Gov’t to set up ‘Economic Zone’ in District 5
Residents of the Fifth Electoral District will soon have an economic zone that will accommodate aspiring entrepreneurs who need a physical space to operate their business.
Fifth District Representative Kye Rymer said the project is dubbed ‘The First Step Entrepreneurial Programme’ and a groundbreaking ceremony will be held at 9 am next, Monday October 19.
“We’ll erect warehouse-style business places for persons in the district who are ambitious and interested in owning a brick and mortar business,” Rymer explained.
He added that those who have been asking questions about the project may attend the groundbreaking ceremony to get more information.
Rymer said he is happy the economic zone is being erected because it was a promise he made while campaigning for office.
He said it is meant to complement the thriving business community in the constituency.
The project will be funded by the government.
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Finally a place where we can store our inventory as well as our proceeds of our logistics business. I hope it is secured by CCTV cameras so our competition cannot come and try some of our products?
Finally a place to store all the kickbacks. Great idea. Don’t worry there will be high security.
Competing with private landlords now? Except friends and supporters of course.
The VIP digging more holes in the ground than the spiders and crabs….Every week is a groundbreaking some where
But how many will actually get started and how many will finish. These cats on campaign mode since they win.
Just like the greenhouse project !
@heckler,them refuse to close up the ALREADY EXPOSED HOLES IN THE TERRITORY.What ah set of wasted human resources!!
at least they will only have 1 place to rob where all the stuff is kept, but wait it will be their stuff
This 5th District economic zone programme is a great initiative. However, it would have been nice if it were a sector/regional programme instead of a single district. Is this economic zone a business incubator that will create and grow young businesses, provide necessary support and financial and technical services, management and mentoring, access to resources, network opportunities and business skills training? Will this be a tax incentive programme (TIP) such that revenue generated over the pre-TIP will be plough back into the District?
Some US municipalities create Tax Increment Financing (TIF) districts to fund redevelopment, development and other investment projects to promote growth in an area. Prior to the roll out of the TIF district, the current tax base is documented. And increased taxes resulting from the TIF is reinvested back into the TIF district to promote further growth and development.
It can be viewed as self-financing. The East End-Long Look area appears to be an ideal area for launching a TIF district to promote growth. The feasibility can be explored. There seems to be a difference in the TIP and TIF; TIP seemed more like a small business incubator program.
Make sure this zone has lightning fast free internet
Effective strategic planning is vital for steady, focus growth and development. The VI haphazard planning is slowing its growth and development. To attain steady, focus growth and development, it needs to develop a comprehensive, holistic and binding national development plan master plan. It should have various discrete master plans that feeds into a comprehensive master plan. Its (VI)scatter shot approach over successive governments have slowed its growth. The territory should be playing from a national development plan play book regardless of which government is in power. The frequent stops and starts are hampering its progress.
Moreover, the VI has had the resources to build stronger infrastructure, programmes, institutions…….etc. Its progress has not match the resources that flowed through the territory and government coffers. It has not maximize on and gotten the expected output from available resources; it is underperforming expectations.
It is still in the developing country phase while it should be approaching the emerging country status. The development window opportunity is closing quickly. The VI needs to capitalize quickly on the remaining opportunity.
The economic zone effort for the 5th District is a good initiative. Nonetheless, given the small size of the territory, economic zones should be established over a wider area. The bottom line is that the territory needs national development plan. It is puzzling why it does not have and operating from one.