Hon. Lorna Smith, OBE, Minister for Financial Services, Labour, and Trade of the Virgin Islands, is leading a three-member delegation to the Cayman Islands as part of a fact-finding mission aimed at strengthening the Virgin Islands’ approach to business development and economic diversification.

The mission focuses on studying the Cayman Islands’ efforts to build a modern, business-enabling ecosystem, with particular attention to initiatives such as Cayman Enterprise City (CEC), Health City, Cayman Tech, and related institutions.

“The team is focused on identifying best practices and transferable lessons that can support the Virgin Islands’ own efforts to enhance its ease of doing business and foster economic diversification,” Smith said. “This experience will no doubt be of benefit to all participants including the delegation from the Virgin Islands, as we together seek similar goals — to find innovative ways to do business, and grow and strengthen our economy.”

During the visit, the delegation is scheduled to meet with several high-level Cayman officials, including Premier and Minister of Financial Services and Commerce, Honourable Andre Ebanks, and Deputy Premier and Minister of Tourism and Trade Development, Honourable Gary Rutty.

Other planned engagements include discussions with senior representatives from the Special Economic Zone Authority, the Chamber of Commerce, the Department of Commerce and Investment, and personnel from Customs, Immigration, and Labour.

Delegation members accompanying Minister Smith include Ms. Ayiesha De Coteau Sammy, Director of Investment Promotion; Dr. Lincoln Bobb, Deputy Director of Trade; and Dr. Dawn Alexander-Joseph, Policy Analyst II.

The Ministry of Financial Services, Economic Development and Digital Transformation said the mission is expected to help guide future policy planning and provide insights into building a competitive and resilient economy.

The Ministry is tasked with regulating financial institutions and services, promoting financial stability, and supporting economic growth across the Territory. It also oversees initiatives aimed at boosting investor confidence, consumer protection, and financial inclusion.

Against the backdrop of growing global uncertainty and shifting geopolitical alliances, the United Kingdom reaffirmed its commitment to its Overseas Territories this week during the observance of the Second Annual Overseas Territory Day. The event, championed by UK and Territory leaders alike, underscored the critical role these regions play in defense, environmental security, and Britain’s wider international footprint.

Speaking in his capacity as President of the United Kingdom Overseas Territories Association (UKOTA), Premier of the Virgin Islands Dr. the Hon. Natalio Wheatley described the occasion as an opportunity to reflect not only on the Territories’ vital roles in areas like security and environmental stewardship, but also on the “mutual respect and collaborative growth” that continues to define their relationship with the UK.

“Overseas Territories are not only vibrant communities rich in culture and heritage,” Premier Wheatley said in a statement Tuesday. “They are vital partners in the UK family… their contribution to the UK’s global presence and values cannot be overstated.”

Observed annually on the first Monday of June, Overseas Territory Day was marked in London with a series of ceremonial events, including a flag-raising at Parliament Square, a choral evensong at the Guild Church of St Lawrence Jewry, and a formal reception at Speaker’s House hosted by House of Commons Speaker Sir Lindsay Hoyle. The Virgin Islands was represented by UKOTA Chair and BVI Representative Tracy Bradshaw.

This year’s theme — “The Strategic Importance of the Overseas Territories and the Enduring Significance of our Constitutional Relationships with the United Kingdom” — reflected a growing focus on the Territories’ role in Britain’s global influence, particularly amid shifting geopolitical dynamics and climate-related vulnerabilities.

From the Caribbean to the South Atlantic, the Premier noted, Overseas Territories continue to punch above their weight. Citing efforts in renewable energy, biodiversity protection, and disaster preparedness, Dr. Wheatley praised the Territories for “thinking globally while acting locally.”

“These qualities not only define the character of our communities,” he said, “but also underpin their strategic relevance and global reach.”

Tuesday’s remarks also touched on the importance of responsible self-governance and ensuring that the voices of Overseas Territories remain central to policymaking at the UK level.

“We remain focused on ensuring their voices are not only heard but are instrumental in shaping policy and partnership,” Wheatley said.

The Premier closed with a call to unity and long-term vision, urging stakeholders to maintain momentum in advancing sustainable development, deepening constitutional ties, and building a legacy defined by “strategic cooperation, constitutional respect, and mutual progress.”

As Britain redefines its global relationships post-Brexit, events like Overseas Territory Day provide a moment to assess how longstanding ties — rooted in history but looking toward the future — continue to evolve.