“From my office in Miami,” Mr. Newfield writes in his resignation letter, “I have had the privilege of heading one of only three missions to officially represent our island in the United States. Our efforts were paying off in the form of significant new tourism development projects and real estate investment, among other areas.
“Grenada and its citizens have become extremely dear to me. As a Grenada citizen myself, I have undertaken my duties with a strong sense of responsibility to help advance economic growth, business opportunity and investment to our island.”
Approximately 92% of the Kawana Bay’s available units have been sold or committed for sale by international investors ahead of the project’s completion, a remarkable success rate despite the impossibility of on-site visits during the pandemic. Construction continues.
Mr. Newfield says, “My own business interests are hardly the only ones to be damaged by the regime’s disregard for investor rights. Kawana Bay and other projects like it in Grenada have repeatedly been the targets of impulsive, often contradictory government meddling that shows a complete disregard for the nation’s laws as well as international treaty agreements.”
Political interference and bureaucratic obstacles have taken a toll far beyond Mr. Newfield. Grenada has slid precipitously in the World Bank’s annual “ease of doing business” rankings – the country now sits at 146th out of 190 countries globally, and fourth lowest in the Americas. Most recently the government had to pay $65 million – a substantial sum relative to its national budget – after an unfavorable ruling at the International Centre for Settlement of Investment Disputes, the result of an absolute disregard of its obligations with the then controlling shareholder of the island’s electric utility, known as Grenlec.
In his resignation letter Mr. Newfield concluded, “I am proud of the spirit with which we began our mission and of the progress we made in getting world-class investors and brands to see the best in Grenada.
“I wish nothing more than a level and rational playing field for those who wish to do business, create jobs and grow the economy in order to ensure a bright future for the youth of our wonderful country.”
