In his 50-minute speech on Wednesday, BVI Chief Minister Orlando Smith not only summed up the successful economic development of the BVI, but also made a look into the future.
According to Smith, if the BVI wants to compete and win in the global market of 2010 and beyond, it has to work out new ways to develop other sectors of economy as well as grow its already expanding economic base.
First, Smith pins hope on improving the BVI's tourism. In particular, he believes in overhauling international tourism marketing efforts, investing in tourism facilities, amending the Hotels Aid Act for providing increased support for small local properties, encouraging new resort developments and improving service standards.
Then, Smith hopes in financial services development. Currently, it is fact not fiction that the BVI is the 1st in the world in terms of company registration with some 57,000 new companies set up in 2005.
Also, the BVI is the 4th leading captive insurance domicile in the world and the 2nd leading domicile for hedge funds (more than 2,000 operating from the BVI).
As to strengthening BVI physical infrastructure, ithe efforts are going to be taken for improving telecommunications service, the electrical and water utilities as well as air, land and sea transportation.
Also, in his speech Smith discussed the plans on establishing a world-class educational system by means of providing additional resources, facilities and training for students.
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