The territory's Government Information Service announced recently that Premier Ralph T. O'Neal, Deputy Premier Dancia Penn, Minister for Communications and Works Julian Fraser, Attorney General Honourable Kathleen Quartey and other senior public servants attended the two-day event on 26th and 27th June.

The Financial Services Commission was also represented by its Chief Executive Officer and Managing Director Robert Mathavious along with other senior management officials.

The event was moderated by Simon Beck, the Managing Partner of the Miami-based company, Baker McKenzie, the international law firm.

The retreat examined the products and services that are offered within the local financial services sector, opportunities in new and emerging markets around the world, and ways in which a closer relationship could be developed between the private sector and the people of the Territory.

Premier O'Neal, expressed thanks for the opportunity to discuss various important matters within the financial services industry during a true collaborative effort among government, regulator and the private sector.

"I welcome the fact that all delegates acknowledge there should be a deeper understanding of the financial services among Virgin Islanders and their commitment to undertake more training and mentoring so that greater numbers of Virgin Islanders reach senior levels within the sector," the Premier said.

According to Mathavious, last week's retreat was a resounding success.

"The success of the BVI financial services sector is dependent on the robust regulatory regime which has been established. The retreat was a great success in terms of discussing how this framework benefits our private sector and where further developments might be helpful," he noted.

Executive Director of the International Finance Centre Lorna Smith said several new ideas about the future direction of the IFC were discussed as well as emerging markets where there might be opportunity for BVI business.

"It is the BVI's clear intention to maintain its leadership as a world-class jurisdiction whilst ensuring that Virgin Islanders have the opportunity to play a more significant role at all levels of ownership, leadership and management in the private sector. This was therefore an important gathering to plot the way ahead and we are grateful to all those involved. The private sector also indicated where they felt the BVI Government could provide support," she said.

The Executive Director confirmed that the next step in the ongoing process will include the development of an education plan about financial services for the British Virgin Islands; the devising of marketing strategies for a number of new target markets; and the exploring of potential new products and services.

The International Finance Centre (IFC), which falls under the Ministry of Finance, is the department charged with marketing and promoting the Territory's financial services sector.