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| Press Release Detail |
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| VI ECONOMIC DEVELOPMENT AUTHORITY UNVEILS PLANS TO HELP BOOST LOCAL ECONOMY |
| (02-01-2012) |
~VIEDA develops business continuity team to create more business opportunities, jobs in the VI~
The Chief Executive Officer of the V.I. Economic Development Authority (VIEDA), Percival E. Clouden, announced today that the VIEDA held several senior-level meetings last week to develop a plan for fast-tracking the creation of jobs for local residents faced with job uncertainty as a result of the recent downsizing of the V.I. government and the announced closure of HOVENSA in St. Croix.
“I have asked all directors and program managers, including the Enterprise Zone Commission, the Lending Division, together with the State Trade and Export Promotion Program and the State Small Business Credit Initiative teams, to immediately review their portfolios and identify additional ways by which the EDA can assist with small business retention and expansion, as well as with new opportunities for entrepreneurship,” said Clouden.
According to Clouden, the VIEDA’s newly-created Business Continuity Team held several meetings with a representative of Oxford Intelligence, Inc., a lead generation consulting company retained by the VIEDA last October, to assist with developing a “hot list” of prospects for the Authority’s Economic Development Commission’s tax incentive program (or EDC Program). The “hot list” includes companies that have already been approached through the VIEDA’s marketing efforts, and in order to become EDC beneficiaries in the U.S. Virgin Islands.
Led by CEO Clouden and Assistant CEO Nugent-Hill, the focus of the Business Continuity Team is to expand the creation of jobs and business opportunities for the Territory. The team is taking a two-pronged approach, the first of which is to fast-track potential EDC beneficiaries that are already in the pipeline, as well as to aggressively pursue other businesses currently on the “hot list” that are likely to invest in the Territory.
The second approach includes fast-forwarding efforts to help residents who are interested in becoming entrepreneurs, which include affected unemployed workers who may consider self-employment as an option.
To accomplish this, Clouden and Nugent-Hill are fast-tracking the VIEDA’s marketing strategy through programs that already exist within the Authority.
“The VIEDA’s Business Continuity Team is one of many on-going economic development initiatives of my Administration focusing on creating more business opportunities and jobs for the Territory, particularly important in our current economic climate. We are continuing to aggressively develop our economy as a first priority, in order to stimulate economic activity amongst consumers and with the goal of increasing the vibrancy of Virgin Islands businesses locally and in the global marketplace,” Governor John P. de Jongh, Jr. said.
The VIEDA is collaborating with other local government agencies as part of its fast-tracking efforts, which will include de-risking investment for both the investor and the Territory.
For additional information, please contact the VIEDA at (340) 714-1700 on St. Thomas and (340) 773-6499 on St. Croix.
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