Washington, D.C, – Minister of Financial Services & Investments, Allyson Maynard-Gibson will be among a unique blend of business and government leaders from throughout the Caribbean region when the 26th Miami Conference on the Caribbean Basin will take place.
Caribbean Latin American Action has scheduled three timely and relevant sessions on the financial services industry in the Caribbean Basin, which in the wake of the USA Patriot Act and recent Bush Administration efforts on economic integration takes on new importance and urgency.
Scheduled for December 2 – 5, at the Lowes Miami Beach Hotel, Miami Beach under the theme, “Competitiveness of the Third Border in 2005,” the Conference will provide participants with an unqualified commitment to the Spirit of Development, to face head-on the twin threats of Poverty and Globalization and to accelerate the Process of Development Reform, Liberalization and Integration currently underway in the region.
Organized by CLAA, a non-profit advocacy group that promotes free trade and private sector oriented solutions to hemispheric problems, the conference will also serve as an opportunity to dramatically strengthen commercial relations -a crucial first step in achieving a comprehensive Trade Agreement for the Caribbean Basin.
The first session: “Offshore Financial Industry: Compliance, Regulation, and Survival” will deal with questions of compliance to new anti-money laundering regulation, as well as issues of the survivability of the industry in the long term. According to a CLAA spokesman, “Even before 9/11, there was a drive to improve Offshore banking regulation in countries in the region.
Since 9/11, it has become more important to harmonize the interests of the OECD and Offshore countries in the Caribbean Basin.”
Issues on the agenda include technical assistance for compliance and the establishment of an integrated regulatory regime for the Caribbean.
The second, titled: “The Future of Correspondent Banking and Trade Finance in the post-Patriot Act Environment” will examine the critical issue of trade finance in the region, an important part of which has been correspondent banking. New regulations in the United States, including the USA Patriot Act, pose new challenges to correspondent banking and trade finance in the region which must be addressed in the interests of the international anti-money laundering effort and international trade in the region.
The third session, “Regional Stock Exchanges: Integration and Capitalization” will address challenges smaller economies face in attracting investment, highlighting the use of regional stock exchanges as a potential solution.
According to a CLAA spokesman, “With the Bush Administration’s focus on a free trade agreement with the region, integrated and efficient capital markets become crucial to attract foreign investment and make the region economically competitive.”
The session will address the challenges of currency and regulation that face these small capital markets as they compete with other regions and countries to attract foreign investment.
Sessions will be chaired by Sir Courtney Blackman, former Governor of the Barbados Central Bank; John Rodriguez, Senior VP Latin America North, Wachovia Bank NA; and Robert Sherretta, President, International Investor, LLC, respectively.
Other confirmed discussants include Yolanda Suarez, Chief of Staff of Stanford Financial Group; Susan Galli, Senior Anti-Money Laundering Coordinator of Citibank; Gary Awai, Assistant General Manager of RBTT Bank; Roy Johnson, Chairman of the Jamaica Stock Exchange; and Walter Kerschbaum, Vice President of Euronext NV. Additional industry sessions to be hosted at the Conference include energy, telecommunications, agribusiness and financial services.
With the need to attract foreign investment as the primary motor for economic development never being greater, the Conference will bring together key public and private sector decision-makers in a constructive dialogue to foster cohesive partnerships designed to drive the transformation process required to attract greater foreign investment � through regional harmonization, business facilitation and greater transparency.
Issues on the Agenda will include:
* Can the Third Border compete in 2005?
* What are the new realities facing the region, the US�s 6th largest trading partner, since September 11 and the slowdown in the US economy?
* Do security concerns for the US and the region argue for increased cooperation in areas such as customs and immigration?
* Can the politically sovereign nations of the Caribbean Basin recognize that they can no longer behave as such economically and is integration on a regional level through the FTAA the only way to succeed? What about the WTO? Is there room for bilateral agreements?
* Has the pace of integration slowed and critically, what are the differences between the process in the Caribbean islands and Central America?
* When will the Central American Free Trade Agreement include the rest of the Caribbean Basin? What are the obstacles?
* Can the harmonization of “Best Practices” of industry standards within regions serve as a practical platform for integration?
These and other important issues will be addressed on a macro level as well as through industry specific discussions. Industry areas of focus will include: agribusiness, energy, financial services, intellectual property rights, telecommunications, tourism and transportation.
The conference will also feature a special apparel program developed by the American Apparel & Footwear Association and a competitiveness program developed by INCAE.
