VI Hong Kong Office may cost $800k annually - Premier
"I cannot give you an accurate figure of what we have spent so far setting up the office at this time but I can get those figures for you. I know that the London office for example cost about $800,000 per year and I am sure that eventually the Hong Kong office may probably be in the same range. I can also tell you that the London Office has been very effective in promoting the BVI and taking care of matters relating to our relationship with the United Kingdom," he stated during a press conference with members of the media on August 30, 2013.
While Premier Smith said no one has so far been selected for the post, he told members of the media, “A Virgin Islander will serve as the Director and is expected to take up office shortly.”
Further, the Premier disclosed that an Operations Manager with extensive experience in financial services and accounting was recently hired and will oversee the operations of BVI Asia in the interim period.
The Premier announced that he will be leaving for Hong Kong for the formal opening of the BVI Hong Kong Office on September 5, 2013.
Members of the delegation will include the Permanent Secretary in the Premier’s Office, Second District Representative and Opposition Member Hon. J. Alvin Christopher and representatives of the Financial Services Commission.
Dr Smith explained that the establishment of an office in the Far East is a major component of his government’s strategy to expand and deepen the commercial footprint of the Territory in one of the most important global markets.
He added, “The establishment of the Hong Kong Office will allow BVI here at home to have a physical presence in the Far East, to obtain information in real time, and to better liaise and collaborate with financial services industry partners with offices in that jurisdiction.”
According to the Premier, an official opening ceremony is planned where invited guests would include partners from the VI and Asian Financial Services community and Asian government and diplomatic officials.
“The BVI Asia Office would mirror similar activities of the BVI London Office but with a specific focus on financial services, promoting BVI business brand including tourism and new international investment opportunities,” Dr Smith said.
He added, “The BVI Hong Kong office will be our second international office and it will assist BVI significantly to spread our wings and to expand our financial services market. The functions of the office will also include diplomatic representation in the Asia Pacific Region, strengthening BVI’s voice with Government authorities in the region, and promoting BVI business including tourism and new international investment opportunities.
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24 Responses to “VI Hong Kong Office may cost $800k annually - Premier”
This is one of the worst decisions by the NDP...they just trying to compete with the VIP who started the London office. The NDP will kill and drain us. Could you imagine the many first class tickets to Hong Kong?
This little party by the lady and her white friends is going to cost at least $200,000 with first class air tickets and fancy hotels. And it's all our money in a time when people are hurting! Disgraceful! I am more resolved that NDP must go!!!
With entities billions in assets held in BVI vehicles you don't have to be a rocket scientist to see the potential. You cannot make a shot in basketball if your not in the game.
It's up to us now to maintain the level of investment through BVI Financial vehicles... and now translate that to real investment on the ground in BVI.
In order to do that we have be in the game and rub shoulders with the movers and shakers. We need keep open minds and not always be so simple and short sighted.
You speak about it being a bad investment what are your reasons? You claim and I quote. "The Asians WILL NOT invest in the BVI because all their money goes only to Singapore and that’s a fact!" How can you make such an opinionated statement and call is a fact? Have you explored the possibilities of investments locally by Asian financial community? Or your cool like that with the financial elite in Asia and they told you so? I will wait to hear the reason why it is a bad investment.
We need to stop being so simple and close minded. Broaden our thoughts to the possibilities once the office is up and running. There is no question that wealthy Asian's a seeking to invest in the Caribbean (4 billion dollar BAHA Ma Project in Bahamas) and other parts of the world, why not BVI? More than ever the BVI needs direct foreign investment to buttress our local economy. We need to go out and find new cheese or we will be here in a few years like the rat in the book "who moved my cheese" complaining about who moved our cheese. What are your other thoughts about stabilizing/growing our economy,? and I'm still waiting by the way on why it is a bad investment