We Are Fighting Back

Melissa Edwards, Senior Reporter | 4 Opinions
Published: July 17, 2017 2:57 pm AST
Photo Credit: Melissa Edwards/BVI Platinum News
The BVI is fighting back in the wake of continued attack on its main economic pillar, the financial services industry, according Premier and Finance Minister, Hon. Dr D. Orlando Smith.

He said that the BVI is taking an innovative and aggressive approach to developing the industry.

"It is no secret that our financial services industry has faced unfair and unfounded attacks over the past year. But rest assured, we are fighting back hard and we are winning the day," Premier Smith said.

Against this background, Premier Smith made mentioned of the recently released report by the global consultancy Capital Economics.

"The results of their report are remarkable; Our international business and finance centre drives roughly one-and-a-half trillion dollars in cross border investment flows, supports two million jobs around the world, and generates fifteen billion dollars in revenues for governments outside the BVI."

Premier Smith stated that thanks to the work 'our' people here in the BVI do each day, hospitals get built in Africa; highways get built across Asia; factories open in Germany and the UK; oil wells get developed in Russia; new scientific research investments get made in Brazil and all around the world schools, police forces and health care centers operate with tax dollars created by BVI-based companies.

"Literally every part of our planet feels the benefit of our industry because at its heart, our financial services industry is about creating a space where capital can be organized and put to productive use efficiently, safely and under the umbrella of a reputable regulatory structure," he related.

He said: "Every single BVIslander should be immensely proud of the financial industry we have built here. And none of us should ever take it for granted."

The Finance Minister noted that over two-thousand BVIslanders – one out of every ten members of 'our' community – is directly employed by the industry. And another three thousand jobs are the direct result of the industry’s activities.

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