During his State of the Territory Address, Premier and Minister of Finance Dr Natalio Wheatley disclosed that multiple major investment deals worth millions of dollars are in the pipeline and will be revealed over the coming months.
Wheatley pointed to rising investor appetite in the territory and a series of tourism ventures currently under development. He cited existing private sector activity at Nanny Cay, Bitter End Yacht Club, Biras Creek Resort and Eustatia Island as proof that confidence in the Virgin Islands' tourism appeal remains strong.
The government plans to move forward with reconstituting the Prospect Reef Board, a step that would enable the release of Requests for Proposals from developers keen to revive the stalled property. This action is expected to be considered by Cabinet this week.
Wheatley also unveiled a National Tourism Policy aimed at fostering a more sustainable and higher-value tourism model. The policy will assess tourism carrying capacity and visitor management to prevent growth from eroding the territory's character, quality of life or visitor experience.
Other initiatives include a Global Branding Initiative to raise the Virgin Islands' international standing in tourism, financial services, maritime services and investment. The government will also create a Destination Management Council and transfer tourism development staffing duties from the Tourist Board to the Ministry of Tourism.
Wheatley characterised the package of measures as a "game-changing approach" to strengthening tourism's role in the economy. The announcements arrive as the Virgin Islands Party government faces opposition claims that the territory has experienced minimal major development over its nearly eight years in office.
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