VIP Gov’t 'doing more than talk' to diversify local economy– Hon Wheatley
The Minister touched on the topic at Friday’s, August 19, 2021, Eleventh Sitting of the Third Session of the Fourth House of Assembly in Duff’s Bottom, Tortola.
More action, less talk
“That word has been tossed around for a very very long time, diversify the economy… But the Member for the Fourth [Hon Mark H. Vanterpool] said, enough talk. But we are doing more than talk Mr Speaker, we are actually doing it now,” Hon Wheatley remarked.
He said in the case of the VI, the need to diversify the economy is for several reasons, “Old people say never put all your eggs in the same basket.”
The Minister was at the time debating the Virgin Islands Investment Act 2020, which was passed with amendments at Friday’s sitting. The bill has been in the making since the previous National Democratic Party (NDP) administration was in office.
Referencing an analogy made by another legislator in the HoA, that the VI was like a one-trick pony, Hon Wheatley said the territory is mostly reliant on financial services and tourism for revenues.
He said with both tourism and financial services being susceptible to global events and, like in the case of the COVID-19 pandemic, “Until we can grow our economy to at least a billion-dollar budget, we will never attract or retain good talent.”
Diversify to build a stronger economy - Hon Wheatley
Hon Wheatley proposed that if incentivised, wealthy [British] Virgin Islanders around the world will be willing to return to make investments in the business sector.
The key therefore to attracting returning investments, according to Hon Wheatley, is to diversify the local economy to create more income-generating areas, given the current economy cannot pay global professionals what they can earn in other countries.
“So we must diversify the economy, so we can build a stronger economy, so we can get more of our people here and abroad involved. That’s what it is all about,” Hon Wheatley said in reference to the Virgin Islands Investment Act 2020.
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32 Responses to “VIP Gov’t 'doing more than talk' to diversify local economy– Hon Wheatley”
I think I know what your thought is. Ha, ha, ha, ha, ha. No way will this happen. Forget it. We have enough of those kind of mindsets here already. The majority us by far don't want them here. We are tire of being the dump ground for other countries refused mess.
And I thought the BVI was a Christian nation.
Your “mindset” sounds the opposite of Christian.
If you still think that you are righteous, may I suggest to you that you take personal responsibility for 10 of the hundred Afghanistans that you have suggested.
And those who agreed with you accept two (2) each on their personal experiences? WILL YOU? If you will, send your name/names, and personal financial strength to: Hon. Minister Wheatley Rep. (D9) ASAP.
The Monaco model is a proven success for sll.
Do you currently living here? If yes, then if this place is truly a "DUMP" , you are living in it. Be careful of being to wise in your own eyes. I urge you to first think before taking. God loves you.
Until he show the cat exiting the bag, it may only be a tape sound of a cat coming from the closed bag.
Diversification of talents been strangled by ignorance and greed. Culprit No.1. politicians.
How to break away from the spell you may ask.
Schedule a number of districts meeting. Set dates, and invite people in each district to present the proof of their talent. After you have viewed, and carefully checked carefully those talents that have potential value of productibility, offer, if neede financial assistance with certain conditions, bribe-free.
Diversity of talents for good of all is truly is an idea long overdue need in the B.V.I. The elitist mindset is a prideful, selfish over ambitious one. It feeds crimes everywhere where it is practice. Because of this and other unjust practices, the CoI work in the B.V.I is ongoing. Believe me or not.
2. Get serious on crime enforcement and put an end the Narco State the BVI has become
3. Invest heavily in infrastructure and improve roads, schools, solid waste processing, and water distribution
4. Give real incentives for investors to locate to the BVI if they train, hire and reinvest in the community.