New Delhi, Aug 25 The Society of Indian Law Firms (SILF) on Tuesday welcomed a delegation from the British Virgin Islands (BVI), including its head of government, which was on its first official visit to India to explore opportunities for strengthening trade, investment and legal cooperation.
SILF President Lalit Bhasin welcomed BVI Premier Natalio D Wheatley, BVI Minister for Financial Services, Economic Development and Digital Transformation Lorna Smith and others.
"This is the first-ever visit from the British Virgin Islands to India, officially. There might have been private visits, but this is the first official visit," Bhasin said.
He said the visit had been necessitated not just by developments in India or in the BVI but because of global developments for encouraging and promoting mutual economic and commercial relations.
"Lately, we have seen that there has been an emergence of the British Virgin Islands as a proper destination to see where trade and commerce and economic partnership can flourish," the SILF president said.
"So, it is indeed a privilege for us in these days of globalisation to start on that note. It is indeed a great honour that your delegation has chosen to visit the SILF, which is the apex body of law firms in India," he added.
Bhasin underlined the importance of law and legal support for India and the BVI.
"Because without legal support, nothing is possible. Without legal support, you cannot have conventions, you cannot have protocols, you cannot have agreements, you cannot have joint ventures, you can't have IPOs," he said.
"The interaction of the delegation with members of the SILF would showcase cooperation while preserving sovereign legal entities. Other areas of discussion would be investment protection in the age of Artificial Intelligence (AI), Environmental, Social, and Governance (ESG) standards, and the global energy transition," he added.
The BVI premier said that the interaction with SILF was important for exploring avenues for strengthening trade, financial services and cross-border legal cooperation.
"As Indian businesses increasingly expand globally and investors look overseas to raise capital, we believe the BVI can play an even greater role in supporting India's financial architecture," Wheatley said.
He said that the BVI-India relationship spans over two decades, with BVI financial services long supporting India's international investment efforts.
The premier highlighted the BVI's flexible corporate framework and common law system as key tools to facilitate global investment into India.
"We also want to bring more Indian legal practitioners into our global network and build partnerships with institutions including GIFT City, towards a dedicated BVI–India investment corridor and gateway. Our purpose is to refresh a decades-old friendship, strengthen existing ties and build new value together as India advances towards becoming a developed nation by 2047," he said.
BVI Minister Smith applauded India’s FinTech success, particularly the Unified Payments Interface (UPI) system.
"India’s UPI payment system is of great interest to the British Virgin Islands, and we are keen to learn from India’s experience in building this ecosystem," Smith said.
She said the delegation brings together the government and private sectors, with BVI-linked firms and professionals operating across jurisdictions including Switzerland, Dubai, Panama, Hong Kong and Mauritius, reflecting the truly global nature of the BVI's financial services ecosystem.
"Lawyers are an integral part of this ecosystem and play an important role in helping us understand and navigate financial services and globalisation. Our engagements with the Government of India have already opened discussions around areas for greater cooperation and capacity building," the BVI minister said.
