BVI urges ECLAC to build development plan for service-based island economies

The British Virgin Islands has pressed the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) to craft a productive transformation strategy suited to Caribbean island nations whose economies centre on services rather than manufacturing or agriculture.

E. Benito Wheatley, the BVI's Special Envoy, delivered the message at the 41st Session of ECLAC in de los Caballeros, Dominican Republic, as his term as Vice Chair drew to a close. While he welcomed ECLAC's transformation strategy document, "Managing Transformations in an Era of Ruptures," Wheatley contended it offered little practical value for microstates like the BVI that lack the capacity to produce or export goods on a meaningful scale and will depend on services indefinitely.

Wheatley called on ECLAC to work with Caribbean Small Island Developing States to shape a productive transformation strategy grounded in services-based development. He identified artificial intelligence as a potential lever for economic growth in Caribbean island economies and stressed the importance of linking development initiatives with climate resilience to lower exposure to environmental risk and lift productivity.

"UN ECLAC is an important partner for Caribbean SIDS, and it is critical that we deepen our engagement on productive transformation and productive development," Wheatley said in his statement. "The end goal is the structural transformation of the subregion that improves the standard of living and quality of life of our people."

The BVI pledged to continue pushing for ECLAC backing of Small Island Developing States beyond the end of its leadership role. The territory holds the position of Vice Chair for the 30th Session of the Caribbean Development and Cooperation Committee and Vice Chair of the 2nd Regional Conference on South-South Cooperation in Latin America and the Caribbean, both represented by Wheatley.