RTPark Begins Building Foundation for Partnerships in East Asia Following Trade Mission Trip to the Region

Published Thursday, April 25, 2019

RTPark Begins Building Foundation for Partnerships in East Asia Following Trade Mission Trip to the Region

ST. CROIX - The University of the Virgin Islands Research and Technology Park (RTPark) presented to its board of directors last Thursday the positive results of an international trade mission trip to East Asia which took place last month.

The RTPark’s business attraction team traveled to Taiwan and mainland China’s Guangdong Province for the trip, which took place from March 19th to April 2nd, to have introductory meetings with various early-stage technology companies, science parks, and government agencies.  Their itinerary also included attending the 2019 Smart City Summit and Expo in Taipei, Taiwan with members of the Territory’s private sector, led by the St. Croix Economic Development Initiative.  Between scheduled meetings and ad-hoc introductions, the RTPark team interfaced with over two dozen companies and organizations over the course of the two-week trip.

 “TRTPark offers a strategic location for entering the US and Latin American markets.he intention of this trade mission was to lay the foundation for long-term economic partnerships in one of the world's fastest growing and most robust tech hubs,” RTPark Executive Director Peter Chapman said.  “In turn, this will maximize the RTPark's ability to attract early-stage and mature companies to the Territory, especially those engaged in financial technology (fintech), artificial intelligence and medical technologies, three sectors in which the USVI could become a more significant player.”

During their meetings overseas, which were received well by attendees, the RTPark team highlighted the many competitive advantages that the USVI has to offer technology firms around the world which include having a strategic gateway location that affords easy access to markets in the US and Latin America, Tier 1 bandwidth, and a favorable tax structure, among other potential benefits. 

RTPark Board Charmain Edward Thomas said board members were pleased with the team’s efforts to expose the Territory to an international market.

 "The members of the Board accepted the report from the Executive Director and congratulated the trade mission team on their significant penetration into this new market.  The Park is a perfect vehicle for these potential new investors to further contribute to the continued successful diversification of our economy,” Thomas said.

Next steps for the RTPark include follow-up communications with the companies and organizations they met with to continue discussing potential business attraction and trade partnerships.

 “The bottom line here is that if the RTPark is going to continue to be a factor in facilitating access to jobs of the future for Virgin Islanders, we must compete for those opportunities on a global level,” Chapman said.  “And if this first trade mission provides any indication of our prospects for success in attracting foreign-owned enterprises, then I’m very encouraged by the conversations we had with an important and diverse group of private and public sector stakeholders in Asia." 

Additionally, the board approved two new companies to enter the RTPark program during last week’s meeting.  The new clients include ALMS Group, LLC, a diversified medical and health-focused technology firm, and Cifer, LLC, a tech firm which plans to address the emerging market for in-game tokens through brand management and consumer protection services. 

For more information about the RTPark, please visit their newly launched website at www.uvirtpark.net.

Client Testimonials

There are many unique treasures to living here. I’ve discovered a passion for mountain biking. My children have learned to sail. With a small community, you get to know people quickly. We found they went out of their way to make us feel welcome. When considering the move, a top concern was the children’s education. We found a quality school our kids love, with a dedicated faculty. In fairness there is an adjustment period. You learn to navigate island life, master shipping logistics, get to know a new culture, and take in some of the most beautiful ocean views in the world.

David Thompson, Exigo

We have been part of the RT-Park program for almost three years now.  The application process was straight forward and we had plenty of dialogue and feedback prior to our approval.  My only regret is we didn’t do this sooner.  It is satisfying  knowing that we are partners with UVI and enabling the education of the next generation .  We also love living in the USVI.  People are warm and welcoming and the pace of life is amazing healthy.  Most days it feels like a working vacation.

Andy Hemmert, President , HRMT, LLC

Our firm, The RainTree Group, came into the UVI RT Park program in 2018.  We didn't have much experience in the USVI and followed the advice of the wonderful RT Park staff and other RT Park tenants.  The application process was transparent and straightforward.   The simple concept of the Park is mutual benefit - your company gets some tax incentives that allows you to grow your business more quickly and the USVI and UVI gets additional tax base, employment opportunities, and scholarships for deserving students.  The business environment and life in the USVI is slower paces and less stressful as the mainland, and without question the biggest business hurdle is communications, so find an office location where you have investigated the broadband options. Come and join us, you won't regret it!

James Salter, VosCom dba The RainTree Group

In January 2012 my business was underway as a Tech Park entity. It has been a wonderful seven years. The Tech Park has always been supportive, easy to do business with, and is making a positive impact on the islands. The Tech Park organization is professional and efficient. They have created a friendly business environment that has been a pleasure to work within and a great experience overall. I would encourage any eligible entity to consider joining us in the Tech Park.

Louise Stapleton, LNL Publishing