The BVI Asia Trade Mission, led by Deputy Premier and Minister for Financial Services, Hon Lorna G. Smith, OBE held a meeting with the China Council for the Promotion of International Trade (CCPIT) in Shenzhen, which serves to foster international economic and trade cooperation. Photo: GIS

Deputy Premier and Minister for Financial Services, Hon Lorna G. Smith, OBE has said the [British] Virgin Islands (VI) will host its first financial services trade show in Shenzhen in early 2025. Photo: GIS/File

The meeting, hosted by Deputy Director General Ms Haobo Yang, focused on trade promotion development between the [British] Virgin Islands (VI) and Shenzhen, with a focus on the synergy between the VI’s financial services industry and Shenzhen’s industrial base. Representatives from Shenzhen’s China Chamber of Commerce, Qianhai Mawan International Service City, a variety of local Shenzhen companies, as well as members of the CCPIT executive body were in attendance to discuss key issues with the VI Government.

'Grateful'

As part of the discussion, Deputy Director-General Yang highlighted the role of the CCPIT in growing Shenzhen’s economy, noting the 77 VI-domiciled Shenzhen-based companies which combine for a value of USD 3 billion in investments.

According to a Government Information Service (GIS) press release on May 27, 2024, while many Shenzhen-based companies are utilising VI structures, there are additional opportunities for the expansion of VI business in Shenzhen as an innovation hub where flexible financial tools are necessary for high tech development, such as artificial intelligence and the production of green energy.

Deputy Premier Smith said, “I am grateful to CCPIT for hosting such an insightful and valuable meeting. Deputy Director-General Yang was vibrant and eager to strengthen the engagement between the BVI and Shenzhen’s technological developments.”

VI to host 1st FS trade show in Shenzhen in 2025

Deputy Premier Smith also announced that the VI would host its first financial services trade show in Shenzhen in early 2025, with a focus on industries including fintech, blockchain, artificial intelligence, electric vehicles, and decarbonisation.

The meeting was followed by a luncheon for the VI Government delegation, hosted by the Shenzhen Foreign Affairs Office. During the luncheon, Director-General Ms Saixian Cao, who was joined by 13 Government officials and private sector practitioners, shared an extensive overview of the development of the city of Shenzhen and its economy, highlighting its hub strategy as a center for technological innovation.

Deputy Premier Smith then reflected on the 10-year relationship between VI and Shenzhen as sister cities, and the parallel long-term relationship between the VI Representative Office and Shenzhen Foreign Affairs Office. A joint toast was given to close the luncheon in recognition of the 10-year Anniversary of the BVI-Shenzhen MOU signed in 2014 and later the joint Sister Cities Agreement.