Host of popular local talk show, Umoja, Cromwell Smith aka Edju En Ka, said there needs to be development in other sectors and less reliance on the main pillars of financial services and tourism in the VI. Photo:VINO/File

Smith who also goes by the name Edju En Ka, shared the view that there is a situation where bigger trust companies are taking over smaller trust companies here. Locals hired in these companies, he noted are losing their jobs as a result of these takeovers. 

He mentioned that foreigners come into the country and are being trained by local workers. The trained workers then go back to their homeland which allows the trust companies to outsource the work that local employees once did. “It is better to have them do it [overseas],” he said. 

“There is a lot of downsizing”, Smith continued, “so all the work we used to do and the jobs we used to have are now being outsourced in various parts of Asia, where our brothers’ and sisters’ labour is being exploited.” 

Edju En Ka shared that this meant that these companies can get the same jobs for a fraction of what it would cost to execute in the Virgin Islands.

“What does that mean for us, what does that mean for our economy?” he asked. Smith also questioned what this meant for businesses depending on the financial services sector. 

He also asked what it might mean for government revenue which depends on a whopping 65% of this revenue for our national budget. “How are these things going to impact us?” 

Smith raised the question of how local businessmen and women might be affected who have over one billion dollars invested in the financial services sector in the form of office buildings and other businesses. 

“It’s no small matter,” he declared while posing the question of what can be done about it and more specifically what can government do about it. 

Smith noted the passion dislayed by Minister for Education and Culture, Hon. Myron V. Walwyn as well as that of Representative, Hon. Archibald Christian at the loss of jobs and their corresponding impact seen with unemployed Virgin Islanders. 

“It’s something that our Representatives are responsible for, seeing that we get the jobs, that the laws are enforced,” he added. 

He questioned whether anything could be done at all, in spite of the Minister’s passion, to stop the financial services from their current trend. “Can we even say anything to [the financial services]?” he asked. 

“Are we in a position of powerlessness?” he continued, “those are all questions we have to answer.” 

Smith also asked how it was that we had gotten to this position, reflecting that he had raised the issue of the diversification of our economy on ZRod as far back as 1995. 

The talk show host felt that since then there had been an over-reliance and dependence on one or two sectors/economic pillars in the local society that are controlled by expatriates. 

He felt the situation needed to be brought under control and wondered how we could have more local investment in these sectors.

“Should we be looking at developing another industry that we can have more control over?” 

He related that industries that have natural resources such as the fishing industry can be tapped for further development rather than relying so heavily on sectors [financial services and tourism] that are likely to evaporate at any moment. 

“We need to look at developing other sectors that are essential to human survival and human development,” he proposed. Smith felt that this would offer some semblance of stability and increased control while lessening dependence on the imbalanced nature of foreign investment.