Montserrat’s status as a British overseas territory is limiting the type of investment opportunities it can adopt, according to Premier Joseph E Farrell.
“Our status is preventing development,” he told listeners during an interview on ZJB Radio on 28 March.
The premier said he appreciates the United Kingdom’s support, but its government should be more proactive in encouraging investors to come to Montserrat.
He stressed that Montserrat’s government cannot make some decisions unless the UK approves them.
As an example, Farrell said, there may be a public private partnership opportunity that requires a few million dollars to be borrowed.
“We can’t do it unless we consult with the British and they say yes. If they don’t think we should do it then they say no, and that’s all we can do.”
He said Montserrat has borrowing powers with various organisations, such as the Caribbean Development Bank, but those cannot be exercised without UK support.
“We are left behind because we don’t have the flexibility to attract investors, because we don’t make those decisions,” the premier continued.
He said the UK needs to help Montserrat to enter into arrangements with countries such as China, which could help the island to build a new airport.
Farrell also mentioned Taiwan and Saudi Arabia and said the UK could encourage investment in Montserrat due to its international relationships.
“These international partners are there, but Montserrat is left out in the cold – and we’re not getting the kind of investment funding from the UK that we should be getting.”
He added: “You’re not getting from the UK, you’re not getting from the other countries, so you’re left behind.”
The premier said Montserrat needs to “step out beyond the fear” that the UK will prevent the island from undertaking certain opportunities, adding: “Let’s challenge them.”
The UK has 14 self-governing overseas territories, of which five are in the Caribbean region. Each has a UK-appointed governor who serves as a de-facto head of state.
