The British Virgin Islands’ (BVI’s) positive role in the global and UK economy was the theme for the London launch event of the BVI Finance report: ‘Beyond globalisation: The British Virgin Islands contribution to global prosperity in an uncertain world’.
The event, held at BVI House in London on Wednesday 29 March, was attended by representatives from UK government, members of the UK financial and professional services sector, the tourism industry and others including, economists and academics.
For the UK launch, key facts were emphasized about the BVI’s valued contribution to the UK economy, notably that BVI companies hold an estimated US$153bn in assets in the UK, with 134,000 jobs created by investment mediated through the BVI and US$3.5bn of tax revenues generated for the UK government.
The report also highlighted the important role that intermediaries like the BVI have played in shaping globalisation since the second world war and through key moments like the dismantling of the Berlin Wall. The presentation gave three scenarios for the future of globalisation and stated that in this era of uncertainty and change, there is an even greater need for expert, neutal and innovative centres like the BVI to support cross border trade, investment and mobility.
Commenting on the event, Elise Donovan, CEO, BVI Finance, said:
“The Beyond Globalisation report is an important tool to help us continue to break down some of the myths about the BVI in the UK and educate more people on true role the BVI plays as a respected international financial and business centre and a key intermediary in the global economy.
“The interaction and engagement we had in London this week was a clear sign that people want to hear our story and learn about the positive impact the BVI makes in creating jobs and creating value.”
The ‘Beyond Globalisation’ report was commissioned by BVI finance in 2021 and produced by independent UK-based business research consultancy Pragmatix Advisory. The report, first launched in the BVI in November 2022, was based on qualitative and quantitative research including interviews with a number of BVI firms in Road Town.
It identifies three scenarios for the future of globalisation and the opportunities for the BVI. In the first scenario – ‘Weaker internationalism’ - pre-pandemic globalisation trends continue, albeit more slowly and with plenty of political obstacles to navigate. In ‘the bloc economy,’ economic and regulatory integration between countries continues within geopolitical blocs, but these different groups diverge. Lastly, ‘new economic nationalism’ is a partial reversal of globalisation with increased protectionism, less porous borders and more erratic politics.
Mark Pragnell, Director, Pragmatix Advisory, said, “Looking into an uncertain future and beyond the globalisation of recent decades, there are many different scenarios for geopolitics and economics, but the need will remain for expert, neutral and innovative centres, like the British Virgin Islands’, to support cross-border trade, investment and mobility.”
Notes to the Editor:
- • Senior figures from the UK government, financial and professional services sector, academia, education and tourism attend event at BVI House, London
- • Presentation highlights the BVI’s positive contribution to the UK economy and how the BVI can play a key role in the next phase of globalisation
- • Asia launch planned for April
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