Resident By Investment Policy Touted In NDP Manifesto

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BVI Platinum News

(PLTM) - Despite the challenges of 2018, Chairman of the National Democratic Party (NDP), Hon. Myron Walwyn says that based on a report by the Caribbean Development Bank (CDB), the BVI’s economy grew by over 2 percent, despite the challenges.

As such, he said the NDP’s Manifesto has placed developing investor confidence in the territory high on the agenda, so as to continue this growth.

It was noted that the Manifesto also places keen interest in developing policies such as a 'Resident by Investment Policy' to foster business development.

Speaking at the launch of the party’s 2019 Manifesto this morning, February 15, Hon. Walwyn said, “It is also important to note that the BVI government had its best performance ever in 2018. Our financial services revenues were the highest it’s ever been in 2018.”

However, he said that it is important to note that the economy and recovery are still delicate and “any unnecessary tinkering can set back the process.”

“We are presented with a great opportunity to take a great leap into the future with our people at the heart of our recovery…The NDP’s overriding goal is to make this country better and stronger than it has ever been,” the aspiring Premier stated.

He went on to say, “Our 2019 Manifesto which we launched this morning is underpinned by this vision...Comprehensive in scope, it outlines our road-map for development over the next three decades.”

He described the promises in the Manifesto as “bold and ambitious”, while stressing that they maintain their realistic and achievable characteristics.

“We are not over-promising only to subsequently under-deliver…Therefore, you will not find promises of streets of gold in this document,” he stressed.

In view of the economy’s performance, Hon. Walwyn said that the NDP will remain laser-focused on the growth of the economy.

“Growth is the product of increased business activity in a country, added to stability…Another prerequisite for growth is confidence,” he explained.

However, Hon. Walwyn, who is also a businessman, said, “Investment involves taking financial risks…Investment is the job of the private sector, whether the money is channeled into the startup of new ventures or expansion of existing ones. The Government’s job is to cultivate confidence.” The creation and adopting of policies that create an enabling and conducive business environment are therefore necessary to attract investment, he noted.

“The policies in this Manifesto are aimed at not only promoting stability, but also confidence so that our economy can soar to higher levels for the benefit of our people,” the NDP Chairman stated.

According to the Manifesto, “Developing facilities like a special economic zone for knowledge-based industries shall receive priority. The objective is to develop this territory into an innovative, entrepreneurial technology hub, benefiting from a tax-exempt environment.

It went on to say that this will involve stripping away the red-tape that usually come with setting up a business in the territory, and one that has a physical presence as required by the new Economic Substance Legislation.

Resident By Investment Policy and Business Development

In keeping with the need to bolster the economy through increased business activity, the party has put forward propositions for the promotion of business development and entrepreneurship.

One of the features of the Manifesto which stood out is the mention of implementing a “Resident by Investment Policy.”

While information was limited, the document states that it is aimed at incentivizing qualifying persons to invest in the BVI.

Among the other proposals is the re-establishment of the Economic Advisory Council, comprising of representatives from Government, the private sector and civil society, as well as the creation of a Business Development Advisory Board, “comprising leaders of industry in BVI to provide advice, ideas and support for an integrated approach to business development.”

An independent Business Bureau and National Trade and Investment Policy were also among the plans.

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