In the face of a declining financial services revenue stream, plans are underway to create an ‘ad hoc economic committee’ to diversify the local economy.

“I want to make a call to the people of the BVI because I told the Ministry of Finance that we have to come up with an ad hoc committee to look at new revenues for the territory. So anyone who is interested, please call the Premier’s Office,” Premier Andrew Fahie said at a recent public meeting to discuss the United Kingdom’s loan guarantee offer to the BVI.

“The people are the ones with the ideas and the elected officials are the conduits to value-add and carry through your ideas,” Fahie further said.

Revenue makers are important

Premier said revenue-earners such as the financial services have declined in performance.

This is what makes his proposed committee important, Fahie said.

“I have read reports that the financial services intake is dropping off. [So] revenue-makers are important, I couldn’t understand why the port in West End was closed for this reason. Now it is a joy to see the economic activities in that area. The revenues that are being made.”

Meanwhile, Bishop John Cline has volunteered himself to be a part of the committee which he said is similar to the economic advisory agency that he along with others created after the BVI’s historic ‘Decision March‘ back in May 2018.

“I believe there are tremendous opportunities out there that we can become less dependent on financial services and to underpin our economy. I am encouraged to hear that, and hopefully, I can work with that group of persons who will be put together,” Bishop Cline said.