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Gov’t not selling out BVI to foreign investors - Junior Trade Minister

Gov’t not selling out BVI to foreign investors - Junior Trade Minister

Junior Minister for Trade & Economic Development, Shereen Flax-Charles expressed alarm at the thought that persons may have misinterpreted the government’s intention when it introduced the Investment Act.

“I want to assure you and assure the entire population of the BVI that we are not selling out the BVI to foreign investors,” the At-Large Representative said as she spoke in the House of Assembly (HOA) yesterday, September 9.

The Virgin Islands investment Act — which passed in the HOA recently — seeks to modernise the way business is done in the BVI and to make the territory more competitive, secure, and attractive for business and investment.

Not all investment is foreign

Flax-Charles argued that locals, as well as foreign investors, are both able to come together with an investment proposal under the new Act.

The legislator said the time has long gone where persons should feel that all of the investment coming into the BVI is foreign.

“We’re building a nation here in the British Virgin Islands,” the legislator said. “There are lots of different aspects of it and this Virgin islands Investment Act is just one such aspect of it.”

The junior minister said building the BVI required more than just the efforts of the legislators and therefore encouraged everyone to get involved.

Trade Commission will bring change

Launched in April, the Trade Commission is expected to set the stage for a new paradigm for the government to strategically develop the territory’s economy in a more sustainable manner.

With the establishment of the physical component of the Trade Commission, Flax-Charles said the general public will be able to get a feel and also better understand where the government is moving with the Trade Commission and with foreign investment.

Flax-Charles previously stated that the overall plan for implementation of the Virgin Islands Trade Commission is to restructure and transform the Department of Trade, Investment Promotion & Consumer Affairs by expanding its portfolio to function as the “one-stop shop” for trade, business, investment, fair competition and consumer affairs.


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