ACOCI Annual Meeting with the Ministers of Government
The Anguilla Chamber of Commerce and Industry (ACOCI) held its annual meeting with the Ministers of Government on January 12th, 2018, at the conference room of the La Vue Boutique Inn. ACOCI members were provided with the opportunity to pose questions, or provide statements in relation to business issues and concerns, to the Ministers of Government. The panel of Ministers consisted of the Hon. Chief Minister, Victor Banks, Hon. Curtis Richardson, Hon. Cora Richardson-Hodge, Hon. Evan McNeil Rogers and the Parliamentary Secretary with responsibility for Tourism, Mr. Cardigan Connor.
The meeting was chaired by Mr. Carlton Pickering who also delivered the welcome remarks. Brief remarks were also delivered by Mr. Desron Bynoe, Acting President (ACOCI), and the Honourable Chief Minister, Mr. Victor Banks. Mr. Bynoe expressed the importance of such forums in bridging the public-private sector divide by fostering open dialogue. Mr. Banks commented on the passing of Hurricane Irma and the challenges that the Government of Anguilla faces as it work towards building a better and stronger Anguilla. He highlighted that the tourism sector has been severely impacted and that the construction sector will be a critical sector for Anguilla as we rebuild. Following his remarks, a moment of silence was observed for the passing of Mr. Calan Vanterpool, a young and vibrant employee of the Customs Department.
Several topics were discussed including the Financial Services Sector, the Banking Sector, Human Resource Development, the Wallblake Airport and Blowing Point Ferry Terminal Development projects – and moving forward post Hurricane Irma.
A topic of significant importance to the membership was the development of the Financial Services Sector in Anguilla. Mr. Banks indicated that initially there were high hopes for growth in this sector, however increasing pressure from the developed world to meet regulations and standards continues to suppress the Financial Services Sector in Anguilla. Nonetheless, the GOA is actively involved in pursuing future opportunities in this sector as well as seeking new niches for Anguilla. One such niche is Crypto Currencies. It was indicated that legislation is currently being drafted to pursue opportunities in this area. Moving forward, members highlighted the need for there to be a collaborative approach to developing the Financial Services Sector in Anguilla with consultation from experts both locally and internationally.
Training was also highlighted as a priority area. Members stressed the need for scholarship opportunities in the Financial Services Sector. Customer service continues to be a key issue and it was expressed that ongoing training and development (including follow-ups) is needed in this area across the board. It was further highlighted that a work culture of excellence and productivity needs to be promoted within Anguilla as it is critical to economic development.
In response to an update on the Banking Sector, Mr. Banks indicated that the indigenous banking sector is still in place and is still the number one banking institution in the country. He expressed gratitude to the customers for their loyalty and support. He further indicated that the bank continues to do well, however there are ongoing challenges and issues still to be resolved. The GOA continues to monitor the progress of the bank and has committed millions of dollars to ensure that the bank continue to improve.
In relation to a post Hurricane Irma update, the GOA indicated that restoration plans are in place for the education sector and it continues to work diligently to get the hotel industry back on stream. Policies are being put in place to support unemployed persons and Government is working on plans to assist businesses and individuals with the rebuilding process through the provision of small grants. The UK Government has committed millions of dollars to the upgrade and expansion of the ports. It was indicated that a plan for the development of the new ferry terminal at Blowing Point will be circulated shortly to all organisations in Anguilla. Duty free concessions were also extended beginning 1st January 2018 until 31st March 2018. It was also announced that the new Labour Code will be in effect from February 2018.
Thanks and appreciation are extended to the Ministers of Government for their time and responding to the concerns of the members. Looking forward, the Chamber of Commerce will continue to offer support and valuable opportunities to its members. The Chamber of Commerce extends an invitation to all businesses and entrepreneurs to become members of ACOCI in 2018. Visit the website anguillachamber.com or call the office at 497-2839 for more information.
Written by Sherise Brooks
