Business Report - VIEDA Looks to New Investments

    Business Report

VIEDA Looks to New Investments

     This summer, representatives of the Virgin Islands Economic Development Authority (VIEDA) are continuing to build on their ongoing efforts to attract new investments into the U.S. Virgin Islands, as VIEDA 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, Florida. 

     Prior to NABHOOD, the VIEDA joined government officials and economic developers from the public and private sectors for the 10th Annual Select USA Investment Summit in National Harbor, Maryland. 

     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.

     “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 U.S. and its Territories,” stated VIEDA CEO Wayne L. Biggs Jr. “The VIEDA’s rebranding and marketing strategies, lead generation goals, along with 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 Mr. Biggs.

     Established in 1998, NABHOOD advocates for minority ownership and development in the hotel and hospitality industry on behalf of Black hoteliers, both locally and internationally. NABHOOD 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. 

     Hosted by the U.S. Department of Commerce, the Select USA 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 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 that have the know-how to make deals happen.

     The 2024 Select USA Summit drew over 5,000 attendees spanning 96 international markets and for the first time, all 56 States and Territories were represented.    

       RTPark Builds on Success

     As the school year begins, RTPark remains dedicated to nurturing the next generation of Virgin Islander STEM leaders. Building on the success of their VI STEM Kids summer program, RTPark continues to foster a love for Science, Technology, Engineering, and Mathematics in the community. RTPark’s commitment to education and innovation drives them  to provide young minds with the resources and inspiration they need to excel and explore new horizons.  

     The people at RTPark are thrilled to be able to support initiatives like the NOBEL Women’s Girls, Gigabytes, and Gadgets (3G) workshop series, which empowers young women and girls to delve into STEM fields. RTPark is planning on expanding their educational projects and creating opportunities that spark curiosity and creativity in the youth of the Virgin Islands, all the while investing in a vibrant and innovative future for the USVI.   

     For more information on RTPark programs email: info@uvirtpark.net or phone: 340-474-0922