Premier and Minister of Finance, Honourable Andrew A. Fahie shared his Government’s vision when he met with officials from the BVI’s financial services industry at the BVI Finance Breakfast Forum yesterday, March 21.

The Premier in remarks at the event recognised the industry for its importance to the economy in terms of revenues, training and jobs.

Premier Fahie said, “Following the hurricanes, you helped us to get back on our feet, from getting your businesses up and running again to supporting your staff and their families to getting the commercial court building fixed so that our judges in the business sector could return to the Territory.  All of it essential and all of it appreciated.”

During the forum, which was attended by approximately ninety (90) industry stakeholders, the Premier pledged that his government would continue to protect and promote the industry by providing the infrastructure and operational framework it will need to maximise its chances of success both in the BVI and globally.

He added, “I also know that this Government has been trusted with leadership in a time that is widely known as the most challenging times in the history of this Territory.  However, I am confident that by us working together we can ensure that the BVI will endure and indeed thrive.”

Premier Fahie said that he has met with Managing Director of the Financial Services Commission, Dr. Robert Mathavious and assured the stakeholders that his Government will take whatever action necessary to ensure a positive Caribbean Financial Action Task Force (CFATF) review in 2021, including a review of the National Risk Assessment.

The Premier also announced that he met with the Executive Director of International Business, Mr. Neil Smith, as Government is well aware of the needs of the International Tax Authority and is fully prepared to put the necessary resources to further strengthen the organisation and reinforce its personnel. 

He said, “This is particularly important as it is our lead agency in the implementation of Economic Substance Act and in negotiations with the OECD and other international forum and it is essential that the BVI is front and center in these discussions so that our point of view is represented and our perspective taken into account.”

Premier Fahie told the stakeholders that he is convinced that they are all on the right track and that the BVI will emerge from these challenges a stronger and even more dynamic international business and finance centre - able to continue playing its essential role in the global economy.

At the end of the forum, the Premier and members of his Government entertained questions and comments from industry stakeholders surrounding everyday topics such as Infrastructure, Telecommunications, Immigration and Residency Status, and Revenue Streams.

BVI Finance's monthly breakfast forums present topical issues to local financial services professionals in an effort to keep them up-to-date on matters relating to the BVI’s business and finance centre.

Photo attached:

1. Image of Premier and Minister of Finance, Honourable A. Fahie during the BVI Finance Breakfast Meeting. (Photo Credit: Bria Smith/GIS)