Department of Information & Public Relations
The final report on ‘Building on a thriving & sustainable Financial Services sector in the British Virgin Islands’ has been released.
The three month effort was commissioned by Government and facilitated by global consultants McKinsey with involvement of the industry and other stakeholders. The aim was to lay out a pragmatic strategy and implementation plan to ensure a thriving and sustainable Financial Services sector.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, stated, “For three decades we experienced tremendous growth in our Financial Services industry, became one of the largest domiciles for company incorporations, and established a global brand that reached through the Americas, into Europe, and across the Asia Pacific Region. Financial Services directly account for over 60 percent of our government revenues, and likely upwards of 80 percent of indirect sources are included. Financial Services fuel our economy, create our jobs, and fund public services such as education, healthcare, roads and other infrastructure.”
The Premier added that the jurisdiction is at a critical point in its history and solving the issues at hand is vital to it longevity and the livelihood of our community. He said that it will require all of us – the people of the BVI, government and industry – to band together and prioritise our long-term future. Premier Smith gave his commitment to seeing through the implementation of the efforts, and that Government has already started acting on some of the recommendations. He added that he hoped that the report serves as a roadmap for the Territory.
Persons can log on to the Government’s website at bvi.gov.vg to view the completed final report and its recommendations.