BVI-China trade sees massive increase
During a trade mission to China recently, BVI stakeholders visited China’s Department of Foreign Trade where Director-General Xingqian highlighted the increase in industrial trade between the BVI and China.
Xingquian revealed that trade between both nations increased from $9.17 million in 2020 to $70 million in 2023. During the first four months of 2024, both countries traded industrial goods valued at some $30.79 million.
Deputy Premier Lorna Smith, who was present at the meeting with Chinese stakeholders, expressed the great importance of Chinese industrial goods to BVI’s construction sector, as reconstruction efforts from the devastating hurricanes of 2017 are still ongoing.
She highlighted the significant role BVI Business Companies were playing in the Chinese import-export markets, reflected in their usage for shipping and manufacturing.
A meeting at the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC), hosted by Chairman Mr Yang Wanming, focused on the long-term relationship between BVI and China as trading partners, highlighting the long-standing relationship developed over four decades. Chairman Yang stated that BVI was well known in China’s business community because of the significant role the territory plays in China’s financial sector and investments ecosystem.
In addition to industrial trade, the BVI and China have strong financial services ties as the Asian country is one of the territory’s biggest clients.
During the trade mission to Asia, BVI financial services stakeholders received praises from their Chinese counterparts who vowed to continue doing financial services business with the territory.
BVI stakeholders had several presentations and panel discussions with Chinese government representatives, where they highlighted the BVI’s unique position to navigate global disruptions and drive economic prosperity through connecting markets and facilitating investment, trade, and capital flows.
Deputy Premier Smith said, “It’s been a pleasure to hold such constructive discussions with both the private sector and government representatives in Beijing. The Chinese market is critical to BVI’s financial services industry, comprising more than 40% of total trade; and likewise, BVI plays an essential role in supporting China’s inward and outward investment landscape, international trading, stock markets, and real-estate & construction sectors.”
The trade mission to Asia also made stops in Hong Kong and Singapore.
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No food, china’s food is unregulated. You never know what you are really eating .
OK but you have to protect our trade relationships from the USA & UK. Those racists.
When they are vexed up heading to butt heads or missiles in this age they will sanction those countries and tell us we can not trade with who we want to.
Taking credit for who?
If there were any actual business between the countries then it would be the private sector that was involved, or a corporation buying machinery.
Not the financial services team that just spent huge amounts to go traveling to already-saturated markets with little to no results.
Who fooling?
Be carefull! the more we seek wealth the more it is removes! Be satisfied my friends. you will have better control
Some residents quite rightly have a fear of the BVI developing stronger ties with China, trading or otherwise.
YOU CANT SEE WHAT THEY DOING IN JAMAICA AND THE REST THAT ASKED FOR THERE HELP PLEASE OPEN YOUR EYES WE DONT NEED THEM
LEAVE THEM CHINESE WHERE THEY AT GET IN LINE WITH PUTIN INSTEAD READ THE SIGNS
So they needed to go all the way to China to find this information out? It is the consistent and great efforts of the private sector that has helped to realise this growth that been sustaining the BVI economy while the cl**less premier was on his rampage bashing the private sector and saying they are not doing enough. Should be praising the BVI private sector. As for the photo opportunists and free vacation seekers under disguise of work, if you were not needed at all between 2020 to 2023 when this material growth occurred, what do you believe your purpose is now? Direction: backward. Strupes.
what happen to harney westwood and riegels law firm, craigmuir chambers, jr o’neal building, main street, road town, tortola, british virgin islands? what is going on in the british virgin islands?
Them worried about the UK take over
but go china here coming thru the backdoor smart
wtff
look at jamaica and africa They sold out to china! china playing the smart game
DR UMAR SPEAKS!
Don’t let Lorna sell them out our fish stocks.
We have a chance to protect our marine environment but we are deliberately NOT joining the international protections scheme. Why? Because China-Lorna wants to offer them Chinese our seabed to scrape all the fish and mine all kinds of minerals.
She does not care that we need a healthy ocean to breathe the air we breathe. Kill the sea and we all dead.
She just wants their money and a new airport to destroy our islands and fill up her/her friends/family bank accounts even more.
Keep an eye on China-Lorna
Do not seek to build bigger ties with China. They do not care for this place and will never care for this place. It is a useful pawn to them. Seek trade with Japan, South Korea and Taiwan.
China is a destroyer. Please take heed
for a treacherous sell off….Dont forget Doc and the BVI Airways rip off cant trust this family