LONDON, March 29, 2023 /PRNewswire/ — The positive role of the British Virgin Islands (BVI) in the global economy has been underscored in a new independent report released today: ‘Beyond Globalization: The Contribution of the British Virgin Islands British Virgins to global prosperity in an uncertain world'[1].
The report, based on quantitative and qualitative research of companies operating in the BVI1, shows that the BVI is home to a globally respected international center for business and finance facilitating approximately $1.4 trillion in cross-border trade and investment.
There are currently just over 375,000 active BVI trading companies, approximately 57 percent originating from Asia and 16 percent from Europe and North America. Investment mediated by BVI Business Companies supports around 2.3 million jobs worldwide and generates an additional US$14 billion each year in taxes for governments around the world.
In the United Kingdom, British Virgin Islands companies have assets estimated at US$153 billion, with 134,000 jobs created by investments mediated through the British Virgin Islands and US$3.5 billion of tax revenue generated for the British Virgin Islands government. United Kingdom.
Regarding the report, Elise Donovan, CEO of BVI Finance, said:
“This report provides clear evidence of the role the BVIs play in facilitating investment, stimulating economic growth, creating jobs and providing governments with much-needed tax revenue.
“With this research, we can continue to debunk some of the myths and educate more people about the true role that the British Virgin Islands play as a respected and valued international business and financial center and a key intermediary in the global economy.
“Whatever form the next evolution of globalization takes, international financial centers like the British Virgin Islands will continue to be vital cogs in driving the global economy by facilitating investment and enabling a more efficient global marketplace.”
The ‘Beyond Globalization’ report identifies three scenarios for the future of globalization and opportunities for the BVI. In the first scenario, ‘Weaker Internationalism’, pre-pandemic globalization trends continue, albeit more slowly and with many political hurdles to navigate. In the ‘block economy’, economic and regulatory integration between countries continues within geopolitical blocks, but these different groups diverge. Finally, the ‘new economic nationalism’ is a partial reversal of globalization with greater protectionism, less porous borders and more erratic policies.
Mark Pragnell, Director of Pragmatix Advisory, added:
“Looking into an uncertain future and beyond the globalization of the last decades, there are many different scenarios for geopolitics and economics, but there will continue to be a need for expert, neutral and innovative centers, such as the one in the British Virgin Islands, to support cross-border trade, investment and mobility”.
The full Beyond Globalization report can be viewed here: https://bvifinance.vg/The-BVI-Advantage/Beyond-Globalisation
[1] Beyond Globalization: The British Virgin Islands combines a new analysis of official statistics, information and research along with an analysis of the horizon and the results of a major quantitative and qualitative research program among the companies that operate in the center international business and finance jurisdiction.
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