U.S. Virgin Islands Moves Full Steam Ahead with Business Recruitment Strategy and Receives Help from the Private Sector

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U.S. Virgin Islands Economic Development Authority Meets with Key Business Leaders in Florida to Attract Inward Investments

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U.S. Virgin Islanders are resilient. America’s business paradise will rebuild, and we’ll be better than before.

The U.S. Virgin Islands Economic Development Authority (USVIEDA) has resumed business development efforts following Hurricanes Irma and Maria. The organization, dedicated to attracting inward investments to the Territory, has conducted a series of meetings with company executives within the area’s target industry sectors. This outreach is underway, while simultaneously working with the local business community during the recovery.

“U.S. Virgin Islanders are resilient. America’s business paradise will rebuild, and we’ll be better than before,“ said the U.S. Virgin Islands Economic Development Authority’s acting president and chief executive officer, Wayne Biggs Jr. "It is important that we continue to be aggressive with our business recruitment efforts. We understand the lead time it takes a company to go from initial conversations to actually setting up a new location. Getting in front of company executives now is more important than ever.”

This month, USVIEDA representatives attended two key events, Private Wealth Latin America & Caribbean and Fort Lauderdale International Boat Show. Both conferences allowed USVIEDA to conduct one-on-one meetings with company prospects and provide insight on the advantages of establishing a business in the U.S. Virgin Islands. USVIEDA also shared a status update on the recovery efforts, including the private sector’s enormous contribution to rebuilding the USVI.

In addition to relief support from the federal government, members of the USVI business community have stepped up to help with rebuilding the Territory. Just recently, the Stephenson Family Foundation, founder of companies including the Cancer Treatment Centers of America and International Capital & Management Company, announced a $5 million pledge for relief efforts. Also, Cane Bay Partners, a financial services consulting and analytics firm, launched, Cane Bay Cares, a fundraising campaign aimed at providing direct relief to the citizens of St. Croix.

“While the USVI sustained a substantial amount of damage due to the hurricanes, we see the current situation as one that is temporary,” said USVIEDA representative Andrew Clutz.

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The United States Virgin Islands Economic Development Authority (USVIEDA) is a semi-autonomous government organization responsible for the promotion and enhancement of economic development in the U.S. Virgin Islands. The organization acts as an umbrella authority that integrates and unifies the functions of the five agencies under one executive board in order to maximize efficiency and enhance economic development in the Territory. The five major agencies are the Economic Development Commission; Virgin Islands Economic Park Development Corporation (formerly the Industrial Park Development Corporation); Economic Development Bank (formerly the Government Development Bank and the Small Business development Agency); Enterprise Zone Commission; and the Economic Development Commission (EDC). The EDC offers unique tax incentives for qualified businesses. Benefits of the EDC program include a reduction of up to 90% of personal and corporate income taxes and up to a 100% exemption on excise, business property and gross receipt taxes. For additional information visit http://www.USVIEDA.org

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Neilia Stephens
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