Investment into Gibraltar
In 1991, the Chief Minister announced his intentions of spending the bulk of the Investment and Development fund (£63m) on three important projects, namely:
- A new housing estate of 580 units;
- An Industrial Park, previously part of the Naval Dockyard; and
- The conversion of South Barracks into a new school.
As a result of these intentions, the Chief Minister suggested that over the course of the next years, the construction industry would become the largest employer in Gibraltar. This was due in large part to the Government’s own investment programme. He did explain however, that such high levels of employment will not be a trend that Gibraltar could expect to see in the following years.
“We have now reached the point where, essentially, with the investment of the Government and the investment of the Private Sector, we have provided everything that needs to be provided to develop in Gibraltar a totally self-sufficient and independent economic base”.