The backbone of the labour force in the Virgin Islands is from Guyana, St. Vincent and the Grenadines, and Jamaica, and lately there is an influx of Filipinos in this British overseas territory.
Reports state that Guyanese, Vincentians and Jamaicans dominate the labour market in Antigua and Barbuda; St. Kitts and Nevis; St. Martin; and Aruba, and that Caymanians and Jamaicans are attracted to the Turks and Caicos Islands. In the wider world, Caribbean nationals dominate every sphere in the United States, Canada, the United Kingdom and other parts of the world.
It is heartening to note that Caribbean nationals contribute significantly to the land of their birth.
And while the non-Virgin Islanders who work here send a significant amount of their earnings to their relatives overseas, VIslanders who work in the United Kingdom, United States, Canada and other parts of the world remit funds to their relatives here.
A World Bank report last week stated that the Caribbean diaspora is a sizeable, well educated, and affluent demographic whose large majority is interested in investing in the countries of origin.
Due to the common heritage and strong connections across the region, diaspora members overwhelmingly take a regional approach to the Caribbean, rather than a nationalistic one. Supported by the right incentives and policies, they could play an even larger role in contributing to the region’s development.
The report added that the Caribbean diaspora is already significantly engaged in the region, with some 70 percent being formally or informally affiliated with organisations in their home countries. Half of those surveyed send remittances, and a full 85 percent give back to the Caribbean either through financial help or other support in kind.
Moreover, nine out of ten would like to be even more engaged in the future, potentially as investors. With nearly one diaspora member living in North America or Europe for every resident still in the region, this ability to engage represents a significant untapped potential.
There is also a growing community of angel investors among the diaspora who are already actively involved both where they live and back home. About 23 percent of respondents has already invested in a start-up company of some sort in the Caribbean region. Looking forward, investors have expressed strong interest in financing sectors with high development potential for the region, such as green energy, mobile applications, education and agribusiness.
In the light of this, the regional governments should be involved and give incentives to the potential investors.
{fcomment}