‘Establishing additional economic pillars now critical’- Hon Fahie
Through the amendment of the Sanctions and Anti-Money Laundering Bill, the UK government would in effect be ordering the Overseas Territories to change how they run part of their financial services sector, even though this has been formally entrusted to the governments of the territories in their constitutions.
Further, the House of Commons decision is seen as a potentially lethal blow to the Financial Services Industry of the Overseas Territories (OTs), including the Virgin Islands, which is still reeling from two Category 5 hurricanes in September 2017.
Additional pillars critical
Leader of the Opposition Honourable Andrew A. Fahie (R1); however, had a calming reassuring voice to the people of the Territory when he presented some of his suggestions on how to respond to the controversial decision by the House of Commons.
Hon Fahie was at the time a guest one the popular radio show, Honestly Speaking, with Claude O Skelton-Cline, aired Tuesday May 1, 2018 on ZBVI 780 AM. On the show, Hon Fahie stated, “the establishment of additional economic pillars is now critical.”
This was said in light of the fact that the Financial Sector, which will be greatly affected by making public the register of beneficial owners, contributes 60% of the annual income for the territory. With this pillar under attack, it is crucial that diversification occurs.
Hon Fahie listed the sectors of Performing Arts, Sports Tourism, and Deep-Sea Fishing as areas that can be maximised to support the VI economy.
Advice to Government
Hon Fahie believes now more than ever the people of the Territory must knock heads and come up with ideas on how to still make financial services a viable economic vehicle.
“We must gather all participants in the Financial Services Industry so that we can gain a full appreciation for the concerns voiced by their customers. If commitments are made by our leaders to the British Government then we the people must be made aware of these commitments so that suggestions or decisions are not made in a vacuum,” explained the Opposition Leader, who is always calling on the Government to be honest and open with the people.
He further emphasised that, “Financial Services is the really the hub of our economy… this, if not managed properly could result in the collapse of the economy.”
.png)
Follow Us On
16 Responses to “‘Establishing additional economic pillars now critical’- Hon Fahie”
2. Consider Decriminalizing Marijuana and farming for medical use and export.
3. Invest in and try to develop the local fishing industry
That's a start
Be careful of Wolves in Sheep Clothing.
As a small, resource-poor island chain (36 islands, 59 square miles), the VI has limited options to diversify its economy. However, whether financial services thrives or stumbles, aggressive effort must be pursued to diversify the economy. This effort is long overdue. So what can the VI do?
1. Due to lack of arable land, along with other factors, agriculture may not become a major economic pillar. Nonetheless, to the maximum extent practical, agricultural output should be optimized, reducing the food import bill and enhancing food security;
2. Pursue light manufacturing, though cheap energy sources and transportation will be challenges;
3. Pursue attracting some call centers;
4. Pursue back office operations, ie, accounting........etc;
5. Establish a strong education base to becoming to a knowledge-base economy;
Moreover, work closely with and dispatch a team to Singapore, a small island in the China Sea (~270 square miles), to under study it. Singapore is small and resource-poor yet an economic power house. The territory is in crisis and needs all hands on deck and rowing together to get it out of crisis and on new and steady course. It is not about NDP, VIP, PEP, PoP, UP, CCM.........etc but about BVI.
This is because the place is run by deeply stupid people.
@Rubber D*ck. ...Oops. Duck. I meet people like you every day in the BVI. Ur ugly.....very ugly. I rest my case.