No Pledges Made During BVI’s India Trade Mission

No specific pledges were made by either the Virgin Islands or India during the recent financial services trade mission, Premier and Minister of Finance Dr. Natalio Wheatley has confirmed.

The disclosure came during a recent media conference when the Premier was asked whether either side had made any commitments during the visit.

“There were no specific pledges made. This was our first inaugural financial services trade mission to India,” Premier Wheatley responded.

The admission is likely to add to questions about the trip’s tangible benefits to the BVI and its overall cost. Premier Wheatley also refused to disclose how much the mission cost when questioned, despite the visit involving a large delegation.

However, he defended the mission as a necessary first step towards establishing relationships with Indian government officials, regulators and members of the financial and professional services sectors.

The Premier said the mission was not entirely exploratory, but acknowledged that relationship-building must take place before pledges can be secured.

“So, I would say it was a success from that standpoint,” he stated.

Premier Wheatley said discussions included the possibility of a memorandum of understanding between the International Financial Services Centres Authority at GIFT City and the BVI Financial Services Commission. That proposal is now being pursued.

He said the ultimate objective is to encourage professionals in India to advise their clients to use BVI financial services structures as their businesses expand internationally.

According to the Premier, the delegation was also told that the BVI’s physical presence in India had made a significant difference. Indian stakeholders reportedly wanted to see greater engagement from the Territory, including an office or other permanent presence in the country.

‘We Didn’t Just Go To India’

Meanwhile, Junior Minister for Financial Services, Economic Development and Digital Transformation Lorna Smith said the Territory had spent several years preparing for the mission as it sought to expand into new financial services markets.

“We didn’t just go to India two weeks ago. We have been going for the last two to three years in preparation for this mission,” Smith stated.

She said India is one of the world’s fastest-growing economies and aims to become a developed country by 2047. According to Smith, the BVI believes its financial services industry can support India as its businesses expand overseas and the country seeks additional foreign direct investment.

Smith said 18 members of the BVI’s private sector joined representatives from the Government and the Financial Services Commission for meetings with key Indian stakeholders.

The private sector representatives reportedly paid their own expenses, which Smith said demonstrated their confidence that the meetings would produce positive outcomes.

The trade mission took place from August 24 to 31 and included engagements in New Delhi, GIFT City, Mumbai and Bengaluru.