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Penn: We should embrace the Chinese investors!

Brodrick Penn. File photo

Brodrick Penn. File photo

Permanent Secretary in the Premier’s Office Brodrick Penn said the government is ‘right’ to be welcoming Chinese investors, especially considering the current financial climate in the British Virgin Islands (BVI).

He said a large number of Small Medium Enterprises (SMEs) in China are using what is called a ‘Go Global Strategy’ that encourages them to invest in foreign markets.

That is an opportunity on which the BVI should capitalize, Penn declared.

He reasoned that the move could see the BVI pulling thousands of SMEs from China.

“Imagine the potential of volume of companies that would flow to the BVI if we were to facilitate what I would call a ‘Go Global’ type company. If we did this for only a fraction of the business entrepreneurs that wish to go global, we’re talking tens of thousands, if not hundreds of thousands of companies.”

Penn, who was speaking at a recent forum hosted by MWM Business Network, said the Chinese investors are looking for places like the BVI.

“They are looking for strategic partners like the BVI who is a trusted household name to partner with them and to help them go global. The immediate opportunity for this is the financial services.”

Penn added that investments from China could take the BVI to the next level, especially considering the international pressures facing the territory’s main revenue earner – financial services.

“We need to embrace it and if we don’t we are not going to be able to take the BVI to the next level. What the government is doing; I think it’s the right thing. From where I sit in financial services, we’re really at a crossroads and we really have to find ways to figure out ways to diversify the economy, and I don’t think we can do it without entrepreneurship. I don’t think we can do it without innovation even in the current industries that we have,” added the permanent secretary in the Premier’s Office.

The BVI government recently signed a Memorandum of Understanding (MOU) with the China to promote ‘economic and trade cooperation’ between the two countries.

“The opportunities are abound and we – the government – have are establishing the relationships where we think we can have mutual learning and benefits,” added Penn.

He was part of a 29-member BVI delegation led by Premier Dr D Orlando Smith that visited China in October last year to facilitate trade talks.

Penn said he gained first-hand knowledge in relation to the possibility of financial growth that BVI would see from partnering with the Chinese.

He stated that the BVI could learn much from the Chinese in areas such as Financial Technology (FinTech) and E-commerce.

Fintech is an area that has to do with computer programmes and technology used to support banking and financial services. E-commerce relates to conducting transactions over the internet.

“Given the diversity and volume of Chinese businesses, there are also great opportunities for other value-added activities – some of which our government is currently considering. Of course, we can only have a competitive edge here if we remain a little bit discrete about them until the time is right. In due course, you will hear more from us in that regard,” Penn further said.

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52 Comments

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  1. drake says:

    Well-loved. Like or Dislike: Thumb up 39 Thumb down 12

    It seems Brodrick kissing a#s and will say anything to get power.

    • Albion says:

      Well-loved. Like or Dislike: Thumb up 15 Thumb down 7

      It never ceases to amaze me that you are always guaranteed to read two things in the comments on any article:

      (1) How times are so tough, no one can get a job, and how our economy needs a boost.

      (2) How we need to prevent any investors coming in here, it will all be bad for us for new businesses to set up, and things must stay as they are.

      People need to make up their minds. Most countries welcome (and compete for) foreign investors. In BVI we tell them to go away, and then we wonder why our economy stinks.

      • Neighbour says:

        Well-loved. Like or Dislike: Thumb up 26 Thumb down 1

        I think we need to look next door and learn from St. Kitts about these Chinese investors. It is just as John Cline said, that is the way they operate.

        They will be coming here to reap from us and not “invest” in our country other than the project which they bid for. And don’t forget the lessons learned out of Dominica with the substandard materials which they use.

        So I’m not sure when you want us to start to make noise against the Chinese Investors but history has shown some well learned lessons next door in bigger economies.

        • G says:

          Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

          They basically push the local businesses out the market…..Guyanese local businesses are practically non-existent.

          Why don’t the givernment ministers throughout the region clearly state what the basic benefits are and who are the beneficiaries of these gifts?

          Why are they so willingly selling out to the government of China?

      • ........ says:

        Like or Dislike: Thumb up 2 Thumb down 2

        You are so right Albion.

      • G says:

        Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

        @Albion

        But in the Chinese investors, you get substandard foods, often not fit for human insumtion, poor quality goods, hence the cheapness and more iften than not, merchants who are grossly disrespectful of locals, while expecting them to patronize their businesses.

      • @Albion. says:

        Like or Dislike: Thumb up 1 Thumb down 3

        @Albion

        totally in agreement, and Brodrick is right, we need new streams of revenue and foreign investment if we have to take our Financial Services to the next level.

        Its only a matter of time before they attack our revenue source again and if we have nothing in place then we fall into the pits.

    • Eric (Yacht Cruiser) says:

      Like or Dislike: Thumb up 3 Thumb down 0

      How do the BVI residents (belonger or not) view the cruising/sailing community with regard to economy, traffic, general impact of their environment??

      I travel there every year and I’m curious…

  2. Enforcement is Key says:

    Poorly-rated. Like or Dislike: Thumb up 14 Thumb down 21

    Hidden due to low comment rating. Click here to see.

  3. TraitorTraits says:

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 6

    Broderick where’s the 3rd quarter report from the FSC from talking __? Isn’t it unusual that it’s not available all now?

    You can go probably con someone else. We no how much you hate transparency and what you trying to shove this down our throat.

    I feel the Government trying to put a grip on the FSC. You keep trying to manipulate everything.

    • Treasury says:

      Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

      The figures have not been released because they will only confirm that the FS industry in BVI is finished.

      The figures are available and are being kept under lock and key.

      Lets face it if it takes an organisation over 6 months to release simple information there has to be gross incompetence within that organisation.

  4. Finance says:

    Hot debate. What do you think? Thumb up 8 Thumb down 10

    I’m not a fan of them coming here to do construction but he is right about financial services. If it were not for Asia we wouldn’t have a financial services sector to be bragging about.

    • Wong says:

      Well-loved. Like or Dislike: Thumb up 18 Thumb down 3

      Learn from America. The Chinese doesn’t control them. The BVI shouldn’t be reliant on the Chinese they can’t even stand us.

      • Live says:

        Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

        Excuse me, check your facts my dear. China holds America’s debt so you would hope that they dont call it in. Then you would see who controls who.

        It’s a most unwise financial position for America to be in. So check your facts from chatting foolishness.

        America is the biggest hypocrite yet, when will we learn?

        • Chiu says:

          Hot debate. What do you think? Thumb up 6 Thumb down 6

          @Live

          Please post the fact if you have from talking crap.

          China is growing faster than you can imagine they are spreading their wings everywhere except America sees it Europe sees it, India is right behind them.

          Every single country must be careful Trading with China. Why can’t we see that?

          They only need one opportunity to take over the country and you’ll never ever get rid of them.

          Besides that CCCC is a useless scandalous company to even consider doing business with.

          If that’s the best hope for a better airport then Broderick and the ndp administration must get the hell out of office and go China to live.

        • smh says:

          Like or Dislike: Thumb up 1 Thumb down 2

          @Live

          they hold a small part of it not a lot, what you are suggesting is a myth

        • Power says:

          Like or Dislike: Thumb up 2 Thumb down 0

          Dont be fooled by the image son china dont hold nothing. Japan thought they did in the 90’s and was put away look for china in two years.

          As Trump remind us America is not just a country but a system of thinking and now Trump is going to call in her money that is in South America and China.

      • tin man says:

        Like or Dislike: Thumb up 3 Thumb down 2

        sum ting is definitely wong…never believe anything da government tells you.

  5. Concerned Global Virgin Islander says:

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 2

    NDP has no other alternative but to do business with the Chinese. They have burnt every borrowing hole except for our Social Security funds.

    I hope you’re onboard with the heartless nature of how they conduct their business affairs as well.

    Their direction with Chinese partnersip was in the works way back when the premier wife told us to learn mandarin some years ago. Now we can connect the dots.

    Short memories will be our downfall. The Chinese planned out an agenda back some 100+ years ago to become the world power and have their people rule by a particular time.

    They started off in Africa; now they rule and dictate everything in All of the African Nations that they do business with – from their Governments to their Economies.

    With the USA putting a clampdown on them, they must seek out other markets. China will be more than oblige to help us out and reap their ROI many folds.

    They are desperately seeking outside markets to export their products and open borders to have their people migrate to work for $14 a day.

    China is working towards building themselves and no one else.

    They disguise themselves as investors, but be assured that those tangling carrots/few dollars they dangle in our Gov’t face will come with a hard price once their money cannot be paid back. We will all be sacrifice in the long run to pay them back.

    Mark These Words.

  6. ndp heckler says:

    Like or Dislike: Thumb up 2 Thumb down 0

    So you and your possee could make more money personally?

  7. yeah says:

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 3

    they are looking for fools to fr$g

  8. i want to know says:

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 2

    Was it he who call the shot to take off cline’s head?

  9. Ayeeeee says:

    Well-loved. Like or Dislike: Thumb up 21 Thumb down 2

    Will somebody please go take this chubby faced kid off the microphone.

    I guess we understand who got the good old doc to look at the Chinese in the first place and to convince him into it. HE claimS that he knows so much about financial services.

    With all the knowledge they never saw the Panama papers coming and the repercussions.

    We still don’t know the cost for the cruise pier which went from 30 or 40 million in excess to what they want to report as 85 but we still dont know. I am pretty sure it’s more than that.

    When the government defaults since they can’t even pay their local bills and salaries where does this leave the people of the BVI? Just saying…

  10. Freedom! says:

    Like or Dislike: Thumb up 4 Thumb down 3

    Investment in the BVI is needed. The question is: what kind? and who will the beneficiaries?

    With regards to the latter, there are too many businesses in the BVI that are in the food service industry that employ no local or Afro Caribbean persons.

    Thus, their staffing represents a grave treat in the form of divestment of economic resources from the mouths of children, parents, community and country. They all look Asian and Chinese.

    Hence, if Chinese investment is going to look like that, where locals and Caribbean peoples are systematically excluded from payrolls, and where government has no checks and balances/legislation in place to secure fair, equitable and mandatory locals numbers of employment, then we don’t need that type of investor Mr. Penn.

    And if our government doesn’t begin to tangibly show some protective interest in the people, some of us are going to get fed up and put in vultures next cycle.

    • ?? says:

      Like or Dislike: Thumb up 5 Thumb down 2

      So when you running a business you focus more on their ethnicity than their abilities to bring value for money and customer service to your establishment?

      I honestly get what you’re saying and agree that it’s an issue however, you cannot put all the blame squarely on the shoulders of the business?

      There are too many of ‘our people’ that equate ‘service’ with ‘slavery’ and claim they will not ‘dog up’ to people for a good tip or a dollar.

      Are there businesses that blatantly NOT hire certain people, perhaps.

      But are there cases when our very people and their attitudes are the cause of their demise and/or exclusion? You sure bet.

      It’s easy to sit around and blog what you THINK, but start a business and then you will feel and KNOW.

  11. Freedom! says:

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 1

    We fill our stomachs from the proceeds of our hard earned salaries with the most un-nutritious and health hazardous diet of salt, sugar and grease.

    Additionally,our population treats then very, very good with its support. Therefore,they should reciprocate by having us represented in adequate numbers on their payroll.

    Except for the few dolllars the taxes may bring to government office, the majority leaves the country to service other countries, families and children while ours stay broke and hopeless.

  12. Breezy says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    Gee, the World’s Bank 9 year ban of CCCC ( because of fraud & bribery ) on any of its funded projects expires on Jan. 12, 1917.

  13. Breezy says:

    Like or Dislike: Thumb up 3 Thumb down 1

    Look at this Mr. Penn or google ” China Communications Construction Company fraud ”

    https://www.google.com/search?ei=02N2WN2MFYXDmwGp7qXABA&q=china+communications+construction+company+blacklisted&oq=china+communications+construction&gs_l=mobile-gws-serp.1.0.0i71k1l5.0.0.0.206742.0.0.0.0.0.0.0.0..0.0….0…1c..64.mobile-gws-serp..0.0.0._M4UvGgbXW8

    • What? says:

      Hot debate. What do you think? Thumb up 5 Thumb down 7

      Reading and Comprehending is two different things. Are we really that ignorant?

      What does this have to do with Brodrick’s comments about getting the Chinese to do business through BVI companies. Are you all aware that over Forty (40)percent of our existing business come from the Chinese?

      He is saying that this is where our market is and there are further opportunities.

      • You are silly says:

        Well-loved. Like or Dislike: Thumb up 7 Thumb down 2

        It has alot to do with it. No proper track record at all and not because China invests in the BVI through our IBCs means we have to bring China to the BVI shores.

        Reciprocity does not work in this situation. We can be kind to the Chinese but not that kind!!

        • You are soo right says:

          Like or Dislike: Thumb up 2 Thumb down 1

          The Chinese would not be investing in our Financial Services if they were not benefiting enormously. If ever that opportunity goes, they gone just as fast.

          Investing from afar and actually being in the territory – is two different experiences all together.

          Talking from experience.

          The Chinese is all about building China and nothing to do about the countries they invest in.

          Their strategy is and have always been about getting a foot-hold into any Country who is willing to entertain them and then Control – Their Government and Their Economy.

          It’s everything to do with their IDEOLOGY.

          Follow their History. They Never Integrate, and once they properly set-up their Banks, they move rapidly to strengthen their foothold.

          Who don’t hear will feel. Except, in this case, it will be our descendants.

          The NDP is leading us like LAMBS to the slaughter.

  14. SellOut says:

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 2

    Other countries are trying to slow the Chinese down why are we keen on fast forwarding them? Are we trying to hang ourselves?

    It will be a scary world when and if the Chinese takes over. Learn from the U.K. they are a minority for them.

  15. One Thing says:

    Well-loved. Like or Dislike: Thumb up 10 Thumb down 2

    Broderick like to talk but I pray he slows down and researches and thinks about what he is truly saying and not let people use him as a mouth piece.

    NDP on their way out at this rate he going be right there with them.

    • @one thing says:

      Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

      that’s the power of a trip a government paid trip to China and elsewhere.

      Just like Mr. Ry…when he was part of the BiWater negotiations, got a trip and talk good about them. Penn is only saying what he is being paid to do.

      Do the opposite and he’ll get what he help John get. Check nearby Dominica and see how the Chinese run things there. Let the Chinese stay in China.

      They can incorporate companies here electronically while they stay on their own shores.

      • Really?! says:

        Like or Dislike: Thumb up 3 Thumb down 0

        My understanding is that trip to China was a disaster and embarassment from the view of the Chinese.

        A collegue of mine who already does business with them in another jurisdiction and the conversation came up about BVI trip to China.

        Our media had it all glossy but the reality is that it was not impressive!

        • nonsense.. says:

          Like or Dislike: Thumb up 0 Thumb down 2

          if it was such a failure high level Chinese official would never be on the ground!! Stop with your nonsense!

  16. ReX FeRaL says:

    Like or Dislike: Thumb up 2 Thumb down 2

    Those people are very clannish just like them Guyanese and philippinos.

  17. Grumpy says:

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    Do this deal and and the BVI will be sorry. I have been on Island for 41 years.

    If Chinese get the airport deal, I will abandon my home (and hope it sells) I can go other places that are not dealing with a fraud ridden Chinese company You WILL be taken.

  18. affected says:

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    Embrace Chinese investors

    What do we(bvi) have for them to invest in ?Only a piece of the rock .So you all really planning to give/sell the Chinese land in Tola ?

    The whole of the NDP like them plan to sell the BVI and its people

    People of the BVI ;IT IS TIME THAT WE TAKE A STAND AGAINST THIS NDP GOVERNMENT; They have NOT given ANYTHING that they promised on their campaign trail.

    Certainly NOT transparency NOT government in the sunshine NO financial accountability, and they doing without consulting the populace;because ITS A DONE DEAL .

  19. Quote Thief says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    “To know the road ahead, ask those coming back.”

  20. Lol says:

    Like or Dislike: Thumb up 3 Thumb down 0

    A Chinese alliance is not to bad but not for ultimate business ventures. They are like Roaches let one in they infest the whole area and take over.

    It’s kinda good to do business on a regulated basis. They are the hidden super power of the world.

    If America falls we have a back up.cause now the state we in if America fall we fall.n notice they collect money from every country but never pay out or support.

  21. Lol says:

    Like or Dislike: Thumb up 3 Thumb down 0

    If you have two brothers that’s rich equally and one mess up his funds and the other save. The other become the unstoppable power source for the family. And then he runs sh#t

  22. Mick Mars says:

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 1

    For all the fussing and crying about “expats” working here, getting money and sending all about, I honestly can’t believe that we are about to allow an entity, Yes, an Entity to come in, bring, create and buy EVERYTHING from abroad, leaving little to no revenue of any kind whether it be transportation of materials, purchasing of materials, hiring of labour…NOTHING.

    And that’s just the surface, because with these birth right selling bastards, who knows what kind of benefits and sanctions were created (Or lifted) in order for these guys to operate.

    Let’s not even get into the fact that I had to WAIT for power to come back on before I could even finish this and in some parts of the territory people bathing by 5 o’clock ’cause the water going to shut off in the next hour for the rest of the day which clearly indicates that we are still lacking basic but very necessary services at a dependable level……but we giving the Chinese Money we don’t got to bring planes of people we can’t even afford to accommodate much less ourselves who live here.

    It’s like the madness in 2016 never subsided, only intensified.

  23. Uzi says:

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    Now is not the right time for a huge project like this. We are still staggering after the Hospital and Pier Park fiascos . What is the rush?

    • Really says:

      Poorly-rated. Like or Dislike: Thumb up 0 Thumb down 6

      Hidden due to low comment rating. Click here to see.

      • @really says:

        Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

        @Really

        How will we service this debt? How much will it be? Which airlines have we secured? What are the ticket costs?

        We don’t trust anything anymore and we need information!! Too much projects going bad.

        The reality is that there is a lack of confidence in this Government to run big projects and that will only go away with time.

        Non one is against the airport but it seems its a competition in there over big projects.

        Ronnie had his hospital and NHI, Mark had his cruise pier, now Kedrick wants his airport. Myron just wants to fix education and be chief.

        Stop it all of you! Fix this country.

  24. lol says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    Nice. Given the track record of the company who in Government now has greasy palms?

  25. Check this out says:

    Like or Dislike: Thumb up 3 Thumb down 0

    http://america.aljazeera.com/articles/2015/10/6/bahamas-resistance-massive-chinese-resort.html

    Read this as well. Look at the mess in the Bahamas.

  26. Freedom! says:

    Like or Dislike: Thumb up 2 Thumb down 0

    The consensus is evidently clear on this issue NDP. Proceed without lion strength legislation and protective measures for our economy, country and people at your/our own peril.

    Many are historically aware of the history of “Columbus and the African Holocaust,” “Rape of Paradise: Columbus and the birth of racism in the America”/west. The rape, plunder and underdevelopment of Africa and its peoples by EU powers are now being replicated by the sleeping giant China.

    Today in Africa, there is another invading, colonialzing, raping, plundering economic governmental force known as the Chinese. Africa is suffering as these words are being read! They are no different from their EU counterparts.

    Thread carefully, very carefully NDP!!!!

    There is much history to be learned by our leaders. History that should and must inform legislation, economic and investments agreements going forward. If not, we will be mournfully sorry before we relinquish all our forefathers have toiled the land and seas for before we perish.

    NDP, our future depends on the wise and tough political and economic decisions you may make today. Keep us and country in view first.

    We don’t have to take big steps for little ones will take us over the long road just as well.

    A piece of personal history/experience illustrating the dislike and hatred for our people by those people:

    Years ago I flew into California, Bakersfield to be exact. It was my first visit there in that state.

    I ordered a Chinese dinner, left the guest house, paid for and took my dinner back to energize the body and rest for the night.

    Upon opening each of the four boxes, to my astonishment, each one was heavily garnished with broken up glass.

    That was done to a human being whom they have never seen before.

    That illustrates unadulterated hatred for me and the people I look like, African people. They are equally capable of brutal, uncivilized inhumanity to man as their EU counterparts.

    We must be vigilant whilst protecting our here, now and future.

  27. Tourism says:

    Poorly-rated. Like or Dislike: Thumb up 0 Thumb down 5

    Hidden due to low comment rating. Click here to see.

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