Charlotte Amalie, St. Thomas, U.S. Virgin Islands – December 20, 2024 — The U.S. Virgin Islands (USVI) and programs administered by the Virgin Islands Economic Development Authority (VIEDA) have been prominently featured in the latest issue of Area Development Magazine, a leading publication focused on corporate site selection and relocation. The article, “Behind the U.S. Virgin Islands’ Plans to Become a Strategic Hub”, highlights the Territory’s unique advantages as a destination for business investment and economic growth.
The piece delves into the USVI’s competitive tax incentive programs, its prime geographic location that provides access to global markets, and its logistics infrastructure. A special focus is placed on the South Shore Trade Zone (SSTZ) on St. Croix, the USVI’s latest economic development initiative managed by VIEDA’s Enterprise Zone Commission. The article underscores the significant opportunities the SSTZ presents for attracting new industries, fostering public-private partnerships, and strengthening the region’s economic landscape. It also touched on the findings of a recent shipyard feasibility study, which revealed the significant economic potential of establishing a facility in St. Croix’s SSTZ. This development could boost trade, create jobs, enhance workforce development, and position St. Croix as a key hub for connectivity across the Americas and the Caribbean.
“This feature provides a valuable platform to share the story of the USVI as a dynamic and forward-thinking destination for business investment,” said Wayne L. Biggs, Jr., CEO of VIEDA. “Our initiatives, including the South Shore Trade Zone and the findings of the shipyard feasibility study, reflect the Territory’s commitment to fostering growth, innovation, and collaboration in the global economy.”
The article includes insights from CEO Biggs, Nadine Marchena Kean, managing director of the Enterprise Zone Commission, and Jennifer Nugent-Hill, Director of Government and Community Affairs at Tropical Shipping and a former Assistant CEO of VIEDA.
Click here to access the full article, which further highlights the Territory’s efforts to enhance its economic potential.
For more information about VIEDA’s programs and initiatives, please visit www.usvieda.org, or send an email to info@usvieda.org.
