The BVI must continue to build on the strong foundations of the financial services industry to keep up to speed with the global developments within the sector to ensure the territory is not left behind.
This was the messaged shared by Premier and Minister of Finance Dr. the Honourable Natalio Wheatley as he officially declared the Financial Services Week 2022 open.
Dr. Wheatley noted the commemoration as a time to reflect on the undeniable impact this industry continues to have on the territory and the wider world.
“This is the time we take to acknowledge the importance of our financial services industry, not just to the BVI and its economy, but also to recognise the outstanding role that the industry and its stakeholders continue to play locally, regionally, and internationally… During Financial Services Week, we showcase this work, but we also take introspection on where we are and what is required for us to advance as a forward-thinking jurisdiction,” he said.
“We must ask ourselves important questions about what it will take to develop strategies to adapt and keep pace with the trends and advancements of globalisation. In these uncertain and often unpredictable times, we must continue building on the strong foundations laid for us more than 40 years ago when our financial services industry was birthed. We must embrace and prepare for the future,” he added.
This year the theme for Financial Services Week is ‘Globalisation: BVI Beyond’.
As explained by the premier, “Globalisation is the term used to describe how extensive trade networks and technology have made our world more connected and interdependent”.
He also highlighted the relevance of the theme to the BVI and its financial services industry.
“The global economy is powered by millions of cross-border investments and transactions. These transactions are facilitated by international finance centres like the BVI, which provide specialist services that keep the wheels of the global economy turning. People and businesses choose the BVI because of our robust legal framework, regulation and conformity to international standards. We are a popular and efficient jurisdiction for the incorporation and operation of a range of entities, including holding companies, multi-shareholder companies, joint venture companies and funds, trusts and partnerships. We are also well-known for our professional service firms, primarily legal, insolvency and accounting, as well as our well-renowned centre where disputes are resolved in our Commercial Court or the International Arbitration Centre”, Wheatley explained.
Wheatley has encouraged members of the public to get involved in what he described as “a packed schedule of fun and educational activities”, which have been organized by BVI Finance to commemorate Financial Services Week.
Other activities to look out for include:
The launch of a report commissioned from Pragmatix Advisory by BVI finance, which will be done during the Beyond Globalisation Conference tomorrow Tuesday.
The Great Debate engaging students of the H Lavity Stoutt Community College and Practitioners in the Financial Services Industry on the topic “Does Globalisation have a Future?”
The Special Edition Breakfast Forum where the Director of Communications will speak with the Director of Tourism, the Chairman of the Chamber of Commerce and the CEO of BVI Finance on the intersection of business, tourism and financial services.