The Trade and Consumer Affairs Department has been renamed the Department of Trade, Investment Promotion and Consumer Affairs.

The renaming is part of the Government of the Virgin Islands’ commitment to provide a secure future for residents through local investment.

Following the approval of the name change by Cabinet, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE stated that Government recognises that the economic success of the Territory is partially dependent on a successful and productive trade and investment sector, which is perceived and understood by key stakeholders in the Virgin Islands. 

Premier Smith said based on the refocus of activities within the department, it was prudent business sense to include the Territory’s investment strategy within the name, hence the rebranding of the organisation.

The Premier added, “This allows us to better position our Territory for increased growth and greater focus on international, regional and local investments.”

The Honourable Premier said Government remains committed to creating an atmosphere where local businesses can develop and prosper, noting the necessity of Virgin Islanders investing in the various business sectors which work with the Trade, Investment Promotion and Consumer Affairs Department.

The expanded role of the rebranded department is expected to help to strategically align the Virgin Islands to benefit from a globalised trading system through various local, regional and international relationships.

The Department through the National Business Bureau is also expected to further impact the domestic market by ‘fueling the entrepreneurial spirit’ of the Virgin Islands, recognising the importance of the local entrepreneur and affording assistance to their visions. Continued efforts have been made through programmes such as the Loan Guarantee Programme and the Business of the Month initiative, all designed to strengthen local businesses

In the area of investment promotion, the department will help to stimulate the overall economy by defining prudent strategic investment initiatives and platforms, which seek to drive and attract investment into the Territory.  It will also financially empower local investors and entrepreneurs, and consequently increase the provision of jobs and other opportunities for Virgin Islanders.

The department will advocate for the development and maintenance of quality standards as it pertains to the offering of products and/or services under the portfolio of Consumer Affairs. Further enforcement of these standards is the most pivotal element of the consumer’s rights.

The Department of Trade, Investment Promotion and Consumer Affairs is responsible for facilitating the development and growth of the BVI business environment, by helping businesses to realise their full potential. This is done through the establishment and management of programmes and networks that provide information, education, training, finance and other assistance in order to foster sustained economic development in the BVI