Nov. 18, 2008 — A restructuring of the Economic Development Authority is one of three goals suggested in a preliminary strategic plan to help the Virgin Islands attract businesses and compete in the global economy.
The preliminary plan was presented Tuesday in a session at the Henry E. Rohlsen International Airport on St. Croix. Sessions will also take place at 6:30 p.m. Wednesday at Victor's Hideout Conference Room on St. Thomas and the same time Thursday at the St. John Legislature Conference Room. The hearings are sponsored by the V.I. Economic Development Authority and conducted by the Council for Information and Planning Alternatives (CIPA) of St. Thomas.
Tuesday's hearing was a followup to sessions in late September on the three islands, as members of CIPA sought public input on the strengths and weaknesses of the island's economy, infrastructure and business climate. Those results, along with a survey of V.I. business owners and interviews with more than 30 government and business officials, were included in the draft plan being prepared by CIPA. The final draft should be ready in 30 days.
The goal of the planners is to come up with more than just another economic-development plan. CIPA wants to come up with a plan that gives EDA specific, actionable steps it can take, and a way to measure the results, according to Jeffrey Euwema, managing partner of CIPA. The council is also putting together a target list of industries whose needs make a good match with the strengths, weaknesses and opportunities in the territories.
Those targeted industries were not discussed Tuesday night.
The three goals in the preliminary plan, and some of the actions needed to implement them, are:
— Reform the administration of the Economic Development Commission program. The commission is one element of the EDA, the one the public is most familiar with because it is the one directly involved in seeking businesses.
The plan calls for re-engineering the EDC's application and decision-making processes so that it's not only more efficient, but transparent. The plan also suggests supporting and facilitating applicants in the EDC program and developing a business-retention program.
— Enhance and strengthen the EDA. Establishing training programs for the board and staff, including customer-service training, will help them be more responsive to the needs of businesses.
The report also urges establishing a "rainy day" fund specifically for economic development, so that opportunities don't have to wait in line at the Legislature, elbowing other projects out of the way.
The plan also calls for increasing financing opportunities for local businesses. Many of the EDA's programs are available to local businesses. That's why the third goal is:
— Raise public awareness, understanding and appreciation of the Economic Development Authority.
A small audience was on hand Tuesday to hear the discussion of the preliminary plan, and many members voiced a similar concern — that the EDA is only interested in bringing in new, big businesses from outside but has no interest in helping local businesses. CIPA staff members agreed that that was the common perception, and admitted that some programs were not well-designed. But they also maintained that the EDC program is just one part of the bigger picture, and that while streamlining and improving its programs, the EDA also needs to make them better known to the general public.
Among other programs available from the EDA are te Government Development Bank, the Small Business Development Agency, the industrial park and entrepreneurship zones, according to Euwema.
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