UK Ministers and Overseas Territory leaders at the annual Overseas Territories Joint Ministerial Council in London have agreed to an ambitious communiqué setting out steps to promote further opportunities for business, trade and investment in the Territories. Photo: GOV.UK

The annual Overseas Territories Joint Ministerial Council (JMC) brings together political leaders from the Overseas Territories and UK Ministers. Photo: GOV.UK

The annual Overseas Territories Joint Ministerial Council (JMC) brings together political leaders from the Overseas Territories and UK Ministers. The meeting began yesterday, November 26 and ends today November 27, 2013 and is being hosted by FCO Minister for the Overseas Territories Mark Simmonds MP.

The Virgin Islands is being represented by Premier Dr The Honourable D. Orlando Smith.

According to the communique, the Territories have attractive offers to potential investors, including stable legal systems based on common law; the English language; educated workforces; links with growing and emerging markets; and the entrepreneurial spirit of island peoples. Territory Governments are committed to creating world class business environments; investing in human capital; attracting creative individuals and investors; and improving vital public infrastructure. Investment should benefit both the investor and the territory, providing sustainable employment and revenues.

"The UK Government is committed to providing necessary support and advice where it is requested. We are working in partnership to support and promote investment and trade, including improved market access worldwide. We look forward to the business event at Lancaster House in London on 28 November that will showcase opportunities in the Territories," the communique stated.

The members of the JMC haved resolved to work together as priorities on: promoting globally the investment and trade opportunities in the Territories, including through cooperation between Territory investment agencies, UK Trade and Investment (UKTI) teams and UK Embassies, High Commissions and other Posts; informing UK companies of investment opportunities in the Territories and encouraging them to explore the opportunities; promoting Territory exports and service industries, including in emerging markets and in countries where the Territories are not currently recognised; exploring further opportunities to boost inter-Territory trade and investment and the sharing of best practice; publishing Territory investment policies setting out clearly the offer to inward investors; commissioning independent advice on enhancing competitiveness, strengthening resilience and reducing vulnerability; promoting entrepreneurship and the development of small businesses, including through the Caribbean regional EU-funded Small and Medium-sized Enterprises project.

According to a UK Government website, yesterday the UK and Territory Governments also agreed to work together on education and training; green energy and the environment; developing stronger links with the wider world; international financial services regulation; governance and security issues.

Speaking after the meeting, Foreign Office Minister for the Overseas Territories Mark Simmonds said, “I was delighted to host this year’s Joint Ministerial Council and greatly valued my discussions with the leaders of the Overseas Territory Governments. There was a real sense of progress towards our shared ambition for the Territories as vibrant and flourishing communities. We are working together to support economic growth and job creation and to demonstrate that the Territories are among the best places in the world to do business,” the website stated.

The JMC is the principle forum for reviewing and implementing the shared strategy for promoting the security and good governance of the Territories and their sustainable economic and social development.