Beautiful Virgin Islands

Monday, Feb 06, 2023

BVI financial services sector lauded as most successful in C’bean

BVI financial services sector lauded as most successful in C’bean

The BVI has been lauded as having the most successful financial services sector in the Caribbean.
The territory received this praise from Dr June Soomer of the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC). She currently serves as the ECLAC’s lead consultant offering support to the territory as it establishes a National Sustainable Development Plan (NSDP).

Dr Soomer made the comment during her presentation on the territory’s NSDP to the financial services sector during BVI Finance’s Breakfast Forum, on June 30.

She described the input by the financial services sector as a critical part of the consultations necessary to ensure proper representation of the BVI’s main economic pillars in drafting the NSDP, a 15-year vision and road map for the territory.

Ministry of Finance Economist, Emery Pemberton, who supported the presentation, said the NSDP was being led by the Government of the Virgin Islands and was integrated as part of the UN Sustainable Development Goals (SDG).

He stated that the NSDP and achieving the SDG goals are not only the responsibility of the government but also the responsibility of businesses and citizens. Pemberton outlined that this was necessary to produce a comprehensive report.

“These 17 goals are established by the United Nations, and we have had more than 70 consultations throughout the territory as well as conducted a survey in which we received very good responses. The goal was to identify some of the challenges faced and to assure persons that we have considered many foundational documents when we examined the current state of the territory,” Dr Soomer said.

The NSDP process began in 2021 and has involved consultations with key sectors while examining the vision, national goals, national outcomes, implementation framework, monitoring and evaluation framework and the way forward for the BVI.

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