Premier Speaks on BVI Economy During 2014 Budget Address

The Premier of the British Virgin Islands, Dr Orlando Smith, was speaking on the economy of the jurisdiction, during the 2014 Budget Address last week. He said that, despite the global financial crisis and tremendous fiscal pressure, his government has done very well in safeguarding BVI’s economy and building territory’s economic sectors and reserve fund.

Among this year’s accomplishments named by the Premier, there were improvements in the sector of tourism, including partnership with the airlines serving the BVI territory, and providing incentives for new airlines, as well as BVI presence in the Asia/Pacific region which was enforced with the opening of BVI House Asia in Hong Kong – the most active partner of the jurisdiction for financial services business.

This year’s budget announced by the Premier is US$301,746,000. Smith expressed his confidence that it will help to continue territory’s progress towards stability and growth. The vision of the British Virgin Islands government is to create “a prosperous Virgin Islands, that is ideal to live, work, visit, and do business.”