Hon. Lorna Smith, OBE, Minister for Financial Services, Labour, and Trade of the Virgin Islands, is leading a three-member delegation to the Cayman Islands as part of a fact-finding mission aimed at strengthening the Virgin Islands’ approach to business development and economic diversification.

The mission focuses on studying the Cayman Islands’ efforts to build a modern, business-enabling ecosystem, with particular attention to initiatives such as Cayman Enterprise City (CEC), Health City, Cayman Tech, and related institutions.

“The team is focused on identifying best practices and transferable lessons that can support the Virgin Islands’ own efforts to enhance its ease of doing business and foster economic diversification,” Smith said. “This experience will no doubt be of benefit to all participants including the delegation from the Virgin Islands, as we together seek similar goals — to find innovative ways to do business, and grow and strengthen our economy.”

During the visit, the delegation is scheduled to meet with several high-level Cayman officials, including Premier and Minister of Financial Services and Commerce, Honourable Andre Ebanks, and Deputy Premier and Minister of Tourism and Trade Development, Honourable Gary Rutty.

Other planned engagements include discussions with senior representatives from the Special Economic Zone Authority, the Chamber of Commerce, the Department of Commerce and Investment, and personnel from Customs, Immigration, and Labour.

Delegation members accompanying Minister Smith include Ms. Ayiesha De Coteau Sammy, Director of Investment Promotion; Dr. Lincoln Bobb, Deputy Director of Trade; and Dr. Dawn Alexander-Joseph, Policy Analyst II.

The Ministry of Financial Services, Economic Development and Digital Transformation said the mission is expected to help guide future policy planning and provide insights into building a competitive and resilient economy.

The Ministry is tasked with regulating financial institutions and services, promoting financial stability, and supporting economic growth across the Territory. It also oversees initiatives aimed at boosting investor confidence, consumer protection, and financial inclusion.

The Government of Jamaica has formally appointed Paul Dennis, KC, as its Honorary Consul to the British Virgin Islands (BVI), marking the first such appointment in the Territory. Mr. Dennis, a Jamaican national who has lived in the BVI for the past 32 years, is the Senior Partner at the local law firm O’Neal Webster.

Mr. Dennis paid a courtesy call on Premier Dr. Natalio Wheatley, during which he presented his credentials and discussed potential areas of cooperation between the two Caribbean neighbours. The appointment reflects the significant Jamaican diaspora in the Virgin Islands and is expected to deepen collaboration in trade, economic cooperation, agriculture, border security, education, and cultural exchange.

“As small island developing states, our strength lies in unity and our ability to stand together on matters of mutual interest and common concern,” Premier Wheatley said. “This new representation acknowledges the deep cultural and historical bonds between Jamaica and the Virgin Islands and creates a platform for stronger community ties, practical cooperation, and mutual advancement. We look forward to working closely with the Honorary Consul Mr. Dennis and the Government of Jamaica to deepen these connections and explore new avenues for partnership.”

In his new role, Mr. Dennis will provide consular support to Jamaican nationals in the BVI and promote Jamaica’s interests in the Territory. He will operate from offices at Commerce House, 181 Main Street, Road Town, Tortola, and work closely with local government officials to strengthen relations and identify opportunities for collaboration.

“It is a great privilege to serve as Jamaica’s Honorary Consul in the Virgin Islands,” Mr. Dennis said. “I am committed to serving the Jamaican community, promoting Jamaica’s interests, and strengthening the relationship between our two territories. This appointment comes at a time when Caribbean nations are seeking to strengthen regional ties and promote integration in response to global challenges, including climate change, food security, and economic resilience. I look forward to working with the Government of the Virgin Islands to advance shared priorities.”

The Government of the Virgin Islands has extended its best wishes to Mr. Dennis as he assumes this important role, welcoming the appointment as a step towards fostering closer regional cooperation and enhancing the spirit of Caribbean solidarity.

The Office of the United States Trade Representative (USTR) has exempted Caribbean shipping routes from newly proposed port fees on Chinese-built vessels. This decision follows concerted advocacy by the Caribbean Private Sector Organisation (CPSO) and regional stakeholders, who warned that the fees could have devastating economic consequences for the Caribbean.​

The USTR’s initial proposal aimed to impose fees of up to $1.5 million per port call on vessels constructed in China, as part of a broader strategy to counter China’s dominance in global shipbuilding and bolster the U.S. maritime industry. However, the policy faced immediate backlash from Caribbean nations, where a significant portion of shipping relies on Chinese-built vessels.​

Dr. Patrick Antoine, CEO and Technical Director of the CPSO, testified at a USTR public hearing, emphasizing that over 90% of CARICOM’s trade in goods depends on maritime transport. He warned that the proposed fees could lead to a 60% increase in shipping costs to and from the Caribbean, severely impacting economies where more than 50% of the ships are Chinese-built. ​

The potential repercussions were particularly alarming for smaller Caribbean states like Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines, which rely heavily on short-sea shipping routes serviced by Chinese-built vessels. Prime Minister Gaston Browne of Antigua and Barbuda expressed concern that shipping a container could increase by $3,000 to $4,000, leading to an 8–10% rise in consumer prices and pushing inflation rates to potentially 12–14%. ​

In response to these concerns, the USTR revised its policy to exempt ships operating between U.S. domestic routes, the Caribbean, U.S. territories, and Great Lakes ports from the new fees. This adjustment aims to prevent inflation, supply chain disruptions, and surging trade costs in the region. ​

The exemption has been met with relief across the Caribbean. Dr. Antoine expressed gratitude to the USTR for recognizing the unique challenges faced by Caribbean economies and for taking steps to safeguard regional trade stability.​

While the exemption provides immediate relief, regional leaders and industry stakeholders continue to monitor the situation closely. They advocate for long-term strategies to enhance the resilience of Caribbean supply chains and reduce dependency on external factors that could disrupt trade.​