BVI News

Gov’t to launch investment strategy for BVI

Junior Minister responsible for Trade and Investment, Marlon Penn and Premier Dr D Orlando Smith.

Junior Minister for Trade and Investment Promotion Marlon Penn has announced plans to release an investment strategy for the British Virgin Islands.

He said the strategy will be used to lure more local, and foreign investment.

Penn also said the Ministry of Trade and Investment Promotion, as well as the Office of the Premier, has been working on the strategy over the last year.

“We have done the work, done the research, put the documents together and … it is now for the Premier to do the public consultation on this process to get people to understand what we can achieve,” he said.

Penn’s announcement comes on the heels of statements from Opposition Leader Andrew Fahie, who noted how difficult it is for investors to do business in the BVI.

While giving remarks in the House of Assembly last week, Penn admitted that the territory has not ranked well globally in relation to the ‘ease of doing business’.

Investors are good

Penn said, contrary to popular belief, foreign direct investment is healthy for the territory, especially post-hurricanes.

“We must not try to scare our people or fool our people them to believe that investors are coming to take over their country.”

“We have to be honest with ourselves and educate our people on what foreign direct investment means for the development of our people.”

While supporting his argument, Penn referred to the local tourism industry and international investors who have operated major resorts and hotels such as Peter Island. He argued that those hotel investors have contributed to the employment of several locals.

However, he was quick to point out that investment must be managed properly.

“We have to ensure that whatever investment comes into the country does not disenfranchise the local entrepreneur [or] the local individuals who benefit from these investments.”

“That is our job as leaders to put the policies in place and protect the people — not to use scaremongering as a tool for political expediency.”

Investment agency

According to the junior minister, his vision is also to implement an investment promotion agency.

“The agency [will] deal with every investment in this territory. It deals with it from the beginning to the end and the whole aftercare of the investment. Where that investor deals with one department and it deals with all the different processes,” he said.

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  1. Excited? says:

    Let’s get with it then..Time is wasting…This should have been introduced and dealt with in Sept 2017.I applauded you Mr. Penn and welcome propping our our Tourism Sector….

  2. Rubber Duck says:

    I am going to believe this when I see it.

    Whatmakes for a healthy vibrant economy is competition not mollycoddling and favoring of one set of the population.

    But the BVI will never give that up.

  3. Special Agent A. says:

    Too little too late.

    We need ALL these politicians to put ALL the money they racketed into offshore accounts back into the BVI treasury.

    Amnesty could be given to save your embarrassment and humiliation but failure to do so will publicize all your accounts both here and abroad eventually.

    The BVI people need to put a clean slate in their new Gov. administration because this present group is corrupt.

  4. Windy says:

    Govt. investment strategy. From your pocket into mine.

  5. sam the man says:

    Get ready for all the back handers and facilitation fees – bonanza time for the No Direction Party….they ain’t stupid. This presents an even bigger cookie jar opportunity !

  6. Bystander says:

    I think functioning internet and roads could help this policy.

  7. Clueless says:

    These guys are totally clueless they have destroyed the economy, because of their mishandling they played into the hands of the British Government on all fronts now the BVI people are at their mercy.

    Their ideas of foreign investment is to let these guys come by all our beachfront and then prevent us from using the beach.

    The NDP especially the premier has made some bad decisions that will go down in history. The people in 2007 looked to them to steer the ship into a better direction but they kept going and now we have crashed upon the reef.

    The NDP made the same mistake this time in 2012 what the VIP made in 2007 they both lacked the guts to make a change made in leadership.

  8. Wondering says:

    So, Marlon, one guy gets all the p—? Well, well this would make the payoff process simpler!

  9. Righteousness says:

    I can see clearly now Irma gone eh.Usual ndp fooling off people with they so call oh yea big ideas. 7 years of nothing. Just stop stop stop. Ndp will not get 4 more years to fool people. You could role out ideas now High or low. We no listening.

  10. Wes says:

    Investment in a new airport?

  11. Mess says:

    Look he face .. Mr c———

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