Surge seen in trade licence applications for marine sector
The Department of Trade, Investment Promotion and Consumer Affairs has reported a new line of interests in small businesses in the Virgin Islands, swaying away from the usual interests in establishing eating houses and salons to exploiting opportunities in the marine industry.
This was revealed at the October 25, 2019 press conference called by the Acting Premier and Minister for Transportation, Works and Utilities, Honourable Kye M. Rymer and Junior Minister for Trade and Economic Development, Honourable Sharie B. deCastro.
The press conference was to inform the media on plans for Innovation Week or iWeek, which forms part of a strategy being implemented by the Government of the Virgin Islands to equip new start-ups and small businesses with innovative ideas and advice from some of the most brilliant entrepreneurial minds of the territory.
Director of Trade Mrs Karia J. Christopher was part of a side panel that was open to questions from the media.
Increased interests in marine sector
Agreeing that there are too many small businesses like restaurants and beauty salons in the territory, Mrs Christopher said there has; however, been a shift in the application for new small businesses following the passage of hurricanes Irma and Maria in 2017.
“Right now, believe it or not, we are having lots of persons in the marine industry. That’s the newest section. Lots of huge interests generated in terms of a new type of small business that’s coming here in the BVI,” said Mrs Christopher.
She added, “But I am very pleased to say that since hurricanes Irma and Maria people have been really innovative in their thinking. It’s a fact that when you are in a difficult situation your mind has to process differently. So the challenge that we would have, because most of them are so brand new, would be first time applications.”
According to the Director of Trade, having an interest in the sector does not mean automatic consideration for a trade licence and several of those new applicants were not granted a trade licence at their first attempt at a new business.
“It doesn’t make any sense, at least in my mind, to give that person a licence and they don’t have the next step to move forward.”
The Director of Trade credited Honourable deCastro for the iWeek initiative, “So I believe the Honourable deCastro is certainly on the best path possible .”
