Premier to Strengthen Economic Relations with Asia Pacific Region

In ongoing efforts to strengthen the Territory’s economic and financial services relations with the Asia Pacific region, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE is preparing to engage with business leaders, Government officials, financial services practitioners and clients during an upcoming visit to Hong Kong and Greater China next week.

The visit will coincide with the first anniversary of the opening of BVI House Asia in Hong Kong and the 30th anniversary of the International Business Companies (IBC) Act – the innovative piece of legislation which has positioned the Virgin Islands as a leading global financial services jurisdiction.

The BVI has been working with Asian businesses and professionals for 30 years and has become the jurisdiction of choice for corporates, joint ventures and all forms of wealth management by Asian clients. Drawing on its unparalleled experience of the Asian market, its extensive business contacts and mature infrastructure, the British Virgin Islands remains committed to building and deepening relationships with clients, business partners and vested third parties in Hong Kong, China and across Asia.

In his press briefing moments ago, Premier Smith said, “The Asia Pacific region continues to be a fundamental market for the British Virgin Islands. Around half of our financial services business emanates from the region, and given its increasingly influential role in the global economy, Asia represents a significant economic opportunity for the BVI both in terms of financial services as well as tourism. A primary focus for the jurisdiction is to continue to be a trusted business partner for our Asia stakeholders and to support their on-going economic success.”

During his visit, Premier Smith will address the Hong Kong General Chamber of Commerce, the oldest and largest business organisation in Hong Kong, with its members representing a wide spectrum of local, Mainland Chinese and international businesses. He will speak on the topic Will Offshore and Mid-shore Jurisdictions Remain Viable in the Emerging Global Landscape? His address will reinforce the critical importance of the BVI and its structures to the Asian economy, and examine the resilience of financial centres such as the BVI in light of the changing global landscape.

Towards the end of the week, the Premier will also headline the Business BVI Asia Annual Conference, with more than 20 featured speakers. These will include Director of BVI House Asia, Ms. Elise Donovan; Managing Director and CEO of the Financial Services Commission (FSC), Dr. Robert Mathavious; Mr. Edward Bannister, Judge of the BVI Commercial Court; and guest speakers from BVI firms in Hong Kong and Greater China.

The BVI Asia Conference will engage stakeholders and clientele on a range of issues relative to the Territory and is themed Pivoting Towards Asia: The Pathway to New Opportunities.

The BVI’s engagement in Hong Kong and China that week will include a visit to the City of Shenzhen in the province of Guangdong to further develop the relationship formalized on January 10th of this year, with two Memoranda of Understanding (MOUs) signed between the British Virgin Islands and the Qianhai Authority as well as with the City of Shenzhen. The objective of the latter is to increase friendship and bilateral cultural exchanges, as well as to facilitate greater cooperation particularly in the areas of tourism, economic growth, culture and sports. The former relates to the development of cooperation in financial services.

In celebration of the 30th anniversary of the IBC Act as well as the first year anniversary of BVI House Asia, Premier Smith will host a cocktail reception for financial services industry partners and other stakeholders. Located in Hong Kong, BVI House Asia was established to better service the Asia Pacific market in real time and to make sure that business is conducted efficiently and seamlessly.