Despite businesses pulling out, Premier sees brighter future for tourism
However, in an exclusive interview with the Minister for Finance with responsibility for Tourism, Premier Dr. D. Orlando Smith on May 3 2012, in regards to tourism, more specifically the future of tourism within the VI, stated that the tourism sector is progressing and will soon be on stable grounds.
In relation to businesses within the VI closing because of the unstable and unpredictable economy, particularly Columbian Emeralds, Premier Smith stated that he is aware of the closure and it is sad to hear, but reiterated that the future is brighter for the economy and the tourism sector within the Territory.
Columbian Emeralds, an international company that was operating a local branch in the Virgin Islands for the last 14 years, closed its doors permanently to the public on April 28, 2012.
It was unable to continue business within the VI due to financial instability caused by problems existing within the tourism sector and the economic crisis, claimed the General Manager Eileene Bourk .
"Looking at the decline in the cruise ship industry for the next two seasons, predominantly the Norwegian line and the Princess line pulling out, which caused a down sizing from 31-36 percent in our market share of the business and that’s huge for us. We already saw a big loss in January, February, and March and when we assessed and looked at the figures, it shows that it came from the pulling out of these cruise ships,” Ms. Bourk had said in an interview with this news agency, citing one of the reasons for the company's financial instability.
Another business that closed because of their incapability to battle any further with the claimed ‘falling economy’ was the local agents for Rolex, A.H. Rise, which closed its doors prior to the Saturday before the closing of Columbian Emeralds, May 21, 2012.
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