Premier, and Minister for Finance, Dr. the D. Orlando Smith is hoping that the study that was commissioned to examine and illuminate the contributions of the British Virgin Islands’ financial services industry to the global economy will be ready to be included in the budget.
In his address to the Territory on 6 December Premier Smith said: “Earlier this year we commissioned a Study by Capital Economics out of the UK to determine the contribution that BVI financial services make to the global economy. The results of that study will be ready for inclusion in my next Budget address. I thank industry practitioners for their participation in the ongoing surveys and information gathering that is needed to complete this work.”
From 27 to 29 June, a three member research team from the London-based global research firm, Capital Economics visited the Territory to conduct preliminary research, and also met with representatives from Government, the Financial Services Commission as well as the industry.
The research study, which is being spearheaded by BVI Finance, is being funded by contributions from Government and the private sector.
The study was commissioned to examine the economic, financial and legislative connections between the BVI’s financial services sector and the international community. It is designed to be an authoritative, evidence-based report demonstrating how BVI business structures have facilitated global commerce by connecting markets and facilitating global investment, trade and capital flow with a specific focus on the BVI’s impact on the growth of China’s economy.
Additionally, the study’s findings will help to better inform and educate the BVI public on the Territory’s financial services industry and its impact on their lives.