PR Newswire
29 Mar 2023, 18 GMT+10
![]() |
LONDON, March 29, 2023 /PRNewswire/ -- The British Virgin Islands' (BVI's) positive role in the global economy has been underscored in a new independent report launched today: 'Beyond globalisation: The British Virgin Islands contribution to global prosperity in an uncertain world'[1].
The report, based on quantitative and qualitative research of firms operating in the BVI1, shows that the BVI is home to a globally respected international business and finance centre facilitating an estimated $1.4 trillion in cross-border trade and investment.
There are currently just over 375,000 active BVI Business Companies, roughly 57 per cent originating in Asia and 16 per cent from Europe and North America. Investment mediated by BVI Business Companies supports around 2.3 million jobs globally and generates an extra US$14bn each year in taxes for governments worldwide.
In the UK, BVI companies hold an estimated US$153bn in assets, with 134,000 jobs created by investment mediated through the BVI and US$3.5bn of tax revenues generated for the UK government.
Commenting on the report, Elise Donovan, CEO, BVI Finance, said:
"This report provides clear evidence of the role the BVI plays in facilitating investment, stimulating economic growth, creating jobs and providing governments with much needed tax revenues.
"With this research, we can continue to break down some of the myths and educate more people on the true role the BVI plays as a respected and valued international financial and business centre and a key intermediary in the global economy.
"Whatever form the next evolution of globalisation takes, international financial centres like the BVI will remain vital cogs in boosting the global economy by facilitating investment and enabling a more efficient global marketplace."
The 'Beyond Globalisation' report 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, added:
"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."
The full Beyond Globalisation report can be viewed here: https://bvifinance.vg/The-BVI-Advantage/Beyond-Globalisation
[1] Beyond globalisation: The British Virgin Islands' combines new analysis of official statistics, information and research along with horizon scanning and the results of a major quantitative and qualitative research programme among firms operating in the jurisdiction's international business and finance centre.
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationHONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
NEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
YOKOHAMA, Japan: Joining a growing number of carmakers that are shifting to electric vehicles (EV) by the end of the ...
NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...