Business

BVI premier to lead trade mission to Africa

Friday, September 21, 2018

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TORTOLA, British Virgin Islands (CMC) – Premier Dr D Orlando Smith is to lead a British Virgin Islands (BVI) trade mission to Africa in November.

The November 5 -15 event will cover three countries and four of Africa's major business hubs, including Cape Town, South Africa; Nairobi, Kenya; Abuja, Nigeria and Lagos, Nigeria.

“We have set our sights on Africa for quite some time now, as it represents a major opportunity for our financial services industry,” said Interim Executive Director of BVI Finance, Lorna Smith.

“We are, therefore, very much looking forward to taking our message to the governments and business centres, where we can work effectively to develop relationships that will benefit all. We are very pleased to be able to make this visit to further strengthen the profile of the BVI in Africa.”

The statement said the mission is similar to the Asia trade mission and encompasses high-level meetings with government officials; private sector meetings and three mini conferences to be held in Cape Town, Nairobi and Lagos.

“The mini conferences in the three cities will provide an opportunity for the delegation to promote the BVI as a jurisdiction, together with benefits of a range of BVI products and services, such as private equity and venture capital offerings, investment funds, trusts, estate and succession planning,” the statement said.

“These, together with the proven BVI corporate product, the BVI Business Company and the recently unveiled Micro Business Company will enhance efforts to broaden and deepen relationships with African businesses,” it added.

The government said the BVI is “a major financial services jurisdiction, which facilitates the cross-border trade and investment which is central to the continuing growth and development of the African continent.”

According to the Capital Economics report, Creating Value: The BVI's Global Contribution, “the BVI mediates considerable foreign direct investment into developing countries, including many African nations.

“The BVI is shown as having a direct investment relationship with several countries, including the countries the delegation will visit,”noting that the Capital Economics report highlights that the BVI has been doing “considerable business on the continent”.

The report says Nigeria alone has had the largest foreign direct investment stock from the BVI, standing at US$2.9 billion.

“It is expected that good business to be done, and the visit will allow government and the private sector to work together in driving the growth of the Territory's Financial Services industry,” the statement said.

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