Road Town, October 24, 2019 – Tortola – Premier of the British Virgin Islands (BVI), Andrew A Fahie, has signaled his intention to strengthen ties with the rest of the Caribbean Community, noting that there will be business and job opportunities in his country due to an aggressive development thrust.
In a statement on October 23,
Fahie called on local and regional entrepreneurs and innovators to use apply
their creativity to identify the business opportunities that will be emerging
as development on the British Overseas Territory takes off, so that they can
tap into those opportunities.
“My message to local and
regional business interests is to prepare yourselves. If your venture requires
a foreign partner, find one now and start the process. If you are foreign based
and you have something the BVI needs, make your BVI connection. There is a lot
of work to be done and a lot of opportunities for getting involved,” Fahie said.
Two years after being
devastated by Hurricanes Irma and Maria, the BVI has made significant strides
in recovery and is working on a development programme that will make its
infrastructure, economy and people more resilient to sudden and dramatic events
in the tourism and financial services industry, which are its two main economic
engines. Fahie, whose Virgin Islands Party (VIP) won the general election last
February, is looking to increase the country’s revenue from those two sectors,
while encouraging the development of new industries that will diversify the
BVIs economy.
The implementation of economic
substance legislation, coupled with the BVI’s tourism strategy, is driving up
rivals into the country. The BVI Government has also indicated its intention to
diversify its tourism thrust into areas such as hosting meetings, conferences,
training, education, medical services and other sporting events besides its
annual regattas.
This growth is driving a demand
for goods and services, and Fahie says while his primary goal is to ensure that
BVIslanders and local businesses benefit as much as possible from this
activity, excess demand will have to be supplemented with help from outside –
starting with the BVI’s CARICOM neighbours who face similar challenges and
circumstances.
“Our CARICOM neighbours have a
lot to offer in terms of manufactured goods, professional services, skilled
labour and partnerships that will have mutual benefits. The Caribbean region is
very strong if our countries and our people work together,” Fahie said, adding
that he intends to invite regional government and business leaders to examine
the dynamics of opening up intra-regional trade.
“We will be reaching out to the
leaders in the region and business organizations to let them know that the BVI
is serious about doing business and we are open for business. We need lumber,
aggregates, construction materials, foodstuff and other products, which can be
easily accessed by establishing an ocean freight trade route from Guyana,
through Trinidad and Tobago, Grenada, St Lucia, St Vincent, Dominica, the
Virgin Islands and also Jamaica. A rising tide will lift all boats, and the BVI
will take the lead in developing this,” he said.
He added, “Our mission today
must be to spark a transformation locally and regionally and create an
environment where all of our people enjoy a high quality of life, characterized
by a feeling of reasonable happiness, comfort and security; where they occupy
sustainable jobs in the careers of their choosing; where our people, especially
the young ones, have easy access to the opportunities for education, training
and development so that they can pursue their dreams; and where they can get
high value for their earnings.”
The BVI, known as “Nature’s Little Secrets”, is a cluster of about 50 islands and cays located just east of Puerto Rico. It has the reputation of being one of the more prosperous states in the Caribbean and Latin America region. It boasts a Gross Domestic Product (GDP) of $1.027 billion (2017 est.) with an estimated per capita GDP of $34,246. As one of the most popular vacation destinations in the world, the BVI attracts over 1 million tourists annually including about 400,000 overnight visitors, due to its pristine beaches, scenic locations, and its ideal location for sailing, snorkeling and diving. The BVI is considered the sailing capital of the world and a very popular destination for Old Years’ Night parties.
Release: BVI Government
Photo Caption: Road Town, Tortola two years after hurricane Irma