BVI-China industrial trade sees massive increase

Industrial trade between the British Virgin Islands (BVI) and China has significantly increased within the last few years, according to Li Xingqian, Director-General of the Department of Foreign Trade within China's Ministry of Commerce (MOFCOM).

Xingqian revealed a surge in trading from $9.17 million in 2020 to $70 million in 2023, adding that during the first four months of 2024, both countries traded industrial goods valued at $30.79 million.

These comments came during a recent BVI Asia Trade Mission to China.

Trade Minister Lorna Smith and CEO of BVI Finance, Elise Donovan.

BVI’s Deputy Premier Lorna Smith expressed the importance of Chinese industrial goods to BVI’s construction sector, as reconstruction efforts from the devastating hurricanes of 2017 are still ongoing. She highlighted the significant role BVI business companies were playing in the Chinese import-export markets, reflected in their usage for shipping and manufacturing.

Smith expressed the Virgin Islands’ commitment to servicing Chinese clients, continuing to provide financial products critical to China’s investment climate and international trading. BVI is seeking to provide more tailored financial products geared towards China’s innovation-based industries such as artificial intelligence, fintech, electric vehicles, decarbonization, and sustainable energy.

The territory will continue to be a key fixture in China’s economic development and more trade promotion teamed with product development will be necessary for BVI to remain China’s preferred jurisdiction of choice for global financial services business, a press release states.

The mission included roadshows in Beijing and Shanghai, with more than 300 industry representatives and professionals present for two days of informative speeches, panel discussions, and networking on the BVI’s financial services product offerings. The delegation also held a series of productive engagements with Chinese government representatives.

A meeting at the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC), hosted by Chairman Yang Wanming, focused on the long-term relationship between BVI and China as trading partners, highlighting the long-standing relationship developed over four decades.

Yang stated that BVI was well known in China’s business community because of the significant role the territory plays in China’s financial sector and investments ecosystem.