Premier: Economy still robust; businesses have to adjust
He noted that the Territory’s GDP has decreased by some 3 percent and said if this is considered in the grand scheme of things where a neighbouring island has a reduction of 13 percent in its GDP, his position remained unchanged.
“I would still think that our economy is robust. Of course there have been some layoffs but I think that is something that happens in [other sectors] and businesses have to adjust their practices according to demand,” Premier Smith said.
He felt that the layoffs that have been happening around the Territory have not been happening to the extent that the GDP has been affected by more than the 3 percent reduction he indicated and said the GDP is what is being used as the indicator of a robust economy.
Port concerns and Protocols
Premier Smith also felt that his government had done the right thing regarding its diligence with the Protocols for Effective Financial Management and the pending works on the Cruise Pier port development project.
“We are of course following the Protocols…,” he said, “Two things which are important when you are looking at the projects that we did is to have them vetted by international specialists and so we have had an international team of lawyers who are specialists in this kind of arrangement.” He also noted that there was a professional accounting firm working along with the process.
According to the Premier, “We know that we did what was the right thing to do and we proceeded according to what was the right process in whatever the decision that was being made.”
Speaking on the length of time that the project has been taking to receive approval from the United Kingdom (UK) government as stipulated by the Protocols, the Premier said that it was indeed a process and noted that his government has been keeping the UK government aware of what progress that has been made so far so that they are in tune with what is being done.
“We are now waiting on some final details from the company involved with the pier development before we can [proceed],” he added.
Premier Smith also promised that the names of the Tortola Port Partners Group, the group selected for the cruise pier port development project, would be released soon.
A town meeting is scheduled for today, August 22, 2013 at the Maria’s By the Sea Hotel conference room with Works Minister Hon. Mark H. Vanterpool and residents of the Territory on the Environmental Impact Assessment (EIA) surrounding the cruise development project.
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