Premier Signals Major Investment Deals Coming Soon

Several multi-million dollar investments are expected to be announced in the coming months, according to Premier and Minister of Finance Dr Natalio Wheatley.

The announcement came during the Premier's State of the Territory Address, where he pointed to growing investor interest in the Virgin Islands and a number of major tourism-related projects.

“There is also strong interest in a number of multi-million dollar investments that will be announced in the coming months,” Wheatley stated.

The comments come as the Virgin Islands Party (VIP) government continues to face criticism from the opposition who argue that the Territory has seen little major development during the party's nearly eight years in office.

The Premier also highlighted ongoing private sector investments at Nanny Cay, Bitter End Yacht Club, Biras Creek Resort and Eustatia Island, which he said demonstrate continued confidence in the Territory's tourism product.

Tourism Push Continues

Wheatley revealed that Cabinet is expected to consider the reconstitution of the Prospect Reef Board this week, paving the way for Requests for Proposals to be issued to bidders interested in redeveloping the long-dormant tourism property.

He also announced that Cabinet will consider a National Tourism Policy designed to support a more sustainable and higher-value tourism industry.

According to Wheatley, the policy will examine tourism carrying capacity and visitor management to ensure growth does not compromise the Territory's character, quality of life or visitor experience.

The Premier further outlined plans for a Global Branding Initiative aimed at strengthening the Virgin Islands' international profile across tourism, financial services, maritime services and investment.

Government also intends to establish a Destination Management Council and shift responsibility for tourism development staffing from the Tourist Board to the Ministry of Tourism, a move Wheatley said will strengthen government's ability to shape and grow the tourism sector.

The Premier described the combined initiatives as a "game-changing approach" to making tourism an even stronger pillar of the Virgin Islands economy.