Beyond globalisation: The British Virgin Islands’ contribution to global prosperity

Transcript

Beyond Globalisation: The British Virgin Islands’ contribution to global prosperity in an uncertain world is the new report published in April 2023 by Pragmatix Advisory for BVI Finance. BVI Finance CEO Elise Donovan talks to World Finance about the report’s basic findings, and the changes in globalisation trends that made BVI Finance commission it, before diving deeper into the report in two further videos: ‘Globalisation is changing, and the role of the BVI will be more important than ever’, and BVI Finance CEO: ‘We create opportunities so that businesses can thrive‘

World Finance: Elise, tell me about this report.

Elise Donovan: Thank you for having me. This report, Beyond Globalisation, does two things. First, it demonstrates the BVI’s significant and continued contribution to global prosperity. It looks at how we create jobs and generate revenues. And second, it looks at various scenarios with regards to the future of globalisation, and how we can best adapt to those scenarios to maintain our position as a leading international finance centre.

World Finance: Now why did you commission this report, and why have you released it now?

Elise Donovan: Well, globalisation is changing; we’ve seen a lot of uncertainty and risk in the world recently. There’s inflation, there’s war, there’s banking crises, there’s crypto crises. So much is happening, and it’s creating risk and uncertainty.

The BVI is an intermediary that facilitates global trade and investment, and global trade is going to be more difficult. It’s going to be more challenging. And so this report answers the questions on how intermediaries, international finance centres, can respond to this risk and uncertainty. How can we adapt? How can we change? How can we be best positioned to respond to the risk and uncertainties that are being created in the world.

World Finance: And who is the report for, who’s it aimed at?

Elise Donovan: The report is aimed at a wide range of stakeholders; and this includes the clients doing BVI business all across the world. The advisors and firms that service those clients. The policymakers as well as regulators who set the standards for global business. And of course it includes the local BVI community; whether it’s the government or the private sector.

The report is tangible, evidence-based research that demonstrates how the BVI contributes to the global economy, how we support and create jobs, as well as how we generate revenues for government coffers across the world.

It also debunks some of the myths that are often propagated about the jurisdiction. We are a small force on the global stage, punching way above our weight. An established intermediary with a proven track record of success of facilitating global trade, investment, finance, and mobility. And we’re a significant global contributor.