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by pltm
(PLTM) - Financial experts are now leaning on the local media, to defend the British Virgin Islands against negative remarks and propaganda being circulated within the international Financial Services arena.
With the launch of the Territory’s financial fact guide and information report, ‘Creating Value: The BVI’s Global Contribution’, the experts have noted that the local media is now equipped with the necessary information needed to respond to myths and mistruths being purported about the BVI.
The document was launched yesterday, June 21, at the BVI Finance conference room, Road Town.
The report, which was formulated by Capital Economics, a United Kingdom based company, provides valuable research, facts and figures to help promote the BVI as a reputable offshore financial services jurisdiction, assist potential clients in better understanding the benefits of doing business in the BVI, and challenge ill-informed voices in the international community, that are seeking to dispute the value that the Territory’s financial services bring to global businesses.
The report is an evaluation of the economic, financial and fiscal impact of the Territory and its investment vehicles on the world economy.
Mr. Kedrick Malone, Director of the Financial Services Implementation Unit said, “It is very important for the local media, particularly with the global spotlight on the BVI, to use this report to defend the Territory’s position with facts, and not allow the international media with varying agendas to blur what is essentially a factual based report.”
Malone said, “Local media has a role to play in getting the message and information out.”
He went on to note that one issue that contributed to the negative spotlight on the BVI is that the local media outlets were misinformed in the past, adding, “This is the other side of the story.”
He indicated that in no way is he blaming local media for the bad press.
“We are not blaming the media. The media has not had both sides of the story and this report puts in a factual place, what the BVI has been saying. Hopefully by reading the report and seeing the facts, the media will see that a lot of what they were saying in the past is not correct.”
Malone stated that there are many agendas in the industry, globally, highlighting that bigger countries who are of the view that smaller countries should not involve themselves in financial services, are taking advantage of the international media and creating myths and mistruths about the BVI.
“There are countries who feel that smaller countries should not be in financial services, so they use the media to some extent with misinformation, but this study provides factual information that those same sources will now have to look at and correct.”
He said, "The media would now have information to look at what you’re reading that is coming out of the international media and assess what is factual or not.”
