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1 1 2 VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY 3 TESTIMONY BY WAYNE BIGGS, JR. 4 COMMITTEE ON ECONOMIC DEVELOPMENT & AGRICULTURE 5 36th LEGISLATURE OF THE VIRGIN ISLANDS 6 SAINT CROIX, VIRGIN ISLANDS 7 8 Good day, Senator Hubert L. Frederick, Chairman, members of the Committee on 9 Economic Development & Agriculture, the Legislative staff, the Virgin Islands Economic 10 Development Authority (“VIEDA” or “the Authority”) team, and the viewing and listening audience. 11 I am Wayne Biggs, Jr., Chief Executive Officer of the Virgin Islands Economic Development 12 Authority. I would like to thank the Committee Chairman and members of the Committee for 13 inviting me to provide testimony regarding “Sustainable Economic Development, Improving Lives 14 Today While Protecting the Planet and Resources for Future Generations”. 15 Virgin Islands Economic Development Authority (VIEDA) 16 The VIEDA is the umbrella organization which assumes, integrates, and unifies the 17 functions of the following subsidiary entities: the Economic Development Bank (“EDB”), the 18 Economic Development Commission (“EDC”), the Enterprise Zone Commission (“EZC”), and the 19 Economic Development Park Corporation (“EDPC”). It is a semi-autonomous governmental 20 instrumentality responsible for the development, promotion and enhancement of the economy of 21 the United States Virgin Islands. 22 2 The VIEDA operates under one seven-member Governing Board (“Board”) in order to 23 achieve maximum efficiency of operation; to avoid duplication of services, positions, and 24 responsibilities; to reduce expenses of personnel, physical plant and operations; and to develop 25 comprehensive programs for the economic development of the U.S. Virgin Islands. 26 The basic objectives of the VIEDA are: to promote the growth, development, and 27 diversification of the economy of the United States Virgin Islands; to create opportunities for the 28 gainful employment of residents; to promote access to capital; to contribute to the development 29 of the educational system; and to preserve the environment, beauty, and natural resources of the 30 Territory. 31 The mission of the VIEDA is to be a customer service-based organization that creates 32 positive public/private sector partnerships for enhancement of economic growth and development 33 by meeting the challenges of the global economy and serving the needs of the business 34 community, while embracing our unique heritage and preserving our pristine natural environment. 35 Through its four main pillars: the Economic Development Bank, the Economic 36 Development Commission, the Enterprise Zone Commission, and the Economic Development 37 Park Corporation, the VIEDA has assisted our entrepreneurs with business startups and 38 expansions, facilitated investment opportunities throughout the Territory, and supported the 39 revitalization of neighborhoods – leading to economic growth, job creation and retention, and 40 wealth generation. 41 What is Sustainable Economic Development? 42 3 “Sustainable economic development is a model of growth that balances financial 43 progress with environmental protection and social equity, ensuring long-term prosperity without 44 depleting natural resources. It focuses on decoupling economic growth from environmental 45 degradation, promoting renewable resources, and enhancing quality of life for current and future 46 generations.” 47 Key Pillars of Sustainable Economic Development 48 There are three (3) key pillars of Sustainable Economic Development: 49 • Environmental Sustainability: Integrating initiatives to reduce waste and mitigate climate 50 change. 51 o Key Strategies: 52 ▪ Renewable Energy Transition – Moving away from fossil fuels to renewable 53 energy sources which reduces climate change. 54 ▪ Circular Economic Principals – Implementing recycling or reusing practices. 55 ▪ Resource Management – Efficiently using available resources such as land 56 and water. 57 ▪ 58 • Social Equity: Improving health, education, and quality of life for all people, which serves 59 as a core component of long-term development. 60 o Key Components: 61 ▪ Fair Access & Opportunities - Providing equal access to resources, 62 education, healthcare, and employment for all, including marginalized 63 communities. 64 4 ▪ Inclusive Decision-Making – Ensuring diverse, underrepresented voices, 65 including indigenous populations, are involved in planning and governance. 66 ▪ Just Transition – Ensuring that the shift to green energy and sustainable 67 practices minimizes negative impacts on workers in traditional industries and 68 maximizes positive opportunities. 69 ▪ Reduced Inequalities – Addressing disparities in income, gender, and race 70 to promote cohesive and stable societies. 71 72 • Economic Viability: Fostering innovation, high-quality jobs, and resilient supply chains 73 that remain profitable while being environmentally responsible. 74 o Key Drivers: 75 ▪ Cost Savings & Efficiency – Transitioning to sustainable practices, such as 76 energy efficiency and waste reduction which directly lowers operating costs 77 and improves profitability. 78 ▪ Long-Term Resilience – Investing in sustainable infrastructure which reduces 79 the long-term financial risks from climate disasters and economic volatility. 80 ▪ Competitive Advantage – Sustainable businesses often enjoy a better 81 reputation, attracting both conscious consumers and investors. 82 ▪ Job Creation & Innovation – The green economy drives innovation and 83 creates local, stable jobs. 84 85 VIEDA’s Economic Development Goal and Strategy 86 VIEDA’s overarching goal for the Territory has always been one of sustainable economic 87 development – maintaining growth without creating economic problems or complications. Its 88 economic strategy integrates both environmental protection and social equity in an effort to create 89 a stronger economy, better and more job opportunities, and long-term economic resilience. 90 5 Vision 2040, the Territory’s 20-Year Economic Strategic Plan, unveiled on March 30, 91 2021, incorporates the pillars of sustainable economic development and will help guide 92 sustainable economic growth in the U.S. Virgin Islands for the next two (2) decades. The plan 93 articulates a vision that puts quality of place and quality of life front and center. We want the 94 Territory to be a desirable place to live and for others to want to visit. To make that happen the 95 plan focuses on sustainable economic development that will best position us to be competitive in 96 the world marketplace. Vision 2040 is the current blueprint the VIEDA uses as the basis for its 97 economic strategy for continued sustainable economic development throughout the Territory. 98 In closing, sustainable development is essential for economic growth because it 99 balances long-term financial prosperity with environmental protection and social equity, ensuring 100 that current needs are met without compromising the ability of future generations to thrive by using 101 resources efficiently, protecting ecosystems that support industry, and reducing risks from 102 environmental damage. It fosters innovation, creates green jobs, and maintains the natural capital 103 required for future economic activity. 104 Thank you for the opportunity to provide this testimony on behalf of the VIEDA and I am 105 available to answer any questions you may have related to my testimony. 106 107 108 109 110 6 111