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VI needs ‘think tank’ void of politics to explore growth– Bishop John I. Cline
The Bishop was at the time speaking during a Monday, October 21, 2020, edition of the Umoja show with host Cromwell Smith aka ‘Edju Enka’ on ZBVI 780AM where he said the VI’s major economic pillars have weaknesses; however, those weaknesses present growth opportunities.
Opportunities in crisis
“If you know how to take advantage and recognise the opportunities in crisis you have success,” Bishop Cline said, referencing China’s plan for economic development.
“Ours is moving and shifting because we have identified some weaknesses in our economic pillars, where the tourism product is subject to nature, now to disease and pandemics.”
He said in the case of the tourism industry, a pandemic now has the possibility to become commonplace which presents more weaknesses.
“We know that financial services always had some threats we should be able to survive, and it's proven itself resilient in spite of beneficial ownership register, economic substance, being blacklisted and whatever else… it has proven itself resistant or resilient,” Bishop Cline said.
Need for Think Tank – Bishop Cline
“However, now is the time I believe for that think tank piece to come in, that economic advisory group that is void of politics, to [be] put together and look for the opportunities, foreign investments, internal local investments and development, how we can now look for opportunities that will help now to make us more resilient and diversified in our economic products,” he said.
According to Mr Cline, the realities of today, such as the COVID-19 pandemic, are forcing economies like the Virgin Islands to not be comfortable with just two economic pillars.
“What else can we do as a people, as a growing nation, as we wrestle with this new reality? What can we pull out of our creative minds, our thinking minds, to ensure we leave a legacy of hope and prosperity behind for generations to come, provide meaningful employment and all the rest of that good stuff?” Bishop Cline asked.
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24 Responses to “VI needs ‘think tank’ void of politics to explore growth– Bishop John I. Cline”
True enough. Our repressive taxation system (HM Customs) keeps anybody interested in any kind of manufacturing thinking twice about starting up here.
No one catered for the rainy days. Bishop Cline would know very well of the seven years of plenty and the seven years of drought. Unfortunately we are caught in a pandemic where we would have to decide whether we want to save lives or have economic growth. With an infection rate of approximately over fifty thousand persons daily in the United States, should we risk lives or save saves. I would like Bishop Cline to answer this question. It is like Pharaoh army behind the Israelites and the Red Sea in front. We are caught in the middle. We need to ask God for deliverance form this situation. We are depending heavily on foreign tourists to come and spend in the territory.
One immediate suggestion to reduce the economic impact is the invite a company to establish a water distillation and bottling plant here to produce ALL the water that we are importing currently, and secondly start production of other bottled beverages for sale locally as well as to expor.t. Expansion of the poultry industry is another aspect of economic development. Less talking and more work. Lets wait and see.
Moreover, the VI is a small(59 square miles spread over 36 islands, islets and rocks), resource-poor, disaster-prone territory that is vulnerable to external economic shocks, along with environmental shocks. On the VI long march towards self-determination (independence?), it must develop stable and sustainable economic resiliency so as to recover/rebound quickly from disruption, i.e., hurricanes, earthquakes, economic down turns.......etc. The transitioned from subsistence agriculture to tourism in the 60’s and financial services in the 80’s. Today, tourism and financial services are the twin-pillars of the economy. However, the economic twin-pillars are fragile and highly vulnerable to external shocks. Covid-19 has exposed the structural weaknesses in the economy. The VI must strengthen and deepen its current economic sectors, along with finding and developing additional sectors to diversify its economy. Occurring simultaneously with the foregoing, it needs to settle its political status, institute governing reform, develop a national development plan, invest heavily on its human capital, and build modern infrastructure(electricity, water, wastewater, ports, telecommunications, gas, drainage) system.
[Lets lead like eagles, not careen off the cliff like buffaloes]
Nonetheless, they can be influential and are catalyst for mobilizing ideas and actions for helping policy makers formulate and enact policy. Think tanks are but one source for acquiring evidence-based information to make policy. How are think tanks funded?
It takes money to conduct quality and reliable evidence-based research. For the most part, think tanks are funded by donations. They also get funding from research and consultations. Money can corrupt institutions. Think tanks in the VI should be non-partisan, independent..........etc and must be above board in their operation.