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by pltm
(PLTM) - The British Virgin Islands continues to make significant strides and contributions to the international fiscal world, according to Gary Hales, Head of Business and Development at BVI Finance. Hales noted that Territory, although small in size, supports millions of jobs across the world.
Speaking with the media fraternity earlier this week, Hales disclosed that the Territory, through its Business and Financial Center, supports over two million jobs around the world, including Europe, China, Hong Kong, North America, United Kingdom and Latin America and the Caribbean.
This, he noted, is as a result of the millions of dollars mediated through the BVI, and its business and financial center.
“It’s a significant role that a country like the BVI is playing through their international business and financial center.”
He stated, “Arguably, if the BVI’s center did not exist, all these jobs would be at risk. BVI plays a key part in global economy.
Assessing the center’s contribution locally, he stated that over 2000 persons are directly employed in the sector, while over 3000 are indirectly employed.
Of this lot, which amounts to over 5000 persons affected, Hales stated that over 2/3 of these persons who are employed are BVIslanders or BVI Belongers.
“There is a good portion of local people employed in the industry.”
As it relates to expats, he shared that over 8000 work permits exist locally, that are connected to the center, with a large portion of those persons being from the Caribbean region.
“Sixty-five percent of expats working in the BVI are from the wider Caribbean.”
He said, “Again it shows that the BVI plays a significant role globally, but also within the wider region. The BVI is an important contributor to the Caribbean economy.”
