British Virgin Islands hits record economic growth
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| Published on Friday, June 8, 2007 |
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ROAD TOWN, BVI: Chief Minister of the British Virgin Islands Dr. Orlando Smith delivered his fourth annual State of the Territory Address this week praising the people of the BVI for helping to foster the strongest and most sustained economic growth in the Territory’s history over the past four years.
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| British Virgin Islands Chief Minister, Dr Orlando Smith |
In a 45-minute address, the Chief Minister noted that last year the BVI economy grew by 11 percent, with the Gross Domestic Product (GDP) -- that is the sum of all economic activity in the Territory -- now at $992 million.
The Chief Minister said that at the present rate of growth, the Territory’s GDP is likely to exceed the $1 billion threshold by the end of 2007. In welcoming this historic achievement, he declared it “a credit to every member of this community.”
In analysing the BVI’s record economic performance, the Chief Minister credited the hard work of the people and policies that the Government implemented during the past four years, specifically designed to stimulate growth.
Among these Government policies, the Chief Minister spoke of support for the continued growth and improvement of the financial services sector and the tourism industry, including a commitment to construct the first new major hotel developments in the BVI in almost 20 years.
He also spoke of a commitment to improving the road network, airports and other key aspects of the Territory’s physical infrastructure and the Government’s decision to take on the difficult challenge of liberalising the local telecommunications market. “We are committed to seeing this process through because we believe that with competition, prices will go down and the quality of service will go up and that is what our people deserve,” the Chief Minister said.
The Chief Minister also spoke of Government’s active efforts to attract new investors to the BVI, who are committed to both realising financial success, while at the same time contributing to the Territory’s overall strength of the community.
He cited fiscal discipline which brought an end to wasteful spending, that culminated in notable budget surpluses that have been deposited in the Government’s consolidated fund.
The Chief Minister challenged the Territory’s people to reflect on the impact of the current economic achievements. “I want you to take a moment to think about what our economic success has meant to you and your family, to your neighbours and your colleagues, to your friends and our entire community,” he said.
In addition, the Chief Minister pointed to the fact that the current economic expansion has enabled record numbers of BVIslanders to build or improve their homes, send their children to school, start businesses, help young people to find good jobs, and helped to improve the Territory’s social services to world-class standards.
In support of that point, the Chief Minister said that the economic growth has allowed the Government to invest more heavily in education including the historic steps of providing tuition-free education at the H. Lavity Stoutt Community College for all BVIslanders and Belongers and increasing scholarships for students who are studying overseas.
On the issue of health, the Chief Minister spoke of the huge improvements in the Territory’s healthcare system such as the completion of the new hospital Annex, the start of the construction of the new 128-bed hospital, and the introduction of a new National Health Insurance Programme (NHIP).
On Government’s ongoing efforts to promote BVI Pride, the Chief Minister acknowledged that although pride cannot be measured statistically, it can be felt. In particular, the Chief Minister said he felt the pride of the community supporting him and his team as the BVI Constitutional Negotiating Team engaged in talks with the United Kingdom Government. He credited the strength that the people gave the BVI team for the successful conclusion of these talks and the fact that the BVI now has a new Constitution that is “the envy of the region.”
The Chief Minister concluded his Address by looking towards the future with optimism. He noted, however, that the Territory will face three great important challenges: achieving a consensus on development, addressing the need for social cohesion at a time of change, and tackling the risk of “modest expectations.”
The Chief Minister appealed for greater unity on development and pointed out that it is “not a luxury, it is an absolute necessity” for the Territory to sustain the current standard of living. He called on people of good will to work together to ensure that development is done responsibly and in a manner that benefits the entire Territory.
On social cohesion, the Chief Minister echoed his theme of the past months in declaring that the BVI was at war with “a culture of crime.” He praised the community’s clergy, teachers, community leaders and parents for doing their part to protect the youth of the BVI.
The Chief Minister cautioned that the BVI should avoid the danger of modest expectations and said that the Government’s successes of the past four years have taught him that anything in the BVI is possible. He said the community must all know “one great truth: if we will it, then it can be so.” The Chief Minister went on to assert his belief that BVIslanders could triumph on the world stage in athletics, arts, science, business, medicine, academics, and all other areas of human endeavour.
He concluded his Address on a personal note and thanked the community for giving him the chance to serve as Chief Minister and for the support he needed to make it through the most challenging days. The Chief Minister proudly and confidently declared that “The BVI is on the march,” and that working together the people of the Territory could and would build ”The Great Little Nation of our dreams.”
The State of the Territory Address is an annual event at which the Chief Minister comes before the community and offers a full accounting of what Government has done over the past year and what he hopes to accomplish over the coming year. This year is a special State of the Territory Address as the Government comes to the end of four years in office. | | | | Reads : 305 | | | |
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