Strategies for Global Success – BVI: The International Partner of Choice. That’s theme of the 2016 BVI Asian Trade Mission which got underway today and will continue until October 28.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE is heading the BVI delegation which also includes Interim Executive Director of BVI Finance, Mrs. Lorna Smith, OBE, Permanent Secretary in the Premier’s Office, Mr. Brodrick Penn, Financial Secretary Mr. Neil Smith, along with other senior government officials and industry stakeholders.
The significance of the BVI Asian Trade Mission comes against the backdrop of the paradigm shift taking place in the global economy with the centre of business and economic activity moving from West to East. The result is that countries in the Asia-Pacific (APAC) region, like China, which according to the International Monetary Fund (IMF) is the world’s largest economy by purchasing power parity, have gained an increasing amount of economic sovereignty and require more sophisticated financial services products.
Commenting on the trade mission’s importance to the Asia-Pacific region and the BVI’s financial services industry, Interim Executive Director of BVI Finance, Mrs. Lorna Smith, OBE said, “BVI products have been effectively used by Chinese business leaders, state owned enterprises and individuals over the last 25 years so much so that the BVI is among the top five jurisdictions for inward foreign direct investment into China.”
Mrs. Smith added, “The BVI is well placed to fulfill the APAC region’s diverse range of needs including everything from capital markets and investments to wealth planning.”
The BVI Asian Trade Mission will include stops in Hong Kong and four Chinese cities – Beijing, Hangzhou, Tianjin and Shanghai. A series of roadshows, meetings and receptions with executive level decision makers are among the planned activities.
Additionally, members of the delegation will conduct several interviews with various Chinese and international publications. While in Hong Kong select members of the delegation will interview with CNBC; in Beijing they will be interviewed by Beijing Business Today; in Tianjin, the interview will be conducted by Economic Information Daily; in Hangzhou they will interview with Hangzhou Daily and in Shanghai members of the delegation will interview with Yicai (China Business Network) and 21st Century Business News.
The BVI’s engagement in the Asia Pacific Region will also include a Memorandum of Understanding (MoU) being signed between the British Virgin Islands and the Tianjin Government. The MoU will strengthen the BVI’s relationship with key stakeholders in the region and better position the BVI to assist with the government’s “Go Global” strategy.