The Virgin Islands economy may be struggling in part because too few residents support local businesses, according to Premier Natalio “Sowande” Wheatley.
“Persons have said to me that the economy is having a tough time,” Mr. Wheatley said Friday at the annual Buy BVI Trade Expo. “And I ask myself, ‘Well, financial services has made record revenue; tourism has brought in record revenue. … Why is the economy struggling?’ I’ll tell you why the economy is struggling: because as soon as the money comes in, we are sending it out nearly as fast as it comes in.”
Efforts to address this problem by encouraging local spending were a big part of two-day trade expo held Friday and Saturday at the Multi-purpose Sports Complex in Road Town.
Business and fashion
The annual event featured displays from more than 30 businesses and other services — along with a new fashion show highlighting VI designers. Attendees could also receive blood-pressure tests at the Bougainvillea Clinic booth as they toured exhibits from sectors including banking, retail, health and wellness, and government services. The trade expo, first launched in 1997, also showcased youth entrepreneurs this year.
Public support
Chamber of Commerce Chairperson Shaina SmithArcher hailed the event as a major success.
“It’s been really great for the two days,” Ms. Smith-Archer said.
“We have had a lot of public support.”
The chairperson added that the expo will be revamped next year with an emphasis on particular industries.
“This year’s event built on the one last year, and the feedback was good,” she said. “We had 35 businesses and services taking part in all.”
The trade expo has developed into a major showcase for VI companies and services, despite a hiatus due to the impact of Hurricane Irma in 2017 and the Covid-19 pandemic.
Buying local
During his speech, the premier urged residents to help VI businesses by buying local juice, soup, clothing and other goods.
“A lot of us like to order stuff from abroad, and there is room for that sometimes,” he said. “But do we have any commitment to our local clothes makers, our local tailors and seamstresses?”
The premier added that consumers should start a new conversation about what they can do to help the territory.
“It’s not just about blaming an external entity, or even blaming the government: It’s about challenging ourselves through our own choices to be able to support our own local economy and empower ourselves and empower each other,” he said. “Are we ready for that, or do we just want to sit and complain?”
Mr. Wheatley also urged residents to use their networks abroad to spread the word that the VI is “open for business.”
“Together, let us use this expo as a launchpad for collaboration, transformation and a renewed sense of pride in what it truly means to buy BVI,” he said.
