Virgin Islands JMC '13 report

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Joint Ministerial Council 2013 - Progress on Implementation of Agreed Actions

Date: 11th November, 2014

Completed By: British Virgin Islands Economic Diversification

Commitment Progress 1 Promote globally the investment and trade opportunities in the Action principally for UKG Territories, including through cooperation between Territory investment agencies, UK Trade and Investment (UKTI) teams and UK Embassies, High UKTI Miami team visited the BVI from 20-23 October, 2014 and undertook Commissions and other Posts. a fact finding /scoping visit. The team met with various Government and Non-Government stakeholders, including the BVI Chamber of Commerce and Hotel Association, the Department of Trade, the Rotary Club, and a local fashion designer among others. 2 Inform UK companies of investment opportunities in the Territories and Action principally for UKG encouraging them to explore the opportunities. BVI prepared investment and promotional materials for the second JMC OT Investment Forum in 2013 that highlighted tourism, financial services agriculture etc. BVI officials also discussed these opportunities with interested parties. BVI has launched public tenders for capital projects that were brought to the attention of UK companies. 3 Promote Territory exports and service industries, including in emerging Action principally for UKG markets and in countries where the Territories are not currently recognized. BVI has developed strategic relationships in some emerging markets as well as advanced economies primarily in relations to service industries of Tourism and Financial Services. These included promotional tours in Brazil, China and Mexico, the United States and United Kingdom. 4 Explore further opportunities to boost inter-Territory trade and BVI is committed to ensuring an attractive and transparent trade and investment and the sharing of best practice. investment regime. As such, the Territory has embarked on a mission towards developing polices for trade, investment, export, licencing, and 1


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