Statement By The Honourable Lorna Smith, Mbe

Deputy Premier And Minister For Financial Services, Labour And Trade

Ninth Sitting Of The First Session Of The Fifth House Of Assembly

Of The Virgin Islands

TUESDAY, 5^th MARCH 2024

Virgin Islands Business Banking Expo

Madam Speaker,

Permit to make a statement regarding the upcoming Virgin Islands Business Banking Expo, an innovative event aimed at enhancing collaboration and growth within our business sector.

This initiative will bring together banking institutions, Micro, Small, and Medium Enterprises (MSMEs), and entrepreneurs, providing a platform to:

• Showcase banking industry innovations and trends.
• Offer valuable knowledge to small business owners and entrepreneurs, empowering them with the tools for success.
• Facilitate networking, enabling direct interaction between the financial sector and businesses, thus promoting mutual understanding and cooperation.

Madam Speaker, I expect this Expo to deliver substantial benefits to our community, including improved financial literacy for MSMEs so that they can make informed financial decisions; better access to financing, crucial for economic expansion; and the promotion of innovation within the financial services sector, leading to more tailored products and services for local businesses.

Scheduled for the second quarter of 2024, we will choose a date and time to maximise attendance while at the same time minimising business disruption. A comprehensive marketing strategy will ensure the Expo's visibility, leveraging various media platforms to underscore the event's networking and learning opportunities.

The event will feature:

• Well known keynote speakers, offering insights into the financial sector's current state and future directions.
• MSME representatives sharing their experiences and strategies for obtaining financing.
• Industry regulators contributing insights from their vast expertise.
• Banking institutions as exhibitors, presenting their offerings and engaging with existing and potential clients.

By bringing together these key stakeholders, the BVI Business Banking Expo presents a unique opportunity to:

• Empower our entrepreneurs and small businesses through crucial information and connections.
• Stimulate innovation within the banking sector.
• Support economic growth by nurturing a cooperative business relationship between banks and entrepreneurs large and small.

I am confident this initiative will serve to strengthen our financial ecosystem and boost our business community. I encourage all banking institutions, MSMEs, and entrepreneurs to actively participate in this significant event, seizing the opportunity to connect, discover, and support our business sector's growth and prosperity. Madam Speaker I invite interested persons to get in touch with the Department of Trade and Business Development for further information.

Thank you, Madam Speaker.