Premier and Minister of Financial Services and Labour, Dr. the Hon. Natalio Wheatley, has pledged to address reports of mass layoffs and the relocation of financial services operations to cheaper jurisdictions.
Speaking on the local radio programme Talking Points, Premier Wheatley expressed his commitment to engaging with industry stakeholders to tackle the issue.
During the programme, co-hosts Violet Thomas-Gaul and Elvin Grant raised concerns about the trend and questioned what measures the government would take to prevent further instances.
Premier Wheatley acknowledged the seriousness of the issue, noting that such developments are contrary to the territory’s interests. He emphasized that while the financial services sector significantly contributes to government revenue, it is equally important to ensure employment opportunities, especially in senior positions, are accessible to locals.
Premier Wheatley outlined plans to hold discussions with financial services companies to clearly communicate the government’s expectations and explore measures to address the challenges.
The financial services sector is a cornerstone of the Virgin Islands economy, and Premier Wheatley’s comments signal a proactive approach to safeguarding local interests while maintaining the industry’s global competitiveness.