‘Trade Entrepreneurial Week’ in full swing

The Department of Trade, Investment Promotion and Consumer Affairs kicked off its first ever “Trade Entrepreneurial Week” on Monday with a press conference featuring DTIPCA Director Karia Christopher and Junior Minister for Trade and Investment Promotion Marlon Penn, who both talked about some of the department’s efforts in promoting local businesses in the Virgin Islands.

Mr. Penn said the department is working on implementing two major initiatives: starting a “business incubation centre,” and implementing an investment policy in the territory.

Though he didn’t say when or where the incubation centre will open, the junior minister said that the facility will be a shared working space for businesses that need office facilities.

He added that it will create “the kind of collaborative environment where entrepreneurs can support each other and work off each other, and work on initiatives together.”

“One of the challenges that have been expressed is that it’s very expensive to have office space,” he explained.

Investment

The investment policy, he added, is about creating a comprehensive legislative framework that provides incentives for businesses to invest in the territory. The framework will also entail consumer protection legislation, he said.

“We have the Hotel Aid [Ordinance] and other policies that encourage certain industries,” Mr. Penn said, “but there’s no comprehensive or integrated legislative framework.”

Mr. Penn said that a committee has been formed to draft a comprehensive investment policy, and that he expects it to go to Cabinet in about six weeks. The report will also be made public, he said.

Business events

Along with those initiatives, the Trade Entrepreneurial Week also includes various events geared towards supporting VI businesses.

On Tuesday, the DTIPCA held a seminar on financial management for small businesses, which Ms. Christopher said was primarily about teaching entrepreneurs what to expect when applying for financing from commercial banks.

“This seminar really speaks to what to expect when you go into a bank — what banks are looking for from the business owners or potential business owners,” she said.

Yesterday, the DTIPCA was scheduled to host an open house at its office in Road Town, where business owners could stop by and see what resources the department has to offer them.

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