BVI eyes trade opportunities with Malaysia

The BVI is exploring trade opportunities in Malaysia to expand its financial services footprint in Southeast Asia, Premier Dr Natalio Wheatley said.

Dr Wheatley, who led a delegation to Malaysia, described the visit as a “smashing success” after meeting with Malaysia’s Deputy Minister for Trade, Investment and Industry, Liew Chin Tong.

“We really established a good footing for partnership,” Dr Wheatley said.

The talks focused on collaboration between the BVI and Labuan, Malaysia’s financial hub, which serves as a gateway to the Association of Southeast Asian Nations (ASEAN) market.

“We see Labuan as a jurisdiction that can be the gateway to ASEAN,” Wheatley said.

Dr Wheatley also met with Labuan’s financial regulator and promotion agency, which he compared to BVI Finance. He emphasised that the two jurisdictions could work together despite being potential competitors in financial services. “One tool can be the BVI business company… Labuan companies can be complementary,” Premier Wheatley said.

During the visit, Wheatley also held discussions with financial practitioners, including David Chong, owner of Portcullis, a firm with longstanding ties to the BVI. “He has a longstanding relationship with the Virgin Islands and is a big supporter,” Dr Wheatley said.

As both Premier and Minister for Financial Services, Dr Wheatley highlighted the importance of proactive international engagement to sustain BVI’s economic prosperity. “You can’t just sit down and hope that your position and your prosperity will continue,” he said.

Dr Wheatley noted the international respect the BVI commands, citing high-level meetings in Shenzhen and Malaysia. “We are respected around the globe,” he said.

Dr Wheatley added that the groundwork laid in Malaysia would support future growth. “We have laid the groundwork for future success here,” he said.

The visit is part of BVI’s strategy to expand its financial services reach and maintain its competitive position in global markets.