EEZ agency director backs extension to east and west
Director Erica Smith, of the Economic Empowerment Zone (EEZ) Agency, said a new zone in the east end could help diversify the economy in St. George's to be sustainable all year round.
Meanwhile another set up in the west end will try to capitalise on health and fitness opportunities, with the help of community centre Sandys 360.
Ms Smith said each zone had its own unique set of local economic, social, and physical issues. As a result, not all policies and approaches developed for the EEZ's first location in Northeast Hamilton could be used elsewhere.
In the Throne Speech last Friday, Premier Paula Cox said Government has been encouraged by the positive impact of the economic empowerment zone in Northeast Hamilton.
Not only had the organisation gotten preferential rate loans for business and property owners, they also provided business counselling advice to close to 300 clients.
In addition it helped nearly 25 new business owners get developed, relocated, or create a branch in the zone over the past three years and gave advice, information and support to approximately 15 new client contacts each month.
As a result, Government wanted to "further develop economic momentum" by establishing transition zones along the perimeters of the existing EEZ boundaries and create zones in St. George's and Somerset, said Mrs. Cox.
These new zones would help relieve economic hardship experienced at both ends of the Island due to the recession, explained Ms Smith.
But there would be challenges due to their location being far away from the central hub of the Island.
Not only do they not get deliveries of supplies as fast, they can also fail to attract customers if their business is difficult to reach by public transportation, she added.
"The East End of the Island is steeped in a rich history and has a local economy highly dependent upon the tourism and visitor industry.
"So any future policies we help them to develop will be done with this as the background and the goal would be how to diversify their economy to be sustainable all year round.
"For the West End, some of the smaller local economic hubs have become deteriorated as they have become used as thoroughfares to get to other destinations as opposed to being destinations in and of themselves. So one of the opportunities for them will be to capitalise on the dialogue that has already developed around health and fitness in that end of the Island with the Sandys 360 complex coming on board."
Ms Smith said the EEZ agency was committed to being in each zone for ten years and added "self-empowerment and economic regeneration takes time".
"The progress will be specific for the East End and West End based on the goals, objectives, and visions set by the stakeholders in those areas.
"Although it would be premature to speak of specifics now as the designations are yet to be made, general goals would be to form concrete partnerships in these new areas — both business and community; to assist the stakeholders in addressing the socioeconomic challenges in the areas; and to leave these communities economically stronger than when we entered."
