BVI News

New report coming on benefits of doing business in Africa

Premier Dr D Orlando Smith

A new study that will give the BVI a clearer indication of the pros and cons associated with doing business in Africa is being conducted.

“[The] independent report is expected shortly [and] will further highlight how International Financial Centres support foreign investment into Africa,” said Finance Minister, Premier Dr D Orlando Smith, who did not specify the entity conducting the study.

“We must continue to engage stakeholders in the marketplace, discuss challenges, and seek out opportunities to diversify our brand,” he added.

He also endorsed a continued partnership between government and the local private sector to explore and generate business opportunities in financial services on the African continent.

BVI Finance had planned a November trade mission to Africa but the mission was pushed to the first quarter of next year.

The trip has been shelved so the territory can focus on the European Union’s (EU) upcoming assessment of the BVI’s finance centre’s.

The BVI has until December to adopt a number of legislative changes to remain off the EU’s blacklist of tax havens.

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16 Comments

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  1. Nigeria and Kenya says:

    So FSC can fine service providers? I can save you some money with a report:
    https://www.transparency.org/news/feature/corruption_perceptions_index_2017

    Why are we not focusing on quality jurisdictions for new markets. Continue the push in Asia, they only do business if you agreesively sell, Austrialias, Nordic Block, Chile to name a few ranked 150 higher than the Africa’s. This is another whitewash report

    • Dear Doc says:

      Please don’t spend any more of our money on another useless study. Try google. Its free.

      Like 11
      • Reasoning says:

        @ Dear Doc, Thumbs up. I’d go further than one report. I was once attending a CTO (Caribbean Tourism Organization), conference in Venezuela during the early 90s. The then Dominica Tourism Minister, made a presentation, about the progress they were making) but also voiced his concerns on the topic of Consultancy; knowing that the region is rope for the picking, for consultants from every direction and referred to consultants as “persons who borrow your watch to tell you what time it is”
        In the business of Real Estate, value is said to be related to its “Location, Location, Location”.
        In the case of Venturing into Africa in the hopes of finding the proverbial pot of gold at the end of the rainbow”, our approach should take into consideration: (a) The working the budget for Financial Service expansion and development. (b) Consider not only Africa, but 2 or other markets. (c) Analyze those 3 or 4 different markets; (in terms of Cost/Benefit). (d) then; and only then, make a decision, based on consensus. We have to change our Scatter-shot approach to decision making, (like with the 7. million plane and the 3 0r 4 hundred million Doc was about to borrow from the Chinese) for the airport extension. Instead we need to develop a Bulls-eye approach; considering that we don’t have oil wells, (we’ll perhaps discover some at some point). We do have sunken ships that might be gold mines. Doc please, please, consider the legacy you wish to be remembered for. Last but not least, please consider you are now in Lame Duck mode. Work towards rebuilding the country and leave major decisions, (costing let’s say, $100,000 and upwards) to the next government, coming in with a different and hopefully Clearer Vision for the country. Remember the mantra of our beloved Chief Minister, Stoutt: “Where there’s no Vision, the people perish”.

        Like 2
        Dislike 2
    • Anonymous says:

      This from the office that gave BVI Airways $7mil, $30 mil over budget for the pier park and let’s not mention the hospital or no insurance on the government buildings that were destroyed.

  2. Brad Boynes says:

    Really!!!!. Wait for it.

    • PeterPan says:

      Dr Smith, you are our finance minister. You have failed to disclose the audit for the last several years. Why? We want to know how you have spent our money. Aren’t we entitled to that?
      Why should we be distracted with African opportunities when our dump is still on fire, our schools are broken, our internet so slooooooow. Our power and water are less reliable than most villages in Africa. Solve these problems- if you can.

      Like 12
      • Sam the man says:

        I agree Peter Pan yet I fear this is partly why the No Direction Party are keen to get into bed corrupt African stars – no transparency, accountability or proper financial due diligence I hear Air Nigeria can’t wait for a $10m down payment for a direct flight to the BVI – one which of course will never happen but the money will disappear again! Can no one make this an publish the yearly audits he should have done for the past 8 years? A total disgrace and no wonder we are about to be black listed and can’t access promised loans for repairs!

  3. the public says:

    We don’t really need any report to tell us that there are benefits to doing business in Africa. All we need to do is read a little history and also observe how all of the G7 nations are investing in Africa (Donald Trump’s wife is in Ghana right now). If anything, we are late in recognizing the benefits

    Like 7
    Dislike 3
    • @The public says:

      Don’t say that too loud!!!! Sadly the only thing most people know about Africa are the images, video and so called ‘news’ from the mainstream media. They hear Africa and automatically think starving kids, corruption and nothing else. While there are bad things going on in parts of Africa, the good far trumps the bad especially as it relates to certain parts of Africa booming as we speak. We are in a sad state and sadly not one of the naysayers will have an alternative.

      Like 5
      Dislike 1
  4. Sad says:

    If it was a white man dressed in suit and tie from one of the major offshore law firms making this statement the comments would’ve been a lot different. One set of sick people, or moo moos as my grandmother would say.

  5. NDP Fan says:

    Dr. While I am a supporter of your Party I am begging you to be careful with Bank of Asia, China & Conducting business with Africa. We read that story before. Most Caribbean countries are in the red because of sleeping with the wrong people.

    Like 8
    Dislike 2
    • OK says:

      Well let’s just sit around and hope cane garden bay and the Baths in VG can attract another $100mil in revenue that we will need to keep the country afloat. Let’s just abandon all other efforts since it seems everything Government done is suspect.

  6. ndp heckler says:

    Doc hands are no longer steady as before so we have to be very careful

  7. Brad Boynes says:

    Fish mouth bat

  8. ndp heckler says:

    Since doc has already stepped aside why don’t he go and take a seat now?

  9. In aTrance says:

    @ NDP Heckler, Dock wants to be Relevant; which is ok. Like a driver who had a bit much alcohol to drink, his keys need to be taken away with no major decisions made during his lame duck stage; unless he really intends to go down with the ship.
    My advice dock, (I haven’t offered any b4); so please accept this one. Yes, we are in deep sh***t and no one saw it coming; but don’t panic. Concentrate on rebuilding the country, (not even development). At least you would be remembered as the Doctor who pumped lifeback into the patient, while the clock was ticking.

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