Business development has been identified as crucial to the future of the financial services industry in the British Virgin Islands.
Speaking on the latest edition of BVI Forward TV which airs tonight on JTV Channel 55, both Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE and Chairman of the BVI Finance Limited Board of Directors, Mr. Kenneth Morgan highlight the importance of business development.
Premier Smith explained that with the recent transition of BVI Finance from government department to private company, the industry is now in the driver’s seat for the industry, with direct responsibility for marketing and promotion.
The Premier said, “Government is basically a facilitator. We create the legislative framework for the business and it is up to the industry to move it forward. A close working relationship between the Government and the industry is essential if we are going to develop new products.”
He went on to state that the ideas for new products would most likely come from the industry members who are out in the field and would see the needs of clients; present these to Government which would in turn develop the legislation that would result in having a new product which the industry will then have to go out and sell.
“It’s an exciting period for financial services,” the Premier said, adding that this can only be good for the BVI as the Territory moves to expand the economy.
Echoing the sentiments of the Premier, the Chairman of BVI Finance Limited acknowledged that business development is a central pillar in the future development of the financial services industry.
“We need to work on the products the marketplace needs,” Mr. Morgan said, adding. “The business development aspect of it is central to what we are doing here. We are in a very competitive marketplace. We have to move away from the core incorporation business that’s been so successful over the years into a wider range of services.”
He identified these new services as trusts, accounting, legal services, insolvency and the arbitration centre which he described as a jewel in the crown.
The BVI Finance Limited Chairman said, “It is in everybody’s interest that we market the Territory effectively and that we focus on the areas of business development that we need to, in order to make sure the BVI is successful and continues to provide the great opportunities for jobs, for businesses, for BVIslanders to work in the industry. All of that requires the industry to be buoyant and successful.”
Both the Premier and Mr. Morgan are confident that the new level of private sector involvement will help the BVI increase its competitiveness as a financial services jurisdiction. They share the consensus that Government has demonstrated immense faith in the private sector and the private sector in turn welcomes the opportunity to play a more direct role in marketing and promoting the industry.
Tune in to JTV Channel 55 tonight at 7:00 p.m. to learn more about the transition of BVI Finance to a private company when this and other subjects are discussed on the latest episode of BVI Forward TV.