BVICCHA Chairman, Jamal Smith, implored VIslanders to move away from acrimony. Photo:VINO

The Chairman stated, “In a society where there are considerable differences of opinion as to how we should develop our economy, that has pitted our people against each other in a way never before seen in our country’s history, I today hope to lay a foundation for moving away from this acrimony that is not historically part of our political culture or even how we as Virgin Islanders traditionally behave.”

He applauded the BVICCHA for rising to the challenge in difficult economic times to promote some 50 businesses in key sectors of our economy at this year’s Trade Expo.

“Today the Virgin Islands faces, not a fiscal cliff, but a major trade deficit, from its service based economy with what has been called its ‘twin pillars’ of tourism and financial services,”  Mr Smith added. He further stated that the two were however, not identical in their operations or impact on the society.

Of considerable concern to the Chairman, was the “sustained volumes of trade outflows from all sectors of our economy, with no doubt, spending in the United States Virgin Islands reaching staggering proportions, estimated conservatively far in excess of $50M per year…” The figure quoted did not include Puerto Rico, St Martin and the US mainland.

Economic Disaster

Mr Smith also bemoaned the situation whereby approximately 70 percent of the labour force is on work permit, attributing to a “weekly outflow of capital to the Dominican Republic, Jamaica, Trinidad, The Phillipines and many other countries through Western Union and other financial institutions.”

According to the Chairman “These are catastrophic numbers, and without a sustained number of capital inflows from financial services and tourism, to offset the staggering outflows of capital from our shores, we are setting ourselves up for major economic disaster.”

He continued, “unfortunately, our economy continues to see major increases in the granting of work permit in the construction sector alone, with most major projects spending capital on importation of raw materials and increasing the demand for external labour.”

Acting Premier Hon Dr. Kedrick Pickering praised the work of the craftsmen and artisans who gave birth to the Territory’s earliest industry and by extension, the modern economy of today. He further noted that the people of the VI “have always been driven by a powerful entrepreneurial spirit.”

He expressed that his government has been working closely with Small and Medium-Sized businesses through the Trade Department in offering a series of training opportunities including customer service, business and financial management to assist SMEs with strengthening, expanding and building-up its capacity to help strengthen this economy.

“As entrepreneurs,” he continued, “we must improve our marketing and advertising. Remember, we are living in an information age where consumers are not limited in their choices to what they see at the local market. Television, radio, newspapers and the internet all broadcast endless messages about the products on offer.”

Of critical importance as well, he related, the concept of “Buy BVI” is not just about taking pride in the products and services of our fellow countrymen; but rather is about “recognising that the sons and daughters of our Territory are competing on the international stage.”

The annual event themed “Buy BVI and $ave”, is scheduled for two days and features a number of cultural events and business presentations in addition to the 50 businesses on display.