TSI Project Funded by Implemented by Kick-off training seminar Brussels, 4-6 November 2014 BVI INNOVATION – Innovation Strategy for the British Virgin.

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Presentation transcript:

TSI Project Funded by Implemented by Kick-off training seminar Brussels, 4-6 November 2014 BVI INNOVATION – Innovation Strategy for the British Virgin Islands

TSI Project Funded by Implemented by BVI MAP

TSI Project Funded by Implemented by BVI PROFILE The British Virgin Islands – 60 Islands (52 square miles) – Main Islands: Tortola (24 square miles) Anegada Virgin Gorda Jost Van Dyke – Capital: Road Town (located on Tortola) The epicenter for all commercial actvities

TSI Project Funded by Implemented by BVI DEMOGRAPHICS General Population - 28,280 (2012) est. – BVIslanders - 11,220 (40%) – Non-BVIslanders - 17, 060 (60%) Workforce - 18,198 (64% of population) – Financial Services (3%) – Tourism (19%) – Public Service (32%) Unemployment Rate – 3.1

TSI Project Funded by Implemented by BVI ECONOMY GDP – 910mil USD (Per Capita – 32,156 USD) Tourism 30.33% Financial Services17.76% Government Revenue Contributions Financial Services63.43% Tourism1.36% 48.09% 64.79%

TSI Project Funded by Implemented by FINANCIAL SERVICES Financial Services Industry – leading position in company incorporations – strong legal and legislative environment – Offers diverse range of innovative, high quality offshore services, products and professional services Current Issues – High level of scrutiny (IMF, FATF, OECD) – National Risk Assessment (prepare for 2017 assessment) – Transitioning into a new Paradigm (Added value services – funds, trust, insurance, arbitration, etc)

TSI Project Funded by Implemented by TOURISM Tourism Industry – Sailing Capital of the world – Tourism Arrivals (Over 750,000 annually) – Baths – Most unique beach (Trip Advisor) – Virgin Gorda – Top Island 2014 (Travel Leisure) Current Issues – Tourism infrastructure development (ports & hotels) PPP (Airport & Pier Park Projects) – Tourism valuation Study (Added value to the environment) Total annual value of the Environment 194mil USD (71%) – New Services – (Medical/health & Sports tourism)

TSI Project Funded by Implemented by STAKEHOLDERS IN INNOVATION Education – Environment (Green & Blue growth initiative) – Climate Change (National Climate Change Committee) Science (Research & Development) – Science & Technology, Informatics & E-Commerce Committee – Telecommunications upgrade (LIME BVI) Public governance – Energy Policy (MC&W) – Climate Change policy(MNR&L) MSE – National Business Bureau (Training & Loan guarantee)

TSI Project Funded by Implemented by OPPORTUNITIES FOR INNOVATION Financial Services (Value Added Services) Tourism (Niche products & services) Professional Services (Arbitration) Medical Services (Specialised) ICT Research & Development (Science & Technology, SEZ) Alternative Energy (Research & Development) Environment (Green & Blue Growth) Construction innovation Fisheries (Aquaculture)