This announcement by Chief Minister Dr Orlando Smith, during his third annual State of the Territory Address on Wednesday comes even as the Territory continues to enjoy growth in its key economic sectors of financial services and tourism.

“There are few things harder than preparing for famine at a time of plenty, but wise nations know good times rarely last, and common sense tells us the time to act is now,” the Chief Minister said, adding that the success of the Territory’s two main economic pillars may not persist forever.

“If either the financial services or tourism industries were to suffer a serious setback the consequences for us would be severe,” the Chief Minister warned. “That is why I will be launching an initiative called the Future of the BVI Economy over the coming year.”

The Chief Minister said the initiative will bring together community leaders and international experts to come up with creative solutions to possible economic challenges the Territory will face.

“I want to explore strategies for creating a more stable flow of visitors by tapping into new markets such as medical tourism, sports tourism and eco-tourism in unique ecosystems such as Anegada,” he said.

The Chief Minister said Government will draw on the Future of the BVI Economy initiative to examine how to create jobs in high paying professional service industries besides financial services.

“In particular, I want to explore the viability of attracting multinational corporations to establish customer service centres, high-tech research facilities, and other value-added functions,” the Chief Minister said.

By focussing now on the Future of the BVI Economy, the Chief Minister said Government is confident it will stimulate new investment in the Territory’s economy.

“And in so doing, we can ensure that if the worst comes to pass we will be prepared, and our people will be protected,” the Chief Minister said.

The Chief Minister delivered his third annual State of the Territory Address during a ceremony at the Central Administration Complex, Road Town on Wednesday, June 21.