03 July 2008BVI Government Committed To Financial Services Sector
GISGovernment demonstrated its continued commitment to the Territory’s financial services sector
GOV’T DEMONSTRATE COMMITMENT TO FINANCIAL SERVICES SECTOR
Government demonstrated its continued commitment to the growth and development of the Territory’s financial services sector last week during a high-level retreat hosted by the International Finance Centre (IFC).
The Premier Honourable Ralph T. O’Neal, OBE, Deputy Premier Honourable Dancia Penn, QC, OBE, Minister for Communications and Works Honourable Julian Fraser, RA, Attorney General Honourable Kathleen Quartey and other senior public servants attended the two-day event on June 26 and 27.
The Financial Services Commission was also represented by its Chief Executive Officer and Managing Director Mr Robert Mathavious along with other senior management officials.
Government welcomed the strong support from practitioners in the local and overseas private sector, especially Mr. Simon Beck, the Managing Partner of the Miami-based company, Baker McKenzie, who moderated the event.
Last week’s retreat, among other things, examined the products and services that are offered within the local financial services sector, opportunities in new and emerging markets around the world, and ways in which a closer relationship could be developed between the private sector and the people of the Territory.
Premier and Minister for Finance Honourable Ralph T. O’Neal, OBE, said he was grateful for the opportunity to discuss various important matters within the financial services industry during a true collaborative effort among Government, regulator and the private sector.
“I welcome the fact that all delegates acknowledge there should be a deeper understanding of the financial services among Virgin Islanders and their commitment to undertake more training and mentoring so that greater numbers of Virgin Islanders reach senior levels within the sector,” the Premier said.
Mr. Mathavious said last week’s retreat was a resounding success. “The success of the BVI financial services sector is dependent on the robust regulatory regime which has been established. The retreat was a great success in terms of discussing how this framework benefits our private sector and where further developments might be helpful,” he added.
Executive Director of the International Finance Centre Mrs Lorna Smith said several new ideas about the future direction of the IFC were discussed as well as emerging markets where there might be opportunity for BVI business.
“It is the BVI’s clear intention to maintain its leadership as a world-class jurisdiction whilst ensuring that Virgin Islanders have the opportunity to play a more significant role at all levels of ownership, leadership and management in the private sector. This was therefore an important gathering to plot the way ahead and we are grateful to all those involved. The private sector also indicated where they felt the BVI Government could provide support,” she said.
The Executive Director confirmed that the next step in the ongoing process will include the development of an education plan about financial services for the Virgin Islands (British); the devising of marketing strategies for a number of new target markets; and the exploring of potential new products and services.
The International Finance Centre (IFC), which falls under the Ministry of Finance, is the department charged with marketing and promoting the Territory’s financial services sector.
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