BVI Looks To Cement Foothold In China Market
by Mike Godfrey, Lowtax.net, Washington
28 September, 2015
The British Virgin Islands stands to benefit from substantial financial services business from Chinese individuals and firms, attendees at the Business BVI ASIA 2015 Annual Regional Conference were told.
Qian Liu, Director of Economics Unit, The Economist Group, Beijing, said: "The BVI is sitting on a sweet spot with the rise of China."
"First, outbound direct investment from China has increased 35 percent since 2005," she said. "Chinese companies investing in international markets want the certainty that BVI structures, backed by BVI courts and English common law, provide, rather than relying on the courts of countries in emerging markets. Second, China's fast-rising middle class will want trust funds, private wealth management, and other services that the BVI can arrange. Finally, the Chinese middle class wants to spend more on tourism, a trend that began in Southeast Asia and continues in Hawaii, Tahiti, and the Caribbean. As a tourist destination, the BVI sits on the rising demand for tourism."
Qian made her remarks during a presentation at the conference entitled "China's One Belt One Road Regional Development Strategy: Long Term Opportunities for the Offshore Sector."
The BVI's Premier and Finance Minister, Orlando Smith, said: "We are still in the right place and at the right time. The BVI is immensely proud and fortunate to have been working with Asian businesses and individuals as you achieved economic success and Asia experienced incredible growth over the last 25 years. Despite some current concerns, the economic experts predict a reasonably good outlook for Asia's future and we also think Asia will continue to make its mark with vitality, financial success, and innovation."
Elise Donovan, the Director of Hong Kong-based BVI House Asia, the island's permanent representative office, added: "BVI House Asia is proud to support Business BVI Asia for the second time in Hong Kong, a key global financial center where we have had a physical presence since 2013. We have recently launched a website to serve as a portal of information and will continue to expand our services to better serve BVI's business partners in the region."
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