“The policy will help structure or streamline the economic area as it relates to trade,”

said Lizette George, director of the Department of Trade and Consumer Affairs. Ms. George, who has spearheaded research for the project since 2006, said the Virgin Islands has never had an established trade policy.

“What the trade policy would seek to do, is systematically develop trade instead of it just haphazardly happening,” Ms. George said.

The policy paper sets clear guidelines, for instance, designed to help make the investment climate more attractive to foreign investors. Ms. George said government had highlighted several sectors where it is actively seeking foreign direct investment (FDI).

“Most countries say we do not encourage FDI in this area; what we will do is take the positive list approach and identify areas in which BVI would encourage FDI,” she said. The trade director said these areas likely will include sectors that require significant investment into the territory and the economy of the VI, and provide social and economic benefits.

The new policy and planned legislation also is designed to clarify processes for investing in the territory.

“I think government clearly saw the importance of such a policy, that actually helps create transparency in our economic development, and creates a more attractive investment climate, not only for foreign businesses, but for local businesses as well,” she said.

The full story appears in the Nov. 19, 2009 issue.