CHARLOTTE AMALIE, St Thomas, (USVI) – This summer, Virgin Islands Economic Development Authority (VIEDA) representatives continued to build on its ongoing efforts to attract new investment to the US Virgin Islands as they participated in two conferences in the United States.
The VIEDA met with several economic developers in the hotel industry at the 28th Annual International African American Hotel Ownership & Investment Summit & Trade Show and the 11th Annual International Multicultural and Heritage Tourism Summit hosted by the National Association of Black Hotel Owners, Operators & Developers (NABHOOD) in Miami, FL from July 24-28, 2024.
Prior to NABHOOD, the VIEDA joined government officials and economic developers from the public and private sectors for the 10th Annual SelectUSA Investment Summit in National Harbor, Maryland from June 22-25, 2024.
During these conferences, VIEDA representatives promoted the USVI as a key destination for business development and investment to international and domestic investors, touting the USVI’s tax incentive program which provides 90-100 percent in tax exemptions ranging from corporate income tax to gross receipt tax. In exchange, eligible businesses participating in this program must create employment opportunities and generate tax revenues in the USVI.
“As our Territory continues to rebound from the recent impact of the 2017 hurricanes and the COVID-19 pandemic, our economic development team remains laser-focused on promoting business investment opportunities that exist in the USVI,” said VIEDA CEO Wayne L. Biggs Jr.
“Once again, this summer presented more opportunities for us to join with other economic development professionals as we work together to analyze the best strategies for attracting business investment to the US and its territories. And with the VIEDA’s rebranding and marketing strategies, lead generation goals, and our federal and local partnerships, I believe we have an extraordinary foundation that can help us succeed in pursuing companies with the best investment ideas for our Territory’s economic growth,” added VIEDA CEO Biggs Jr.
At NABHOOD, VIEDA CEO Biggs Jr. served as a panelist in the Plenary session titled, “Caribbean Investment & Development Forum – Rebounding: What are the new opportunities for investments and development in the Caribbean and what are the factors that need to be considered to ensure success?”
Biggs Jr. spoke about the USVI’s tax incentive program, the Hotel Development Act Program, the USVI’s upward trajectory of the tourism industry, and the USVI tax system which mirrors the United States tax system.
Biggs Jr. also described examples of the USVI rebounding in the hotel industry by highlighting the reopening of various legacy hotels since the 2017 hurricanes and their participation in the Hotel Development Act Program. Joining Biggs at NABHOOD from the VIEDA was Kyle C. Thomas, program manager, Marketing & 2040 Vision.
Established in 1998 and incorporated in 2001, NABHOOD advocates for minority ownership and development in the hotel and hospitality industry on behalf of Black hoteliers, both locally and internationally. According to NABHOOD, it maintains the world’s largest directory of African American-owned hotels and the oldest and largest resource center for African American students pursuing careers in the hospitality industry.
In June 2024, the VIEDA team partnered with the University of the Virgin Islands Research and Technology Park (RT Park) to attract prospective investors to the Territory at its tradeshow exhibition booth at the 10th SelectUSA Investment Summit. The VIEDA was also Gold Sponsor of this summit.
Alongside VIEDA CEO Biggs Jr. at SelectUSA were Margarita Benjamin, managing director, Economic Development; Nadine Marchena Kean, managing director, Enterprise Zone Commission; Celina D. Morris, director, Marketing; Cusa Holloway Christian, business incubator program manager; Kyle C. Thomas, program manager, Marketing & 2040 Vision; and Wayne Scott, Jr., enterprise zone specialist (District of St Croix), as they shared information about the USVI’s tax incentive program, the South Shore Trade Zone Program on St. Croix, other business opportunities, and the USVI’s infrastructural assets to attract new investors to the USVI.
The SelectUSA Investment Summit is the highest profile event in the United States to facilitate business investment by connecting thousands of investors, companies, economic development organizations (EDOs), and industry experts to make deals happen.
Hosted by the US Department of Commerce, the SelectUSA Investment Summit is a one-stop shop for companies considering expanding to the United States and provides economic development organizations with the opportunity to meet directly with international companies to facilitate investment deals. The 2024 SelectUSA Summit marked the largest Investment Summit in SelectUSA history with over 5,000 attendees spanning 96 international markets and, for the first time, all 56 US states and territories represented.
