Former Prime Minister, Gerorge Brizan believes that the sustained economic development of Grenada's economy will depend upon the production of certain agro-industrial products for industrial use abroad.
His statement was made last Friday in delivering a key-note address at a one-day economic conference organised by the National Democratic Congress (NDC) which was formed by Brizan himself in the 1980's.
The former Government Leader and Minister of Agriculture spoke of the need for serious development to take place in reviving the nutmeg industry which can become a successful income earner for the country.
Brizan noted that the base material used in the multi-billion dollar perfume and cosmetic industry myristic acid and that most of the substance is found in nutmeg.
He said that according to the chemical process, 95 percent of the myristic acid is available from that local spice product grown in Grenada.
"So the purest and most prolific source of myristic acid today is the nutmeg. Isn't it a shame that we haven't done anything about that?" he asked.
This is a clear attempt to cast aspersions on the Keith Mitchell-led New National Party (NNP) government which has been occupying the seat of power in Grenada since mid-1995.
Political observers regard Brizan's appearance on the platform as a clear signal that he intends to give tacit support and approval to the newlook Congress party that is seeking to win the upcoming general election.
The former Prime Minister and Minister of Finance also touched on the need for Grenada to establish a research and development department similar to that used by the major multi-national corporations around the world as the motor for their growth and development.
Brizan, a former school teacher in his early years, informed the gathering that one of the essential items used in the making of tooth paste, mouth wash, and other forms of dentrythesis is glycerol and that the nutmeg possesses a lot of glycerol.
He said that Oleo resin is also used by manufacturers in order to extend the shelf life of canned food products.
The ex-government minister disclosed that during his time in office between 1990-95, the services of an Indian technologist were secured to work with the Produce Chemist Laboratory at Tanteen to specifically deal with oleo resin which could have helped the island earn at least two million U.S dollars a year.
Brizan said that money was budgeted to have the work done by the Indian technologist for three years (1995-97) but nothnig was done when Congress lost power in 1995."These three items (myristic acid, glycerol, and nutmeg oleo resin) that I submitted to you are items, when produced, will mean millions and millions of dollars for the Grenadian economy," he added.
Brizan reminded the audience that the NDC was able to ensure that Grenada returned to a state of creditworthiness at the end of the 1984-90 rule of the NNP led by late Prime Minister, Herbert Blaize through a self-imposed Structural Adjustment Programme.
The former Prime Minister said that as result of Grenada's creditworthiness the NDC government then headed by Sir Nicholas Brathwaite was able to attract investment for the construction of both the La Source and Rex Grenadian hotels in the south of the island.
Despite of this, he warned that "the gasoline to drive the economy" is putting money in the farmers' pockets and giving them spending power.
"So I told myself hotel investment is nice and good, but it is not reaching down to the economy. If you get a marginal dollar, for a farmer he has a high MPC (Marginal Profencity to Consume). So you will find he will spend about 0.9 of that dollar and save about 0.1. But if I gave a similar marginal dollar to a rich person, he will spend about 0.1 and save about 0.9. It is the high MPC of the farmer that drives the economy on," Brizan said.
