The BVI Asia Trade Mission, led by Deputy Premier and Minister for Financial Services, Hon. Lorna Smith, held a meeting with the China Council for the Promotion of International Trade (CCPIT) inShenzhen, which serves to foster international economic and trade cooperation.

The meeting, hosted by Deputy Director General Ms. Haobo Yang, focused on trade promotion development between the BVI and Shenzhen, with a focus on the synergy between BVI’s financial services industry and Shenzhen’s industrial base. Representatives from Shenzhen’s China Chamber of Commerce, Qianhai Mawan International Service City, a variety of local Shenzhen companies, as well as members of the CCPIT executive body were in attendance to discuss key issues with the BVI Government.

As part of the discussion, Deputy Director-General Yang highlighted the role of the CCPIT in growing Shenzhen’s economy, noting the 77 BVI-domiciled Shenzhen-based companies which combine for a value of USD 3 billion in investments. While many Shenzhen-based companies are utilizing BVI structures, there are additional opportunities for the expansion of BVI business in Shenzhen as an

innovation hub where flexible financial tools are necessary for high tech development, such as artificial intelligence and the production of green energy.

Deputy Premier Smith said, “I am grateful to CCPIT for hosting such an insightful and valuable meeting. Deputy Director-General Yang was vibrant and eager to

strengthen the engagement between the BVI and Shenzhen’s technological developments.”

Deputy Premier Smith also announced that the BVI would host its first financial services trade show in Shenzhen in early 2025, with a focus on industries including fintech, blockchain, artificial intelligence, electric vehicles, and decarbonization.

The meeting was followed by a luncheon for the BVI Government delegation, hosted by the Shenzhen Foreign Affairs Office. During the luncheon, Director-General Ms. Saixian Cao, who was joined by 13 Government officials and private sector practitioners, shared an extensive overview of the development of the city of Shenzhen and its economy, highlighting its hub strategy as a center for technological innovation.

Deputy Premier Smith then reflected on the 10-year relationship between BVI and Shenzhen as sister cities, and the parallel long-term relationship between the BVI Representative Office and Shenzhen Foreign Affairs Office. A joint toast was given to close the luncheon in recognition of the 10-year Anniversary of the BVI-Shenzhen MOU signed in 2014 and later the joint Sister Cities Agreement.

For further information about the trade mission, please visit BVI Finance on LinkedIn or follow #BVIAsiaMission2024.