Government plans an extensive business push into India and other major markets in response to United States President Donald Trump’s erratic trade policies, according to Premier Natalio “Sowande” Wheatley.
The Virgin Islands, Mr. Wheatley said, must rapidly expand its markets as it has done in the far east. He told the Beacon that an India trade mission is needed to “seek new business.”
“It’s a key market. It’s part of our strategic vision to diversify our markets,” he said after his Territorial Address on Tuesday.
Mr. Wheatley, who is the minister for finance and financial services, visited St. Maarten to hold trade talks on Monday, and he will travel to the Dominican Republic on Tuesday for similar discussions.
“We are seeking different trade routes, different supply markets, and seeing what areas that we can cooperate in in the best interest of the people of the Virgin Islands,” he said.
Trump reversal
The comments came after the premier praised Mr. Trump’s sudden decision to reverse a previous plan to slap massive fees on Caribbean shippers that use China-built ships in US ports.
“The fact that we in the Caribbean have been exempted from that is very good news,” Mr. Wheatley said during the government’s May 14 broadcast of Virgin Islands Voice. “But we cannot afford to rest on our laurels.”
The premier also stressed the importance of dealing with the cost-of-living crisis in the territory.
“Of course, we have a great deal of uncertainty in terms of the trade policy of the United States and other places,” he said. “And in addition to that, there is always another crisis which shows us that we need to focus more on our food security. So we are being proactive, even with the good news.”
He also hailed a recent move by Jamaica to appoint VI-based attorney Paul Dennis as honorary consul to the territory on May 12.
“There is great potential there through strengthened relations with Jamaica,” he said, adding, “We are on the move. What we are doing is strengthening our relationships.”
Mr. Dennis, senior partner at VI law firm O’Neal Webster, is a Jamaican who has lived in the territory for 32 years.
In a statement at the time of the appointment, Mr. Wheatley said the move “signals a new opportunity for deeper engagement between the Virgin Islands and Jamaica, paving the way for collaboration in trade, economic cooperation, agriculture, border security, education and cultural exchange.”
The premier also praised Lorna Smith, the junior minister of financial services and economic development, for leading the overseas push.
Last May, when she was deputy premier and minister of financial services, Ms. Smith headed an 11-day trade mission to the far east that included Hong Kong, Shanghai, Beijing, Shenzhen and Singapore.
China represents more than 40 percent of the VI’s financial services trade, Ms. Smith said when she returned from the trip.
At the time, there were 77 trading VI companies based in Shenzhen alone, representing a combined value of $3 billion in investments, according to the government.
The government and its financial agencies also have been working to strengthen ties with Malaysia in the past year.
Also in the works is a plan to set up another overseas office to increase investment from Latin America, with Panama being the favoured site.
