The Government of The Bahamas wishes to secure every opportunity to increase its revenue so that its citizens can afford the best in community service. However, it stands firm in its commitment to ensure that no income taxation will be implemented.
Illustrating this vital concept to the attendees of the recent Bahamas Investment Conference held last Saturday at the British Colonial Hilton, Minister of Financial Services & Investments, Allyson Maynard-Gibson said, "This means that your success increases Government's ability to provide these services and the ability of Government to fulfill its obligations to provide a safe and sound environment in which citizens may flourish economically.
"It also means that citizens in 2007 and beyond, will accept the responsibility of working hard and the responsibility of their own actions in creating their destiny."
Minister Maynard-Gibson also pointed out that accountability, transparency and consultation works best when citizens respond through active involvement and when the 'fourth estate' is alive and well. Likewise, she said, citizenship is a personal obligation and should come easily to The Bahamas as historically, its people has always been its strongest resource.
She said that in a global environment where FTAA, WTO and trade in services are realities, there is every opportunity to shine as a nation. Moreover, The Bahamas has two advantages she said; people love The Bahamas and people don't mind paying for excellent services.
"So we have every opportunity to demonstrate that this small country of 300,000 people can compete and excel in one of the major trade areas or trade in services," she said. "There is every reason to accept this challenge because it is not about money, its about you."
Last week, the Minister revealed a ten point five-year financial services strategic action plan and stressed that she would elaborate on four of the 10 strategies.
Firstly, in identifying and creating opportunities for growth, Minister Maynard-Gibson said areas of potential growth include mutual funds administration, domestic and external insurance and e-commerce.
The Minister stated that a new Mutual Funds Bill and Regulations will soon be tabled. Additionally she said, at the end of 2002, legislation related to Insurance (Domestic and External), E-commerce and four bills namely the Electronic Communications and Transaction Bill 2001; The Computer Misuse Bill 2001; The Data Protection (privacy and personal information) Bill 2001 and the Unfair Terms in Consumer Contracts Bill 2001, will be debated and passed. The KYC (Know Your Customer) regime will also be streamlined.
Secondly, citing what she terms as 'knowledge capital' the Minister said the strategy to develop expertise is vital for trade in service.
"When I spoke about the Strategic Plan' people asked me how we shall implement such a plan," she said. "This suggests that we have neither sufficient expertise to serve in the existing areas nor the necessary expertise to serve in areas for expansion.
"Let me emphasize that the main attribute of a service provider is attitude – in an attitude of working hard to get the job done or summed up in one word – productivity."
She said this endeavour must be supplemented by encouragement from institutions in country to train and retrain its employees.
"However, all of this investment in human capital or knowledge capital is meaningless if the recipients of the investment – citizens, are indifferent or do not have the attitude that enables them to excel in 2007 and beyond," she said.
"Let me emphasize that we are in the big leagues. We can play in the big leagues as is amply demonstrated by Bahamians who live and work abroad, and Bahamians who are succeeding in the big leagues in The Bahamas.
"And friends, let me also say we shall continue to evaluate and ask the question 'how much and what expertise do we have to import or export our services."
Thirdly, the Minister said in developing linkages with Tourism, investment, real estate and property development, her ministry is making every effort to carry out the IB and NEC approvals process. Furthermore, she said, submitted applications are still not being completed. However, much is being done to review the forms so that there is probability for all required information to sent in with the form.
Fourthly, Minister Maynard-Gibson said to facilitate Bahamian participation in the industry, citizens are encouraged to deepen the economy and the tourism & financial services product with a suggestion to banks to offer assistance to Bahamians in loans for entrepreneurship rather than just consumer loans.
"We believe that Bahamian investment in our economy, especially in our main engines, tourism and financial services, will deepen and strengthen our economy," she said. "We encourage banks to responsible corporate citizens by facilitating growth in their interest and in the national interest.
"However, banks, like many other enterprises are driven for profit. Accordingly, those wishing to borrow money for enterprise must accept the responsibility that comes with 'playing the big leagues.'"
The Financial Services & Investment Minister added that this responsibility not only involves investing one's business, but also reinvesting and upgrading one's skills in an evolving technological world.
By Lisa Albury, The Nassau Guardian
