ROADTOWN Tortola BVI, July 13th, 2012 – In its continued quest to boost and diversify various sectors of the economy, the Government of the Virgin Islands has sought technical assistance from the Commonwealth Secretariat.
According to Director of Trade and Consumer Affairs Ms. Lizette George, the Commonwealth Secretariat through the Commonwealth Fund for Technical Cooperation (CFTC) is conducting a comprehensive assessment to determine the areas for economic growth and development.
Last week, representatives from the CFTC Messrs. Jose Maurel and Adeyemi Ogunmeffun visited the Territory for the initial phase of the assessment, by meeting with Government stakeholders to discuss public service, health, tourism, trade, small business and vocational education.
Ms. George said the assessment, which is being conducted in partnership with the Department of Trade and Consumer Affairs, is the first step in determining strategies to bolster the economy. The trade director said the assessment falls under the department’s remit for economic development in the areas of trade and industry.
“The assessment will help formulate an economic development plan to facilitate growth in other sectors to achieve a well diversified economy,” said Ms. George.
The trade director noted that while the Territory’s economy is largely based on financial services and tourism, there is a need to grow other sectors of the economy.
“A diversified economy will facilitate the overall development of the Territory, enable the Virgin Islands to align itself further with global and regional communities and participate in global trade as a proud and prosperous nation.”
Ms. George also said that the economic development plan will address one of Government’s objectives: to ensure the sustainable development of the Virgin Islands.
She explained the need for a clear policy on trade and industry, adding, “At this stage in the Territory’s development, it is crucial that we put in place substantial policies and development plans to ensure sustainable development.”
The representatives met with Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE, Minister for Education and Culture Honourable Myron Walwyn and Minister for Communications and Works Honourable Mark Vanterpool, amongst other resource persons.
After the consultation phase of the assessment, the representatives will make recommendations for addressing the priority areas. Thereafter, the focus will be on drafting an economic development plan.
The Government of the Virgin Islands is committed to the Territory’s sustainable development with a view to improve the quality of life for all its residents.
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