CHIEF MINISTER REPORTS ON ASIA PACIFIC ROAD SHOWS

"It is important that we build on what we achieved, and we intend to do so with dispatch". These words were spoken by Dr. the Hon. D.Orlando Smith when he gave his report on the Asia Pacific Road Shows. On 27 May 2004 at the Legislative Council.

The Chief Minister, along with the Deputy Chief Minister, the Managing Director of the Financial Services Commission, Senior Government Officials and about 22 persons from the private sector, traveled to Hong Kong and Singapore. These road shows were organized  "to promote the financial services sector and more importantly to advise the industry there of development in our industry, including new legislation recently passed to make this territory even more attractive as a location for their businesses". 

The Chief Minister also added that "the financial services industry contributes in the region of 40% to our GDP (Gross Domestic Product)."

According to the Chief Minister his delegation obtained high quality attendance at the road show events. Dr Smith added that the BVI offers a sophisticated and broad range of services to the asset management industry. Areas such as mutual funds, hedge funds, captive insurance and trusts are now in the main stay of the BVI's industry along with the flexibility of the IBC at its core. Furthermore, he added that following a period of intense scrutiny, we have been judged to be among the best regulated and most efficient financial centers in the world, and our public and private sector have been able to promote our financial service sector with confidence of this status behind them.

The Chief Minister continued by saying the Asia Pacific region is even more important since Hong Kong has long been an established partner of the BVI and almost half of the companies incorporated in the BVI are from the Asia Pacific region. They contribute a significant portion to our revenues. Chief Minister Smith reported that almost 400 people attended the BVI events in Hong Kong. They also received good media coverage, including the Dow Jones, the Singapore Straits, Business Times, the leading Chinese Paper and the radio. The delegation was invited to contribute to the many monthly business magazines, an invitation which will be pursued in collaboration with the private sector.

One of the BVI Trust Companies in attendance made a presentation with the delegation, they were so inundated with local inquires that their representative was asked to stay in the region for an extra week to make further presentations to clients on the recent legislative developments  in the BVI.

A commitment was made by Mr. Raymond Hung to visit the BVI in July in furtherance of his commitment to build a five star hotel and golf course on Beef Island.

In Singapore the Chief Minister and the Deputy Chief Minister met the three statutory authorities responsible for housing, telecommunications and ports authority.

Part of the delegation took a short trip to Phuket, Thailand for discussions with a developer with an interest in building another five stars resort in the BVI. .