During the Government’s press conference on Monday, January 18th, a question related to the diversification of the Anguilla economy was posed by an individual in the listening audience via social media. That question was addressed by the Hon. Minister of Tourism, Mr. Haydn Hughes, and, to some extent, by the Hon. Minister of Trade and Commerce, Mr. Kyle Hodge.
The question: “What other sectors, besides tourism, does government plan to explore in order to alleviate the ‘bottle-neck’ of academics with no jobs, and to stem severe unemployment?”
Mr. Hughes responded: “This is a question that has been often asked, as it relates to the diversification of the economy. We have long said that government enacts policies within a regulatory framework to ensure that persons have the opportunity to invest. It is in Government’s interest to invest in the diversification of the economy via viable projects. Therefore, if private sector individuals see that there is a feasible opportunity for a return on their investments, government would encourage that investment once the regulatory framework is in place.”
He made it clear that persons living in Anguilla – or any Anguillian in the diaspora who has an investment idea – were welcomed to approach the government to find out what regulatory framework relative to that business idea consisted of. He said that government was very keen about diversifying the economy but, at the same time, it must be realised that tourism was the base of the economy, “and that tourism will always fuel our economic base.”
On another note, Minister Hughes stressed: “All the diversification that emanates is driven by dollars coming into the island, and Government is currently working on knowledge-based and service-based industries. We are now working on the digital aspect of investing. Now with digital nomads, there is opportunity for people to come to Anguilla and work digitally from home.”
He observed that the Minister of Trade and Commerce was also diligently working with the Anguilla Chamber of Commerce and Industry, and the Attorney General’s Chambers, to establish a new regulatory framework with regard to business licenses. This, among other things, will ensure that there is opportunity for Anguillians to invest and to ascertain that Anguillians are protected within a number of business sectors.
As it pertains to diversification, the Hon. Minister of Trade and Commerce, Mr. Kyle Hodge, contributed to the discussion by stating: “We have engaged with the Financial Services Commission which has brought forward several presentations as it relates to strengthening the financial services sector. This is one industry that has survived the effects of the COVID-19 pandemic. When tourism was shut down, for a while, the Financial Services continued to perform. In our meetings with this entity, the Premier has brought forth a series of proposals as it relates to diversification within the Financial Services sector.”
“The diversification of the economy,” he went on, “also brings into play our manufacturing policy that we continue to work on and, of course, we continue to pursue plans for making an industry out of fishing and agriculture. Of course, with all this diversification, tourism will still remain the driver of our economy, but we will devise ways of linking these sectors with tourism, which is the main industry, so that economic benefits can reaped by our people.”
Minister Hodge continued: “I would also like to add that the AI domain is another big revenue earner for the Government of Anguilla. We are now at the stage where the tender is ready to go public. This will be a limited tender which means that bidding will not be open to the public. There will be five tenders, and Government will choose the most proficient tender for servicing the domain.”
– Staff Reporter, James R. Harrigan
