BVI government presses ahead with economic diversification
Tuesday, March 21, 2006
by Zan Lewis
Caribbean Net News BVI Correspondent
Email: zan@caribbeannetnews.com
ROAD TOWN, BVI: The Government of the British Virgin islands is continuing in its drive to diversify the local economy to ensure the Territory’s long-term economic viability.
Chief Minister Dr Orlando Smith gave this assurance at a community meeting in the capital Road Town over the weekend.
The Chief Minister pointed out that the Territory remains a strong performer in the financial services industry, saying this is because Government is ensuring that the industry is well-regulated, promoted globally, and new products are developed.
Dr. Smith said, despite the bright outlook, the Territory should not rely entirely on financial services alone for its economic security. He said this is one reason why the Government has been promoting investment in the Territory’s tourism industry.
The Chief Minister said, apart from having new hotels, there is need to upgrade the existing hotels, inns, and villas. He said the small inns and villas, which are mainly locally owned, make up about 30 percent of the Territory’s tourism accommodation.
Last year Government approved an expansion of the Hotel Aid programme which would enable villas with as few as three bedrooms to benefit from aid, thereby encouraging investment in this important sector.
The Chief Minister said agriculture could become the third economic pillar for the BVI economy. He said agriculture has a place in the economic development of every country, including the BVI.
The ongoing community meetings are intended to give the Chief Minister and his team of ministers an opportunity to inform each community about Government’s plans.
At the same time, they provide a forum through which the community can raise concerns and ask questions about Government initiatives.
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