Sens. Lorraine Berry and David Jones are planning a summit in the early spring to deal with the territory's economic woes.
The summit will focus on two things: developing ways to stimulate the economy and tax reform measures that will aid in economic growth, according to the V.I. Independent.
A similar summit was held in 1997, but had little apparent impact on the territory's declining economy.
Berry, the outgoing Senate president, will chair the Finance Committee in the new Legislature.
Berry said that with a new administration and congressional delegate willing to work with the Legislature, she was confident a summit would make a measurable difference.
Jones, who will chair the Committee on Economic Development in the incoming Legislature, said one goal of the summit will be to find ways to diversify the economy so that the territory is not so dependent on the seasonal and sometimes "volatile" tourism industry.
Jones said they will invite anyone who has a stake in the economic development of the territory.