In the wake of negative press coverage surrounding the Territory’s financial services sector, BVI Finance — which is charged with marketing and promoting the industry is planning to let the statistical facts speak.
It was announced that BVI Finance commissioned a study that will result in the provision of up-to-date figures and other data on the value of the Territory’s financial services industry and counter untrue claims made by critics.
During the announcement that London based global research firm, Capital Economics will visit the Territory next week to conduct preliminary research, Interim Executive Director of BVI Finance, Mrs. Lorna Smith described the step as necessary: “The Capital Economics study will provide valuable research, facts and figures to help promote the jurisdiction, assist potential clients in better understanding the benefits of doing business in the BVI and challenge ill-informed voices in the international community seeking to dispute the value that the BVI’s financial services brings to global business.”
“… The results will undoubtedly provide us with much needed data to continue to promote the BVI’s competitive advantage,” Mrs. Smith said in anticipation of the three-member research team which is expected to conduct preliminary research between 27 and 29 June.
While in the Territory, the research team will meet with representatives from Government, the Financial Services Commission and the industry. The study will examine the economic, financial and legislative connections between the BVI financial services sector and the international community.
The study is designed to be an authoritative, evidence-based piece of work 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 economy.
The research study is funded by contributions from Government and the private sector.