Investor confidence ‘nonexistent’ in Virgin Islands — Penn
Opposition legislator Marlon Penn has declared that investor confidence in the Virgin Islands is “nonexistent”, arguing that uncertainty and bureaucracy continue to hinder economic growth and private sector expansion.
Penn said the territory is failing to attract sustained development while neighbouring jurisdictions surge ahead.
“There’s no investor confidence in the Virgin Islands,” Penn said while appearing on the Talking Points show.
He questioned why other Caribbean territories continue to secure large-scale projects while the Virgin Islands struggles to move key developments forward. “Why is that? I don’t know what we’re doing. We’re obviously not doing something right. And the leadership matters in that respect,” he said.
Penn linked the lack of investment to bureaucratic delays and policy uncertainty. “It’s the bureaucracy that’s hindering the trade development, the bureaucracy that’s hindering investor confidence in the territory,” he said.
He added that uncertainty in governance discourages both foreign and local investors. “There’s so much uncertainty, and people are afraid. When there’s uncertainty, people put their money in their pockets,” Penn stated.
The Eighth District Representative contrasted the territory’s position with that of Turks and Caicos Islands, noting that development there appears to be accelerating. He said colleagues in that jurisdiction report sustained investor interest, while major projects in the Virgin Islands remain stalled.
Penn also pointed to the long-delayed redevelopment of Prospect Reef as an example of execution challenges. He warned that mishandling major projects could further damage the territory’s reputation among potential investors.
Beyond investment, Penn raised concerns about the broader economic environment, including infrastructure and fiscal management. He said the government must ensure that borrowed funds are spent strategically to generate economic returns.
“When we borrow $100 million, we have to be careful how we spend that $100 million. We can’t be reckless in spending people’s taxpayers’ money,” he stated.
He argued that predictable leadership and clear planning are essential to restoring confidence. “There needs to be some certainty,” Penn said.
Penn maintained that without decisive action to reduce red tape, improve infrastructure and provide policy stability, the territory risks further erosion of investor trust.
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Your leadership skills are non/existent.
All 13 must go. These politicians are playing games with us the people. The recent vote of no confidence brought by the opposition mentioned a lack of foreign investment in the BVI. Why did you not speak on this when you had the chance during the vote of no confidence? They said you were in your car sitting down just not to support it because it was brought by the opposition leader who didn’t want to be there. Now you come with here saying the same things you refused to say when it really mattered and do or expect us to listen to you? Gimme a break.
come like he want sell out to more peds
Yea he want more customers for his operation
It’s because the terrible corruption and inefficiencies identified by the CoI have not been addressed at all. The Brits are at fault for this; they set the CoI up then failed to follow through. Nothing has changed.
You have the same small and unaccountable cabal running things with a view to “keeping it small, and keeping it all”. It’s not complicated.
The trouble is we aren’t on an upwards path any more so there is less fat to mask the shortcomings.
@Resident
I’d say you pretty much struck the nail on the head.
As long as government keeps talking about separation from the UK there will be no significant investment. If there is a separation then the BVI will lose the financial sector, American dollar as our currency and many other things will unravel so as long as the threats and bitter complaining continue, we won’t see foreign investment.
Well, if you don’t know the answer as to why BVI is not attracting foreign investments that means you lack knowledge and vison. two main criteria for a leader!
Too much red tape nonsense, trade, labour, immigration .If you want investors then things have to be made much easier.
One thing I ask is that you do not measure foreign investment with othe independent Caribbean countries and the BVI, because many a these fly by night mafia investors dare not go into any a the dependent territories to invest, be cause in the BVI and usvi , the mainland countries will investigate their wealth origins, so a drug lord can’t just drop in as investor, I could remember a Texas white man robbed a bank and came down to antigua and had the bird family ALP government with a prominent minister name robin yearwood dishing out hundreds of acres of lands for this texan to just ride his horse about the place, the fbi eventually came for the texan, and we had Allen Stanford who was in Montserrat and could get the government, he flew over to Antigua and again controlled the ALP bird family government that eventually lead to the bankruptcy of LIAT airline and spiral down to American eagle and eventually Stanford airlines, and then the FBI came for him, so these investors a mortally afraid to invest in the BVI or USVI because of the check and balances that could be enacted by the UK or the USA where our politicians would be only looking for something under the table.
The BVI people are the genuine investors here to stay.
Some of these various islands have encouraged and allowed the Chinese to enter their countries for the monied investment. Ports & airports. Once the individual country cannot pay back that invested loan, from the Chinese, the Chinese basically take over these investments as their own. The BVI need to be careful what they wish for, before they sell their souls to the Chinese.
Where the government has to meddle and dictate how the moneys are spent so it can be pocketed and pissed away