Alliance pushes for economic diversification plan

A newly formed political alliance is calling for urgent action to revitalise the economy, arguing that the territory cannot afford to continue relying on tourism and financial services alone.

The group, comprising opposition members Myron Walwyn, Melvin “Mitch” Turnbull, and Stacey Mather, says the economy is stagnant and in dire need of a diversification plan.

“Undoubtedly, we can all see an economy that is stagnant, and the appropriate steps are not being taken to revitalise it,” Walwyn told reporters during a press conference yesterday. He warned that the BVI, once a leader in tourism, has now fallen behind its competitors. “We currently do not have a tourism plan for an industry that is so vital to the everyday survival of our citizens.”

The alliance highlighted the struggles of small businesses and rising poverty levels, calling for policies that foster innovation and support local enterprises. “We see small businesses struggling to keep their doors open and very little is being done to assist them,” Walwyn explained.

Turnbull echoed these concerns, stating that the government lacks strategic planning, which has resulted in an overall decline in the quality of life for residents. “This government has had no plan, no commitment to the plan, and they move slow on everything,” he said. “Or they react to everything else, which is why we are in the state that we’re in.”

The alliance outlined a vision for economic resilience that includes public-private partnerships, innovation, and investment in new industries. They argued that a stronger, more diversified economy would create opportunities for all Virgin Islanders.

“Our economy must be resilient,” Walwyn asserted. “While strengthening our tourism and financial services sectors, we also need to foster public-private partnerships, encourage innovation, and support local businesses.”

Government officials have previously acknowledged the need for diversification. Premier Dr Natalio Wheatley has said agriculture and fisheries could provide solutions, stating in a past press conference, “I continue to believe in our agriculture and fisheries sector, that it can provide the diversification that we need.” Meanwhile, Deputy Premier Julian Fraser has called for more focus on the blue economy, including marine tourism and ocean conservation.

Despite these acknowledgements, the alliance insists that little concrete action has been taken. “We hear our people saying they are not pleased with the performance of the government, but a viable alternative has not been provided for them in our current existence,” Walwyn said.

The group has pledged to push for a comprehensive economic plan that includes input from experts and the wider public. “The people, through our core values, are going to be a part of the decision-making process because it is what they would have suggested to go forward,” Turnbull explained.