Premier and Minister of Finance Hon Andrew A. Fahie (R1) says with economic reform on the way in the Virgin Islands, local and regional businesses should prepare themselves for the new opportunities that will come as a result of a diversifies local economy and a new ocean freight route the territory is looking to develop. Photo: Internet Source

According to Premier Andrew A. Fahie, the aim of his government is to ensure that local businesses grow which will, in turn, create employment for local people. Photo: VINO/File

According to the Leader of Government Business, the territory will be reaching out to the leaders in the region and business organizations to let them know that, the VI is opened for business and is serious about what it has to offer. Photo: Internet Source

Hon Fahie said in a media statement released on October 23, 2019, said, "Our entrepreneurs and innovators must exercise their creativity and spot the emerging business opportunities. Prepare your bed and breakfast accommodations, restaurants and catering services, hardware stores, barge and shipping companies, and all other types of business."

Identify opportunities - Premier 

He urged them to identify what inputs and skill would be needed and to put things in motion to get them, noting that the aim of his government is to ensure that local businesses grow, which will in turn create employment for local people. 

"But where we require additional capacity to achieve our broader goals, we must recognise that we only have to look next door to find what we need. 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."

Premier Fahie said his administration has recognised that in order to truly push forward, there is a need to take initiative and lead the thrust for revisiting the opportunities and mechanics for regional trade.

"We must make this effort because we understand the economics of it from our experience and our perspective as a small island state."

Regional trade from Guyana to VI  

According to the Leader of Government Business, the territory will be reaching out to the leaders in the region and business organisations to let them know the VI is open for business and is serious about what it has to offer.

"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 the local shipping interests in the territory should take note and be ready, "Regional businesses must know that the BVI is a market and therefore by coming together, we can make it work for everyone. They too must get ready to trade." 

According to Hon Fahie, "These linkages and logistics will be beneficial to our agricultural producers, our fisherfolk and other businesses as they grow and seek to connect with export markets."

He said those linkages will also be essential for supporting a number of other business activities in the territory.