Not ‘business as usual’ in the BVI
Thursday January 27 2011 | 06:13 AM

Premier and Minister of Finance Honourable Ralph T. O´Neal, OBE, told over 200 delegates `it is no longer business as usual in the Virgin Islands´ when he spoke at the recent 2011 BVI Business Outlook conference at the Scrub Island Resort.

"As I see it, the Virgin Islands as a Territory is currently at a point where it is obvious that it is no longer business as usual and that unique solutions must be found for the unique problems which we face from within and without our borders," Honourable O´Neal said, adding that, "To continue to be viable as a micro economy, it is essential that this mindset remains with us constantly and tempers our actions and decisions."

The conference which was held last Wednesday under the theme, "Embracing the New Normal - Rising to the challenges of a more competitive and regulated global economy" attracted delegates representing the public and private sector inclusive of the financial services, tourism and telecommunications areas. Honourable O´Neal said that he thought it was "quite fitting and timely" that the conference was being held at the beginning of the year following the "economic uncertainties" of 2010.

He explained that significant events over the past three and a half years are symptomatic of the changing global landscape. The Premier highlighted the shift of standards that govern cross-border taxation, the exploration of the major financial centres of the world and the election of the first African-American president in the United States of America. To that end, he said, "Consequently, methods and ideologies which have worked in the past may not be relevant in the new world order that has been developing. As a result, we must be willing to adapt to the changing expectations and norms without compromising core values."

Regarding the future of the Territory´s economy, the Finance Minister said that there are many existing possibilities but the established institutions, various legal frameworks, practices and policies must be robust and sustainable. He further stated, "In the development of our tourism and financial services sectors, we must ensure that it takes place to further the overall development of the Territory. We must also ensure that we are ever conscious of the challenges in the changes that will occur worldwide in those sectors."

The Premier said to "be the best", the Virgin Islands must find a niche that is informed by unique circumstances and diversify the products and services currently offered to enhance longevity and reduce vulnerability.

He suggested that delegates critically examine areas such as the education and overall development of the people of the Territory and their ability to cope with the many changes; the public and private partnerships needed to develop the infrastructure, air access, extending the runway at the Terrence B. Lettsome International Airport and developing the Virgin Gorda Airport.

Honourable O´Neal commended the conference organisers, the publishers of Business BVI, for the impressive line-up of speakers which represented both public and private sectors, locally and internationally.

Former Premier of Bermuda, Sir John Swan, KBE, JP delivered the keynote address. Financial Secretary Mr. Neil Smith, Managing Director of the Financial Services Commission Mr. Robert Mathavious, Executive Director of the BVI International Finance Centre, Ms. Sherri Ortiz and Director of the BVI Tourist Board, Ms. Haddassah Ward joined other speakers and panellists who presented at the conference.

The Government of the Virgin Islands´ vision is for a vibrant and diversified economy which provides opportunities for residents and attractive returns for investors.