Minister of Financial Services Ryan Pinder said that one of the strategies his Ministry is implementing is the re-branding of The Bahamas as a “full business centre” to the world.
“Financial Services is one, albeit a very large component, of the services offered in The Bahamas. The Ministry of Financial Services views our ability to link current and new service sectors, as key to the future growth and development of The Bahamas. As part of our strategy, my Ministry has begun and will continue to identify the financial sector linkages in each of our services sub-sectors,” Minister Pinder said during the launch of the Ministry’s Strategic Plan and unveiling its 10-year strategy, at the recent International Business and Finance Summit, at Bimini Bay, Bimini.
Minister Pinder said that, as an example, a few weeks earlier his Ministry met with BISX to identify the opportunities for co-ordination with the ultimate aim of increasing the use of Bahamian exchange.
“As a result of those discussions, the specific needs of BISX (Bahamas International Securities Exchange) will be on the table during my discussions with foreign governments and CEOs of our financial sector firms,” he said. “Those discussions have also identified specific projects that can be taken on board by the Ministry as part of its 2013 work plan.
“An example is how we can integrate BISX with the exchange in other countries, such as Panama.”
Minister Pinder said he had an opportunity while in Panama to have discussions with the securities regulator and the stock exchange in there. He pointed out that they developed a plan, that will be assisted with obtaining International Organisation of Securities Commissions Organisation (IOSCO), with (A) status membership to have BISX recognised in Panama, allowing the exchanges to work together and The Bahamas to be able to provide for products of The Bahamas to be better marketed to Latin America markets, creating an avenue of trading and liquidity.
“We must incorporate all of our tools into a focused strategy,” he said.
Minister Pinder said that The Bahamas’ arbitration services rounds out the services that are offered in The Bahamas.
“As many of you may know, we passed in 2009 international arbitration legislation benchmarked against the highest regarded international legislation,” he told the financial and trade services stakeholders present. “We have not proceeded much further.”
“My Ministry has portfolio responsibility for creating The Bahamas as an international arbitration centre,” he added. “We are looking to focus on niche markets, such as maritime and financial services, as well as trade disputes, and also focus on being the gateway to Latin America for such disputes.”
Minister Pinder said that his Ministry is constituting an arbitration council of public and private sector persons to plot the strategy forward, which should meet in the coming weeks.
“We look to advance the arbitration agenda of The Bahamas in a way to continue providing opportunities for local practitioners, further diversifying the financial and professional services of The Bahamas,” he said.
By Eric Rose
Bahamas Information Services