Opposition Member Hon Myron V. Walwyn (R6) has said the Virgin Islands (VI) needs to diversify its economy. Photo: YouTube

Hon Myron V. Walwyn (R6) has advised to the government to go back to the drawing board for agriculture, fisheries and tourism as a means of diversifying the Territory's economy. Photo: Internet Source

The financial services industry contributes to about sixty per cent of government revenue.

Hon Walwyn made this statement as part of his contribution to the debate on the proposed amendments to the Proceeds of Criminal Conduct Act, during the Continuation of the Third Sitting of the Second Session of the Fifth House of Assembly (HoA) on February 27, 2025.

The Opposition legislator boldly said, “We have to start to take the diversification of our economy more seriously because it’s inextricably linked to our independence and our sovereignty once we get there because if you have to keep moving and doing stuff all the time to protect something that you have no control over then you’re not really ever going to be independent.”

This he said needs to be figured out. 

Go back to agriculture, fisheries & expand tourism- Hon Walwyn

While not dismissing the importance of the Financial Services sector, Hon Walwyn argued that the VI needs to go back to agriculture and fisheries. 

“Go back and look at other industries while we continue to see where financial services is going so we can stay ahead of the curve. Because we still need that money but we have to go out and find new monies,” he said. 

Hon Walwyn added that there are many missed opportunities within the tourism industry as well and that the Territory’s potential in that space is not maximised. 

“Particularly when it comes to overnight visitors, particularly when it comes to investments and other things; we have to take a more proactive approach because we have to learn to walk and chew gum at the same time,” he stated. 

Start thinking differently- Hon Walwyn

According to Hon Walwyn, nothing is being done to “insulate” the VI from potential losses stemming from the Financial Services industry. 

“I want to encourage us those who have the authority now as a government to start to think differently, we can’t always be in this reactive mode, we have to also be proactive to see how we can insulate this country from any losses that will come and some losses will come,” he said. 

Hon Walwyn told the House that finding a way to insulate the impact of potential losses is important to preserving social services and the quality of life of the people of the Virgin Islands.