21 May 2012

Pitcairn Islanders want advice from American business magnate

6:29 am on 21 May 2012

The American business magnate Warren Buffett has been invited to a Pitcairn island conference in California later this year in the hope that he might have some ideas for turning around the island's struggling economy.

The director of the Pitcairn Islands Study Center in California, Herbert Ford, says the British territory which is home to about 50 people, is not realising the income it used to with fewer ships visiting and sales from the island's postage stamps dwindling.

Mr Ford says Warren Buffett is known for his philanthropic ways but says they're not looking for a hand-out, just some guidance.

"If a man like Warren Buffet who has great business expertise were to lay out some ingredients that he knows makes a good business plan that would raise the economic level, then it would be a great help to the Pitcairn people."

Herbert Ford says they've just sent Mr Buffett an invitation and are waiting to hear back.