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 Malaysia Sun 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 Malaysia Sun.
More InformationKATHMANDU, Nepal - For the past three days, agitated students and guardians have been protesting against the school administration at ...
LAHORE, Pakistan - On Thursday, anti-corruption officials arrested Pakistan Tehreek-e-Insaf (PTI) President Parvez Elahi near his Lahore residence. Anti-corruption staff ...
YANGON, Myanmar - Opium cultivation in military-ruled Myanmar increased 33% last year, reversing a six-year downward trend, according to a ...
NEW DELHI, India - Nepal's Prime Minister Pushpa Kamal Dahal met with Indian counterpart Narendra Modi at Hyderabad House in ...
SAGAING, Myanmar - According to a local resistance group leader in Sagaing Region's Ayadaw Township, a woman was captured and ...
DHAKA, Bangladesh - The Anti-Corruption Commission (ACC) has filed a case against 13 members of Grameen Telecom's board of directors, ...
MIAMI, Florida: Carnival Cruise Lines has said a cruise ship, the Carnival Sunshine, which sailed through rough seas off the ...
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...
NEW YORK, New York - U.S. stocks surged on Friday on the debt ceiling resolution and a strong jobs report.Nonfarm ...
SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...
PARIS, France: France has celebrated the groundbreaking for the first of four battery manufacturing gigafactories, which European and Asian companies ...
DUBLIN, Ireland: Ireland saw a 20.0 percent increase in people arriving from overseas in April 2023, compared to April 2022, ...