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by pltm
(PLTM) - Lizette Gorge, who is a policy analyst and strategic advisor to the Government, stated that in order for the Virgin Islands to engage in new business enterprises and attract new investment opportunities, a comprehensive review of the legislative framework was undertaken.
This review focused directly on areas dealing with the diversification of the Territory’s economy.
However, she added that this review was not limited to the identification of the economic issues affecting the customers and business operators in the Virgin Islands, but also emphasised improving the business culture and practices for posterity.
“While one objective was to remove the barriers to the ease of doing business, we also needed to be forward-looking in terms of what was on the horizon, and also in terms of where we want to take the Virgin Islands,” George told reporters at a press conference today, June 24.
It was disclosed that ensuring that a holistic approach to economic improvement adequately prioritized sustainability, the National Trade policy was developed to guide the reform and modernization of the trade process.
She informed the public that the Business Licensing Act is a part of legislation that falls under the National Trade Policy of the Virgin Islands, which determines the legislative framework for trade and economic development.
The Trade Policy was developed in partnership with public and private sector stakeholders including the banking community, the local legal fraternity and the yachting society among others who formed the Trade Policy Review Committee.
“The Trade Policy Review Committee was established in January of 2017 and operated for a period of 5 to 6 months during which it conducted the necessary research, analysis and best practices by reviewing the current legislative framework for business and trade, and making recommendations to the Government on the most appropriate model framework that will seek to increase the level of economic activities,” George explained.
George commented that working groups were established to make policy recommendations on areas of trade, business, investment and consumer affairs which contributed to the formulation of the National Trade Policy of the Virgin Islands which was approved by the Cabinet in July 2018.
