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Charlotte Amalie
Sunday, June 26, 2022
HomeNewsArchivesLIBURD TO TURNBULL: FILL VACANCIES ON IDC

LIBURD TO TURNBULL: FILL VACANCIES ON IDC

Sen. Almando "Rocky" Liburd is urging Gov. Charles Turnbull to fill the existing vacancies on the Industrial Development Commission, saying there are only two members on what should be a seven-member commission.
Liburd said Monday that the role of the IDC is critical to improving the health of the local economy, which requires new investment for recovery.
"We need to be able to rebuild ourselves in terms of the eyes of the world," he said. "Investors in general do not have a good view of the Virgin Islands. It's difficult to understand how we can attempt to diversify the economy but have an IDC board that is non-functional."
He compared the situation to a person owning a vehicle with four flat tires, "unable to move forward."
In urging the appointment of a full commission, Liburd said there is no reason the IDC should not be functioning, even as the legislature prepares to consider reforms to the tax-incentive program that it administers.
The IDC program consists of business tax breaks and other benefits available to qualifying new companies investing in the territory and to existing companies able to qualify by increasing their local investment.

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