CELEBRATIONS PLANNED FOR 20^TH ANNIVERSARY OF IBC ACT

Commemorative Stamp Planned

A comprehensive programme of activities has been planned for October to mark the 20^th anniversary of the International Business Companies (IBC) Act in the BVI.

The Financial Services Commission (FSC) and the International Finance Centre (IFC) hosted a joint press conference last week to announce the events which will commemorate the anniversary. The theme for the celebrations is, “International Business: At the Crossroads.”

IFC’s Acting Executive Director and Chief Operations Officer Mr. Humphrey Leue explained that the Standing Liaison Committee and representatives of the private and public sectors are organising the events. The Standing Liaison Committee is a group Executive Council appointed to assist with implementing a strategic development plan for the financial services sector.

Chairman of the Committee Mr. Richard Peters said the observance of the 20^th anniversary of the IBC Act (August 15, 2004) is an appropriate opportunity to present the plan to the BVI community and begin implementing several of its proposals.

“The commemoration plan goes back 20 years, but it is also looking ahead to help people understand the significance of the sector and to show what it means to them,” said Mr. Peters. The activities include radio and television programmes; quizzes; debating, speech and essay competitions; and seminars.

He pointed out that the month’s activities are geared to address human resources and communication needs in the industry by focusing on students at both the secondary and college levels and young professionals in the sector.

Managing Director and Chief Executive Officer of the FSC Mr. Robert Mathavious emphasised that the success of the financial services industry continues to be crucial to the growth of the Territory’s economy. The sector is one of the Territory’s two primary economic pillars––the other being tourism––and 56 cents of every dollar Government spends on projects come from the industry.

Mr. Mathavious contended that, since the sector has given the BVI international recognition, improving education about the sector is a key recommendation in the plan, adding that one way this will be addressed is through curriculum changes in schools.

For further information about the anniversary plans, persons may contact the IFC on telephone number 494-1509, or visit its office at Pasea Estate.