TORTOLA, British Virgin Islands – The government of this British overseas territory, is working to establish a trade partnership with the Dominican Republic in a bid to lower the cost of goods for residents.
This was announced by Premier Dr Natalio Wheatley as he prepares to lex a trade mission to the Spanish speaking country.
“I’m going to be taking a mission to the Dominican Republic to see how we can secure a trade relationship that can help us to lower the price of goods in the Virgin Islands,” Wheatley said .
“They are one of the largest recipients of direct foreign direct investment in the western hemisphere. They have a lot of agriculture and they produce a lot of products,” he continued. “We want to secure some relationships with the Dominican Republic, see if we could source some goods at an affordable price, and then we want to ensure we implement… a minimum basket of goods,” he added.
According to the Premier, the government views this as a multi-pronged strategy which would be able to regulate the prices of some essential items so that persons in the community who are earning minimum wage would be better able to afford the cost of living.
The Premier previously confirmed that discussions are planned with Dominican Republic President Luis Abinader to explore opportunities to bring economic relief to the BVI.
“We have already reached out, and we are going to be meeting with the President of the Dominican Republic to explore how we can establish trade relationships,” he stated. “This will allow us to import goods and lower the cost of living for our people.”
Wheatley stressed that the government is looking for real solutions to ease financial pressures on residents.
The initiative follows previous government efforts to expand trade partnerships. In 2023, the BVI explored importing agricultural products from Guyana, but high shipping costs posed a challenge.
“The high cost of shipping goods between the two countries is something the BVI government needs to examine closely,” said Junior Minister for Agriculture Dr Karl Dawson who added that focus on the Dominican Republic could help mitigate such logistical hurdles due to its closer proximity to the BVI.
Wheatley reiterated that the trade mission aligns with the government’s broader economic strategy. “We are looking at innovative ways to reduce the cost of living and create opportunities for the people of the Virgin Islands. This initiative is part of that vision.”
The Premier said further updates would be provided as discussions progress. “We are committed to making this a reality, and we will keep the public informed every step of the way.”
