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Minister Lorna Smith Outlines Vision for Innovative and Digitally Transformed Ministry
Minister for Financial Services, Trade & Labour, Hon. Lorna Smith, has shared her ambitious vision for her ministry, emphasizing the importance of innovation, digital transformation, and global competitiveness in driving the growth of the financial services sector in the British Virgin Islands (BVI).
During the Financial Services Solutions Forum, Minister Smith highlighted the need for financial services to have a strong presence in both the Cabinet and international governmental institutions, recognizing its significance to the BVI's economy.
Her vision for the ministry revolves around a prosperous and inclusive society, with a sustainable and future-ready economy that embraces innovation and digital advancements. Minister Smith acknowledged that trade and labor are integral components of her portfolio, contributing to the overall success of the BVI.
To support entrepreneurs and foster economic growth, Minister Smith emphasized the importance of streamlining trade licensing and work permit systems, ensuring quick decision-making processes by the government. The goal is to create an environment that enables businesses to thrive, generate employment opportunities, and offer services not only within the BVI but also globally.
While emphasizing the significance of the financial services community, Minister Smith stressed that a robust and sustainable broader economy is essential for its success. This requires providing opportunities for the brightest minds within the BVI community to fulfill their career aspirations. Balancing the right mix of skills and attracting local talent to the financial services sector is crucial for its development and expansion.
Minister Smith called for increased leadership and mentoring from the financial services sector, particularly in supporting young people and guiding them towards successful careers in the industry. She also emphasized the need to refresh the narrative surrounding BVI's financial services, recognizing the importance of maintaining its core offerings while diversifying and expanding into new areas.
Highlighting the development of the FinTech sector as an example of diversification, Minister Smith emphasized the need to explore additional opportunities to reinforce and expand the BVI's service economy. Diversification is crucial to reduce dependency on a single sector and ensure long-term resilience and growth.
Minister Smith's vision signals a commitment to leveraging innovation and digital transformation to drive economic prosperity in the BVI. By embracing new opportunities, fostering talent, and promoting diversity, the ministry aims to position the BVI as a globally competitive and forward-looking jurisdiction in the financial services arena.
Her vision for the ministry revolves around a prosperous and inclusive society, with a sustainable and future-ready economy that embraces innovation and digital advancements. Minister Smith acknowledged that trade and labor are integral components of her portfolio, contributing to the overall success of the BVI.
To support entrepreneurs and foster economic growth, Minister Smith emphasized the importance of streamlining trade licensing and work permit systems, ensuring quick decision-making processes by the government. The goal is to create an environment that enables businesses to thrive, generate employment opportunities, and offer services not only within the BVI but also globally.
While emphasizing the significance of the financial services community, Minister Smith stressed that a robust and sustainable broader economy is essential for its success. This requires providing opportunities for the brightest minds within the BVI community to fulfill their career aspirations. Balancing the right mix of skills and attracting local talent to the financial services sector is crucial for its development and expansion.
Minister Smith called for increased leadership and mentoring from the financial services sector, particularly in supporting young people and guiding them towards successful careers in the industry. She also emphasized the need to refresh the narrative surrounding BVI's financial services, recognizing the importance of maintaining its core offerings while diversifying and expanding into new areas.
Highlighting the development of the FinTech sector as an example of diversification, Minister Smith emphasized the need to explore additional opportunities to reinforce and expand the BVI's service economy. Diversification is crucial to reduce dependency on a single sector and ensure long-term resilience and growth.
Minister Smith's vision signals a commitment to leveraging innovation and digital transformation to drive economic prosperity in the BVI. By embracing new opportunities, fostering talent, and promoting diversity, the ministry aims to position the BVI as a globally competitive and forward-looking jurisdiction in the financial services arena.
