Financial services has challenges so we look to tourism
Premier Dr Natalio Wheatley has again defended his interest in music festivals and cultural events, saying the government has to diversify the economy amid ongoing challenges in the financial services industry.
The financial services industry is the main economic earner in the BVI, contributing nearly 70 per cent to the country’s total annual earnings. The industry has been impacted by several external pressures including the global push to clamp down on money laundering and terrorist financing.
There have also been calls for the implementation of publicly accessible registers of beneficial ownership so people can easily see the names people who own companies in the BVI.
Speaking at a press conference last week, Premier Wheatley said there is still much confidence in financial services, but his government is seeking to increase revenue through tourism as the territory continues to uphold the financial services industry.
“We have set a goal of increasing our revenue in large part through tourism. It’s not to say we don’t have confidence in financial services but we understand the pressures and we continue to show resilience and have a robust response to those challenges. But we know there is great potential for growth in tourism and you have to have a strategy,” Premier Wheatley explained.
He continued: “The strategy is to diversify our tourism product, offer more cultural activities for persons to do in addition to the wonderful sailing experience people have here. That’s why we’re building more hotels — Prospect Reef, that’s why we’re helping to facilitate the growth of properties like Nanny Cay and Norman Island. So we have a strategy to grow the economy.”
Though the Premier continues to make funds available for cultural events, many continue to say the government is focused on the wrong areas. They believe funds should be spent on infrastructure as it will enhance the day-to-day life of residents and improve the experience of visitors travelling to the BVI.
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I don’t trust anything you have to say nor do I trust you running the Territory. What you need to do is step down from office PLEASE!!!!. and take Kye with you.
The Premier have his hands up in everything. He wants to control and dominate everything. He have no business being involved with Tourist Board. Get to stepping dude.
There are soon to be changes to the BVI Business Companies Act YET AGAIN LIKEKY TO DRIVIE CLIENTS AWAY FROM INCORPORATING COMPANIES IN THE BVI.
ANOTHER SET OF MANDATORY FILINGS AND FEES ARE SOME OF THE INTENDED CHANGES.
Does the Government even obtain input from the BVI Association of Registered Agents before making such drastic changes???!??
We have to protect ourselves from the global push to clamp down on money laundering due to outside pressures. How wicked is that!
Failing to adhere to international standards will render the BVI a pariah and we will lose a huge amount of money. The BVI has been clever, so far, to raise its standards when required to stay ahead of the rising tide. We must continue to do so.
What You are saying Hon. Premier is true. Except that you have your priorities mixed up. Your Government needs to look into cleaning up the Territory first. Fix the infrastructure. Ensure Water stability. Invest in your Human Resources to ensure Better Customer Service. Add some Eco -Parks.
We take a lot for granted in BVI. While we are somewhat a low Crime area, that is slowly but surely changing. The Private Sector is doing its best despite the Red Tapes within certain Sections of Government. Better Culinary Offerings as some Private Sector Businesses, the Food is Sub-Par. More for Tourists to want to come here except for Sun, Sea and Sand. More Tourism Attraction Sites. More Historical Sites. Invest more in the Youths by getting them interested in the areas we need to fill by revamping school curriculum and awarding Scholarships for Studies in the Tourism Area and ensuring that your Nationals are able to be employed upon their return. Sailing alone can’t cut it. Labour also has a big role to play in this. Instead of giving Work Permits to import Labour, Train your own people. Most times when Top Tier Positions are given to Expats, They don’t want to train BVIslanders, Because they are here for one purpose. That is to come and stay until they get their Status while promoting their Homeland to our Visitors. BVI, Invest more in your Young People for a Vibrant BVI Future!!!!!
SHUT THE HECK UP.
Premier is going to be sitting in the hot seat today and will be getting roasted. Mooooove dude get out the way.
Somebody please tell me it’s election time so we could get rid of this incompetent man. He is now talking about tourism. Please don’t kill that like how you nearly killed education and agriculture. Please!
And his grand music fest that just popped up 2 months ago will be the saviour for tourism. Not even a jumbee coming here for that music fest.
Music fests cant generate enough revenue because the population is too small
Only now I know this man have no CLUE!!!! The Private sector was the pillar carrying the country when tourism was shut down, both for Irma and Corona, so WHATTTT ARE YOU TALKIN ABOUT!…its clear this man loves to hear his own thoughts and voice more! JUS SHUTTT UPPPPPPP get out the media and go DO UR JOBBBBBB
how about we create new industries that aren’t vulnerable to outside world powers or events
You know Premier, I agree with you. It is true that Financial Services has its hiccups..But, if you’re saying tourism must account much more of the economy, what measures are you putting in place to ensure that?
Have you ever asked tourists, via leaving surveys, what they would like to see improved on Tortola, and the rest of the Virgin Islands?
A cursory glance, anywhere on Tortola, would suggest to me: roadside cutting, improved infrastructural development- roads, sewerage, and water issues..
Do you drive on these roads,Premier?
The roads are so thinly paved, that body parts hurt while traversing, because of the pressures placed on the tires..
Why do you dig up all of the asphalt to replace older asphalt? New pavings should be on the tops of old asphalts!
Old asphalt pavings, act as buffer, and cushioning on the tires, helping to place less stress on tires, and by default, body parts..
Here on St Thomas, it is not uncommon to find roads in some areas, four to six feet thick, in asphalt pavings!
Remember, dirt sinks, and the earth is sinking!
So roads, ten years ago, at at a certain height, is not the same height, ten years, later..
This is the level of infrastructural issues, Ausar, would love to FEEL, when Ausar hears this talk about tourism,Premier!
Get persons who are knowledgeable about these things, and let’s start to implement, rather quickly..
..Our body parts, are literally being destroyed, from such a lack of ROAD WAY knowledge!
About the food, its been so all the time , but the Spaniards are ( sweating ) food to hook you , so if you introduce the tourist to their sweat food , yhem tourist will be COMING 4 more , and if we focus our energy on our working together in unity with our Caribbean brothers and sisters and throw that XENOPHOBIA SH*T IN THE GABBAGE / we as African descendants will all be able to live in peace and harmony , please keep your evil thoughts to yourself , not all of us minds are in the gutter like you
how stupid you bvi islanders are. look what happened seven years ago when a category 5 hurricane devastated the bvi. don’t you bvi islanders think it is better to work cooperatively with the uk/british politicians to govern the country and to run the economy. there is only agriculture and tourism and financial services for such a very tiny territory. what do you bvi islanders expect. with all of the drugs and guns and crime and violence don’t you expect that business would decrease in the bvi?
So In order to drive revenue up in the short term Gov is paying for parties. This is crazy; no this is Premier S!0w W@nde and the A$$ Clown Brigade (which includes the opposition)