Premier Dr Natalio Wheatley
Premier Dr Natalio Wheatley has warned that much of the BVI’s income quickly leaves the territory because of its heavy dependence on imports, urging residents to build stronger local businesses to help retain revenue.
“Most persons in the world, small island developing states, are lucky if they have one global revenue earner. We’re blessed to have two,” Dr Wheatley stated, referring to the territory’s tourism and financial services sectors.
“But those two revenue earners, as soon as the money comes in, generally, the money goes right back out nearly as quickly as it comes in. Why is that? Because we import most of everything that we consume. So when you look at our economy, the money doesn’t stay here very long,” he explained.
The Premier made the remarks while addressing a recent Rotary Club event focused on community empowerment and economic development. He said the key to reversing this trend lies in “strong communities, empowering local businesses, creating sustainable jobs, and investing in people”.
Dr Wheatley urged residents to see opportunities in tourism growth rather than only challenges, pointing to examples of entrepreneurs who have capitalised on the influx of visitors.
“When you see all of the cruise passengers come in, some persons may choose to complain. Some persons may say cruise passengers don’t spend money. Others will see the opportunities,” he stated.
According to Premier Wheatley, the upcoming airport runway extension could double passenger arrivals, creating more room for entrepreneurship.
“We’re on somewhere around 300,000 or so passengers coming through our airport. When we extend that runway, it’s projected to at the very least double. What opportunities does that present?” he asked.
The Premier said the government will reintroduce the Investment Act in early 2026 to attract and support investors across various sectors. “You have to give incentives for persons to be able to invest in business, and then government gets out of the way,” he added.
He emphasised that true economic growth comes from trade, not bureaucracy. “Governments don’t create value. Governments might get some taxes, some duties and some fees, but real value is created in the buying and the selling, which businesses and the consumers; those transactions that happen every day,” Dr Wheatley stated.
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