BVI News

NDP 8th District candidate Marlon Penn

The National Democratic Party took its campaign to the Jost Van Dyke on Sunday with District 8 candidate Marlon Penn taking the lead for the party on presenting the party’s plans for economic sustenance in the BVI.

In his presentation, Penn outlined how the NDP intended to “revive the entrepreneurial spirit” the people of the BVI and “spark growth in the small business sector” of the economy.

He told JVD residents that the BVI has undoubtedly produced some of the most talented entrepreneurs throughout the Eastern Caribbean, with clear evidence in the successes of local businessmen and their businesses.

“Some of our entrepreneurs are often called upon by our Caribbean brothers, to assist them with the establishment of similar business models and investment initiatives for their people,” Penn said.

He pointed out that the importance of the BVI economy shouldn’t be under estimated.

“Small businesses are described as the engines, which make both large and small economies around the world run and, the BVI is no exception,” Penn said.

He pointed out statistics from the US and Canada, which, according to him, reveal that small businesses are responsible for more than 75% of all new jobs created. And such small businesses play a leading role in pulling their respective economies out of rescission, and getting them on the move again

“Unfortunately, data on the direct impact of the BVI small business sector to our economy, are not readily available,” he said, but promised that a “New NDP Government will fix that.”

Penn said too that the entrepreneurs and small businesses collectively account for a large percent of the jobs in the territory and therefore contribute significantly to the local economy.

He cited, “The UP’s, Maria’s by the Sea, Foxy’s, Cow Wreck Bar, James Todman Construction, Gertrude’s, New Horizon,” and other small and medium size businesses within the BVI, “have played, and continue to play, a critical role in keeping our economy afloat.”

Challenges
The NDP District 8 candidate went on to note that over the past three years at the viability of the BVI private sector has been put to the test.

While he admitted that some of these challenges could be blamed on the world economic slowdown, most of it “is the ineptness, of our current leaders in managing our territory’s economy and finances.”

Pulling no punches, Penn said, “Our overnight, and cruise tourist arrivals have decreased, which in turn means less customers for our businesses.”

He added that due to the economic pressure on local consumers, residents are forced to go abroad to shop, as they look to maximize their purchasing power.

“This further negatively impacts our economy, by taking money out of the economy that would normally be spent with BVI businesses,” Penn said.

He noted too that despite all these issues, the BVI is yet to see any response from Government on how it intends to get the economy moving again.

“No statement, no policy, no plan, no action. As Ronnie likes to say, they have no plan to get �bus BVI’ out of the ditch,” he said. “But yet, our leaders could be heard around town selling a bill of goods about how strong our economy is because we did not lay off any public servants. Is that the only measure of a strong economy? In fact, it is probably one of the worst measuring sticks, for the overall health of the economy.”

Penn suggested that the $25 million that government continues to owe local business and contractors continues to put a strain on the private sector and by extension each household.

“That is 25 million dollars that has not circulated in our economy, it has not touched your pockets, or your families’, or your friends’, and neighbours,” he said.

He said that while government can boast of not laying off any staff because of the economic downturn, the same cannot be said for the private sector, “the engine of our economy,” which has laid off a number of employees, and cut hours.

“But, our Government is clueless, as to who is out of work, and how many,” Penn said. “Because of money owed, our businesses are unable to pay creditors. Making it difficult to keep their doors open.”

All of this, he said, has sent a ripple effect through our economy. Virgin Islanders are losing their tenants, behind on their mortgages, and in danger of losing their homes.

And some people have been forced to deplete their savings to pay their day-to-day expenses.

“Our economy is stagnant, and with limited sustainable job opportunities for its people. Unemployment of Virgin Islanders is at rates never seen before,” he said, “Our economy is at the brink of collapse, and it is clear, that only a new National Democratic Party Government, can provide the leadership needed to get the economy moving again.”

Moving the economy
Penn said the past NDP administration, not only understood the importance of entrepreneurs and small businesses to the economy of the BVI, but also had the foresight to start the small business bureau.

But the current administration, “for reasons unknown,” has abandoned the initiative put in place to assist the territory’s people.

He said a properly structured, funded and staffed Small Business Bureau would provide numerous benefits, for existing, and start-up businesses.

Penn highlighted the benefits saying that it would provide access to much needed capital at affordable interest rates; create an environment that would encourage creativity and innovation within the business community; qualified business consultants on staff would assist the business community with the technical assistance it needs, especially with the preparation of financial statements and business plans; and provide for a business friendly environment, where the people of the BVI would have a one-stop shop for all business needs.

Penn said the bureau would also provide centralized market data and assist the business community with making better-informed business decisions. It would also provide a  network of persons with similar entrepreneurial vision, and drive, to foster sharing of ideas, challenges, and experiences, towards the overall advancement of this sector of our economy.

“The new National Democratic Party team understands that entrepreneurs and smalls businesses are the engine of our economy and when elected we will ensure that the National Business Bureau is reinstated, to ensure that our economy, has a well-tuned engine,” he said.

Penn added that it is the NDP’s intention to make the concerns of the young people of the territory who want to go into business, will become a thing of the past.

”Together, we can, and we will, restore your faith in the spirit of entrepreneurship.  Together, we can, and we will, put Virgin Islanders back in the game, and on the path of prosperity,” Penn concluded.

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