Jersey hosts developing countries discussion

28 November 2014

Jersey reaffirmed its commitment to working with and supporting developing countries with a discussion held at the House of Commons yesterday (26 November).

The event, which was attended by UK Parliamentarians, diplomats from developing nations, NGOs, business organisations and international bodies, looked at the role that Jersey can play in facilitating investment for developing countries and providing technical expertise to help in the enhancement of their revenue-raising capacity.

Work with developing nations

Speaking after the event, the Minister for External Relations, Senator Sir Philip Bailhache said “As a leading international finance centre, Jersey is well placed to act as a platform for essential investment into developing countries, as highlighted in the recent Jersey’s Value to Africa report by Capital Economics.

“We also have a responsibility to play a part in ensuring that developing countries can benefit from international initiatives on information exchange.

“This means using the huge experience and expertise we have in these matters within the Island to help developing nations develop robust regulatory frameworks and build their revenue-raising capacity.

“To do this, we want to work with developing nations and international organisations to find a route for smaller jurisdictions such as Jersey to put our expertise to best use.”

Huge infrastructure opportunities

His Excellency, Mr Williams Nkurunziza, Rwandan High Commissioner to the UK, who attended the event, added “Developing nations like ours, Rwanda, need to attract and raise substantial external capital flows to invest in key commercial infrastructure like energy, roads, rail and airports, if we are to deliver the growth and prosperity that our people deserve. Indeed, harnessing the potential of Africa depends on this imperative.

“There are huge infrastructure opportunities across Africa and we welcome the involvement of jurisdictions like Jersey, who are in a position to mobilise the investments we seek and to work with us to ensure requisite expertise is available to manage and deploy these resources towards the realisation of Africa's growth aspirations.”