Sept. 26, 2002 – Under the newly revised Economic Development Authority, Gov. Charles W. Turnbull has approved 11 new applications for economic development benefits. The governor also granted an extension of benefits to one other company.
"This is a continuous effort on the part of this administration to promote the territory as business-friendly," Turnbull said, noting that of the 12 companies, nine are located on St. Croix.
Turnbull said these companies bring a variety of businesses to the islands, including inter-island ferry services, construction and operation of a five-star hotel/convention center, acquisitions of mortgage and home equity loans for sale in the secondary market, operation of various lottery schemes, and consulting services to clients outside the U.S. Virgin Islands.
"With these additional companies, I have approved over 60 new companies within the last two years, with the majority being located on St. Croix," Turnbull said.
The 12 companies represent a total investment of more than $114 million in the territory and will employ an estimated 450 people, with an annual salary total of approximately $12.3 million.
A list of the approved businesses was not released from Government House, with the reason given that the businesses themselves had not yet been notified.
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