The British Virgin Islands is set to strengthen its ties with the Asia-Pacific region as Premier and Minister of Finance, Dr. the Hon. Natalio Wheatley, announced an upcoming diplomatic and trade mission to key financial hubs, including Hong Kong, Macau, and Malaysia.
During a recent press conference, Premier Wheatley emphasized the importance of the Asia-Pacific market for the BVI’s financial services sector, highlighting its role as the territory’s largest market.
The premier outlined a post-COVID strategy for the BVI’s financial services industry in Asia, focused on diversification in markets, products, and services, along with plans to reinforce ties in established financial hubs.
As part of this strategy, the BVI delegation will meet with top financial and trade officials in Macau and Malaysia to enhance collaboration.
In Macau, Premier Wheatley will engage with government officials and the Macau Gaming Commission, given Macau’s status as the world’s top gaming destination. The BVI plays a critical role in Macau’s economy, facilitating approximately USD $1.4 billion in inward investment. Discussions will focus on reaffirming financial service ties and exploring opportunities to develop the BVI’s gaming industry.
In Malaysia, meetings are scheduled with the Labuan Financial Services Authority and Malaysia’s Ministry of Trade and International Investment Authority. Malaysia has become a major financial hub in Southeast Asia, with the BVI maintaining a consistent presence in its market for the past 15 years. The delegation aims to secure cooperation agreements that will increase the sale of BVI financial products in the region.
Beyond financial services, Premier Wheatley will visit partner universities in Asia that participate in the BVI’s Asia Abroad Programme.
With this upcoming visit, the BVI aims to solidify its economic partnerships in Asia while fostering new avenues for financial growth and educational advancement.