Acting Permanent Secretary in the Premier’s Office, Mr. Brodrick Penn (right) signs a Memorandum of Understanding on behalf of the Virgin Islands while Member of the Standing Committee of the CPC Guangdong Provincial Committee and Party Chief of the CPC Shenzhen Municipal Committee Dr. WANG Rong signs on behalf of Shanghai. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

Members of the Chinese delegation pose with government officials for a photo opportunity. Photo: VINO

Premier Dr. The Hon. D. Orlando Smith cited the visit of a Chinese delegation this past week as a historic occasion, noting that while the Territory has had visits from previous delegations, this is the first time that such a significant delegation has arrived to forge a closer relationship with the Virgin Islands. Photo: VINO

Scene from the promotional briefing and MOU signing between the Virgin Islands and Shenzhen and Qianhai Authority, Hong Kong at Treasure Isle's Verandah on January 10, 2014. Photo: VINO

The Virgin Islands signed two Memorandums of Understanding (MoUs) yesterday, January 10, 2014 with the Qianhai Special Economic Zone and the City of Shenzhen at Treasure Isle Hotel. 

Premier Smith stated during the event that this marked the commencement of proper dialogue with officials on issues of common concern, such as tourism, financial services, culture, sports and other areas. 

He further noted that the Virgin Islands has been the jurisdiction of choice for economic development in the Asia Pacific Region for many years. “BVI plays a major role in the global economy, and it is therefore paramount that we aggressively move to strengthen and expand into existing markets as well as explore and develop our physical presence in the Asia Pacific Rim,” Dr. Smith said. 

Dr. Smith also reiterated that the establishment of an office in Hong Kong is a major component of Government’s strategy to expand and deepen the commercial footprint of the Territory in one of the most important global markets. 

Member of the Standing Committee of the CPC Guangdong Provincial Committee and Party Chief of the CPC Shenzhen Municipal Committee Dr. WANG Rong said, “As one of the world-renowned offshore financial centers, the British Virgin Islands is not only an important source of foreign capital for China, but also a major platform for Chinese capital to go global.” 

He added, “Last September, BVI House Asia was established in Hong Kong, a close neighbour of Shenzhen, creating even more favourable conditions for the cooperation between two sides. We warmly welcome BVI companies and institutions to strengthen overall and multi-layered cooperation with Shenzhen in various fields, and to share development opportunities with us for a better future.” 

The delegation from Shenzhen has been in the Territory since January 9, 2014 meeting with various stakeholders in the Virgin Islands to discuss areas pertaining to cooperation in financial services, the economy, tourism, cultural matters as well as education. 

Shenzhen ranks first in GDP per capita among Chinese cities and is a major manufacturing centre.  The city is also ranked second in Forbes’ 2012 list of innovative mainland cities and eighth in the world in terms of its economic vitality. With four pillar industries, namely, hi-tech, financial services, cultural industry and modern logistics, Shenzhen has established a sophisticated mechanism of manufacturing and service industries. Shenzhen is also regarded as leaders of transportation of passengers and cargo, ranking 49th and 24th respectively in the world.