 Proj

13.62

13.36

12.72

12.71

8.17

7.73

7.36

7.38

Road

4.78

4.48

4.32

4.33

Sea

1.10

1.02

0.89

0.88

Air

0.04

0.04

0.04

0.04

2.24

2.19

2.11

2.13

5.46

5.63

5.37

5.33

7.67

7.69

7.48

7.46

6.08

6.05

5.85

5.82

1.54

1.60

1.58

1.61

0.04

0.04

0.04

0.04

14.50

14.72

14.46

14.37

10.06

10.29

10.12

10.05

Real Estate Activities

1.28

1.31

1.28

1.27

Renting of Machinery and Equipment Computer and Related Activities

0.15

0.15

0.15

0.15

0.15

0.15

0.15

0.15

Business Services

2.85

2.82

2.77

2.75

INDUSTRIES Transport, Storage and Communications Transport and Storage

Supporting and auxiliary transport activities Communications Financial Intermediation Banks & Other Financial Institutions Insurance and Pension Funding Activities Auxiliary to Financial Intermediation Real Estate, Renting and Business Activities Owner Occupied Dwellings

annual report | 2013

57

2013 Statistics PERCENTAGE CONTRIBUTION OF GROSS DOMESTIC PRODUCT

BY ECONOMIC ACTIVITY AT BASIC PRICES, IN CONSTANT (2006) PRICES: 2011 - 2013 ...continued INDUSTRIES

2011

2012 Prelim.

2013 Est.

2014 Proj

Public Administration, Defence & Compulsory Social Security Central

8.57

8.77

8.38

8.33

8.29

8.47

8.08

8.03

NIS

0.28

0.30

0.30

0.30

18.52

18.76

19.16

19.35

Public

4.76

4.77

4.69

4.68

Private

13.76

13.99

14.48

14.67

2.54

2.52

2.41

2.40

Public

2.42

2.40

2.29

2.28

Private

0.13

0.13

0.12

0.12

2.01

2.08

2.03

2.02

0.07

0.08

0.08

0.08

1.93

2.00

1.96

1.94

Private Households with Employed Persons

0.95

0.96

0.94

0.94

Less FISIM

1.58

1.59

1.41

1.43

100.00

100.00

100.00

100.00

Education

Health and Social Work

Other Community, Social & Personal Services Public Private

TOTAL SOURCE: GRENADA Statistics Department/ECCB

58

annual report | 2013

2013 Statistics BALANCE OF TRADE & SELECTED DOMESTIC EXPORTS 000 KGS OCT-DEC

OCT-DEC

JAN - DEC

JAN - DEC

2012 est

2013 est

2012 est

2013 est

-219,857.7

-278,675.4

-827,995.7

-893,264.6

TOTAL IMPORTS

240,049.0

295,325.8

921,421.8

994,780.3

TOTAL EXPORTS

20,191.3

16,650.4

93,426.1

101,515.7

2,205.9

1,979.6

11,422.2

14,080.3

17,985.4

14,670.8

82,003.9

87,435.4

8,871.6

6,349.3

46,318.7

52,106.0

0.0

0.0

0.0

0.0

COCOA

1,618.1

793.8

8,910.4

7,851.8

NUTMEGS

4,975.8

3,352.1

18,612.9

18,335.6

MACE

265.9

435.8

1,188.2

2,016.7

FRESH FRUITS AND VEGETABLES FISH

162.6

103.8

471.2

438.7

1,801.6

1,658.7

17,039.6

23,430.5

47.6

5.1

96.4

32.7

9,113.8

8,321.5

35,685.2

35,329.4

4,606.5

3,957.4

17,809.5

17,108.1

CLOTHING

456.0

204.1

1,410.0

893.9

PAINTS & VARNISHES

866.0

1,095.7

2,597.2

3,454.0

PAPER PRODUCTS

1,269.2

1,153.2

5,364.4

5,317.0

ANIMAL FEED

1,522 .9

1,097.0

5,114.4

5,380.1

ROOFING SHEETS

6.2

0.0

433.2

367.1

NUTMEG PRODUCTS

0.6

4.1

57.7

76.0

386.4

810.0

2,898.8

2,733.2

BALANCE OF TRADE

RE-EXPORTS TOTAL RECORDED DOMESTIC EXPORTS AGRICULTURAL EXPORTS BANANAS

OTHER MANUFACTURED EXPORTS FLOUR

OTHER SOURCE: Central Statistical Office

59

annual report | 2013

2013 Statistics COMMERCIAL BANKS DEPOSITS EC$’000 SERIES

AS AT DEC

DEPOSITS

2011

2012

% CHANGE 2013

2011/ 2010

2012/ 2011

2013/ 2012

261,575

273,945

343,646

-7.2

4.7

25.4

1,305,932

1,390,385

1,444,978

0.1

6.5

3.9

TIME

700,533

560,993

522,067

4.5

-19.9

-6.9

FOREIGN CURRENCY

146,837

118,034

124,864

5.8

-19.6

5.8

2,414,877

2,343,357

2,435,555

0.8

-3.0

3.9

DEMANDS SAVINGS

TOTAL

COMMERCIAL BANKS - type of DEPOSITS in EC$M 1444.9

1390.4

demand savings

1305.9

time foreign currency

700.5

561.0 522.0

146.8

2011

343.6

273.9

261.6

118.0

2012

124.8

2013

60

annual report | 2013

2013 Statistics Unemployment Rate

by GENDER and Age Males

Female

Both Genders

15-24 (Youth)

49.1

63.0

55.6

25-64

22.1

34.3

27.9

65+ (Elderly)

38.6

17.6

32.8

Total

28.1

39.6

33.5

2011

2012

2013

Male

1,131

1,044

1,847

Female

1,255

1,064

1,890

Total

2,386

2,108

3,737

20.7

-11.7

77.3

Source: Preliminary Data from the Labour Force Survey 2013

NEW REGISTERED EMPLOYEES INDUSTRIES

% Change

annual report | 2013

61

2013 Statistics CONSUMER PRICE INDEX 2010 = 100 Description

Weights

2011

2012

2013

All Products

100.00

106.71

109.28

109.23

FOOD AND NON-ALCOHOLIC BEVERAGES

20.35

110.40

113.71

114.74

ALCOHOLIC BEVERAGES, TOBACCO AND NARCOTICS

1.83

114.71

115.28

118.14

CLOTHING AND FOOTWEAR

3.66

103.55

104.77

102.93

29.05

105.27

105.78

106.04

FURNISHING, HOUSEHOLD EQUIPMENT & ROUTINE HOUSEHOLD MAINTENANCE

4.50

104.32

111.52

111.75

HEALTH

1.94

115.90

125.08

125.78

TRANSPORT

18.72

105.34

108.97

110.62

COMMUNICATION

10.03

110.98

115.27

106.58

RECREATION AND CULTURE

2.71

101.76

102.40

103.48

EDUCATION

0.83

103.80

110.18

115.26

RESTAURANTS AND HOTELS

1.81

106.63

106.17

106.38

MISCELLANEOUS GOODS AND SERVICES

4.59

98.82

99.94

103.83

HOUSING, WATER, ELECTRICITY, GAS & OTHER FUELS

62

annual report | 2013

annual report | 2013

63

64 64

annual report | 2013

Audited Financial Statements

2013

annual report | 2013

Contents Independent Auditors’ Report

66

Statement of Financial Position

67

Statement of Income and Accumulated Deficit

68

Statement of Cash Flows

69

Notes to the Financial Statements

70

65

66

annual report | 2013

Independent Auditors’ Report to the Members of The Grenada Chamber of Industry and Commerce We have audited the accompanying financial statements of the company which comprise the statement of financial position at 31st December, 2013 and the related statement of income and accumulated deficit and cash flows for the year then ended.

Responsibility for the Financial Statements Those charged with governance are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards for small and medium-sized entities. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the accompanying financial statements present fairly in all material respects, the financial position of the Company as of 31st December, 2013 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium-Sized Entities.

GRENADA: March 24th, 2014

Accountants & Business Advisers:

Partners: Henry A. Joseph FCCA (Managing), Michelle A. Millet B.A. CGA (Mrs)

annual report | 2013

Statement of Financial Position At 31st December, 2013 ASSETS

Notes

2013

2012

4

15,552

16,340

Cash and cash equivalents

5

6,649

29,156

Accounts receivable

6

29,000

39,180

35,649

68,336

$51,201

$84,676

(80,895)

(83,253)

Non-Current assets Plant and equipment Current assets

TOTAL ASSETS DEFICIT AND LIABILITIES Accumulated deficit Current liabilities Short-term borrowings

7

37,720

65,360

Accounts payable

8

46,966

56,366

47,410

46,203

132,096

167,929

$51,201

$84,676

Subscriptions paid in advance TOTAL LIABILITIES TOTAL DEFICIT AND LIABILITIES

The notes on pages 70 to 76 form an integral part of these financial statements

: Treasurer

: President

67

68

annual report | 2013

Statement of Income and Accumulated Deficit For the year ended 31st December, 2013 Notes

2013

2012

252,578

211,790

Income Subscriptions Other Income

9

182,944

175,809

Junior Achievement - Sponsorship

10

-

38,346

-

1,400

435,522

427,345

(387,068)

(459,063)

-

(65,577)

(387,068)

(524,640)

48,454

(97,295)

Junior Achievement Balance Written-off

(46,096)

-

Accumulated Deficit/(Surplus) – Beginning of Year

(83,253)

14,042

$(80,895)

$(83,253)

- Company Fees

General and Administrative Expenses Junior Achievement Operating Expenses

Net Surplus/(Deficit) for the Year

Accumulated Deficit – End of Year

11

The notes on pages 70 to 76 form an integral part of these financial statements

annual report | 2013

Statement of Cash Flows For the Year Ended 31st December, 2013 2013

2012

48,454

(97,295)

(46,096)

-

7,250

6,289

9,608

(91,006)

Decrease in Accounts Receivable

10,180

58,183

(Decrease)/Increase in Accounts Payable

(9,400)

4,047

Increase in Subscriptions Paid in Advance

1,207

19,298

11,595

(9,478)

(6,462)

(7,444)

(6,462)

(7,444)

5,133

(16,922)

(36,204)

(19,282)

$(31,071)

$(36,204)

6,649

29,156

(37,720)

(65,360)

$(31,071)

$(36,204)

CASH FLOWS FROM OPERATING ACTIVITIES Net Surplus/(Deficit) for the Year Adjustments for: Junior Achievement Balances Written-off Depreciation Operating Surplus/Deficit) Before Working Capital Changes

Net Cash Provided by/(used in) Operating Activities Purchase of Plant and Equipment Net Cash Used in Investing Activities Net Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents - at Beginning of the Year - at End of the Year REPRESENTED BY: Cash at Bank Bank Overdraft

The notes on pages 70 to 76 form an integral part of these financial statements

69

70

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 1.

INCORPORATION AND PRINCIPAL ACTIVITY

The Grenada Chamber of Industry and Commerce was registered on November 11, 1947 under the Companies Ordinance 1926 as a non-profit association, limited by guarantee, to promote measures calculated to benefit and protect the trading interest of its members and to participate in various community projects throughout the island. The Chamber employed on average five (5) persons during the year (2012: 5).

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation The financial statements of the Chamber have been prepared in accordance with International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SME’s) and under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Chamber’s accounting policies. The areas involving a higher degree of judgment or complexity, and where assumptions and estimates are significant to these financials statements, are disclosed in Note 3.

(b) Plant and Equipment Plant and equipment are stated at cost less accumulated depreciation. Subsequent costs are included in the assets carrying amounts or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Chamber and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives. The rates used are as follows:

Office Furniture and Equipment Computer Equipment

Per Annum 10% 25%

The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the statement of financial position date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (b) Plant and Equipment (continued) Gains and losses on disposals are determined by comparing proceeds with carrying amount.

These are included in the statement of comprehensive income.

(c) Revenue Recognition The Chamber accounts for subscriptions on the accrual basis.

(d) Cash and Cash Equivalents Cash and cash equivalents comprises of cash on hand and at bank. Bank overdraft is included as a component of cash and cash equivalents for the purpose of the cash flow statement.

Bank overdraft is shown within borrowings in current liabilities on the statement of financial position.

(e) Provision for Bad Debts A provision for impairment of accounts receivable is established when there is objective evidence that the Chamber will not be able to collect all amounts due according to the original terms of the receivable. Significant financial difficulties of the debtor and default or delinquency in payment are considered indicators that the receivable is impaired.

(f) Taxation The Chamber is exempt from the payment of income tax.

3.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING ACCOUNTING POLICIES The development of estimates and the exercise of judgment in applying accounting policies may have a material impact on the Chamber’s reported assets, liabilities, revenues and expenses. The items which may have the most effect on the financial statements are set out below.

Property, Plant and Equipment Management exercises judgment in determining whether future economic benefits can be derived from expenditures to be capitalized and in estimating the useful lives and residual values of these assets.

Impairment of Accounts Receivable Management exercises its judgment in providing for accounts receivable.

71

72

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 4.

PLANT AND EQUIPMENT Office Computer Air Furntiure and Equipment Conditioning Equipment

Total

Cost Balance as at 1st January, 2013

20,677

22,418

8,371

51,466

1,118

2,469

2,875

6,462

21,795

24,887

11,246

57,928

12,036

16,916

6,174

35,126

2,180

2,983

2,087

7,250

Balance as at 31st December, 2013

14,216

19,899

8,261

42,376

NET BOOK VALUE - 2013

$7,579

$4,988

$2,985

$15,552

NET BOOK VALUE - 2012

$8,641

$5,502

$2,197

$16,340

Additions during the Year Balance as at 31st December, 2013 Accumulated Depreciation Balance as at 1st January, 2013 Charge for the Year

5.

CASH AND CASH EQUIVALENTS 2013 Cash on Hand

2012

87

-

First Caribbean International Bank

2,627

2,627

RBTT Bank Grenada Limited

3,935

3,935

- Current Account

-

22,352

- Junior Achievement - Current Account

-

242

$6,649

$29,156

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 6.

ACCOUNTS RECEIVABLE 2013 Junior Achievement Sponsorship Receivable

-

23,500

20,682

5,920

Rent Deposit and Prepayment

6,000

6,000

Other

2,913

4,355

29,595

39,775

Dues Receivable

Less: Provision for Bad D ebts

(

595)

$29,000

7.

(

595) $39,180

SHORT-TERM BORROWINGS

Bank overdraft - First Caribbean International Bank

8.

2012

$37,720

$65,360

ACCOUNTS PAYABLE

Sundry Payables

44,376

53,449

Accrued Charges

2,590

2,917

$46,966

$56,366

73

74

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 9.

OTHER INCOME 2013

2012

Special Events: Grant Received

5,498

-

-

2,000

18,995

21,120

2,250

3,807

Banquet and Awards

79,198

57,605

Annual Report

22,200

45,398

Bus Shelter Project

11,218

19,600

Luncheon

13,125

20,969

Training and Workshops

5,525

470

Other

2,435

4,840

22,500

-

$182,944

$175,809

Quinn Company Limited

-

1,000

Bank of Nova Scotia

-

1,820

Digicel Grenada Limited

-

1,820

National Water and Sewage Authority

-

300

Bryden and Minors Limited

-

970

Administrative Services Cricket Conference Facilities

Projects

10. JUNIOR ACHIEVEMENT SPONSORSHIP

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 10. JUNIOR ACHIEVEMENT SPONSORSHIP (continued) 2013

2012

Grenada Public Service Co-operative Credit Union

-

3,000

JAPEC

-

20,161

National Insurance Scheme

-

3,000

Grenada Electricity Services Limited

-

2,625

LIME

-

12,625

Jonas Browne & Hubbard (Grenada) Limited

-

1,820

First Caribbean International Bank Limited

-

10,605

Westmorland Secondary School

-

280

RUBIS West Indies Limited

-

1,820

-

$61,846

108,400

137,600

3,765

3,446

26,808

47,934

Printing, Postage, Stationery and Office Supplies

9,633

15,717

Audit and Accountancy Fees

5,500

3,250

Annual General Meeting Expenses

14,876

38,085

Rent

34,500

35,140

513

(2,873)

17,090

12,730

$

11. GENERAL AND ADMINISTRATIVE EXPENSES

Salaries, Wages and Allowances Contributions – National Insurance Scheme Communications

Miscellaneous Electricity

75

76

annual report | 2013

Notes to the Financial Statements At 31st December, 2013 11. GENERAL AND ADMINISTRATIVE EXPENSES (continued) 2013

2012

Depreciation

7,250

6,289

Seminars and Conferences

1,118

-

334

1,757

Maintenance – Building and Equipment

3,325

3,759

Advertising and Publicity

2,500

10,084

Travelling

5,801

5,031

12,922

12,702

Training and Workshop Expenses

3,200

1,455

Bad Debts

2,789

44,907

Interest and Bank Charges

8,884

7,993

Banquet and Award Expenses

57,510

55,204

Website Costs

42,190

750

-

80

Luncheon

7,760

18,023

Donations

400

-

10,000

-

$387,068

$459,063

Legal Fees

Cricket Expenses

Water

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annual report | 2013

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NOTES

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NOTES

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NOTES

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