Suggesting that he wanted to ensure that his government’s policy on rolling out the red carpet and cutting the red tape was more than just a catchy, much-used phrase, Prime Minister Perry Christie yesterday announced a new group of financial services sector experts and business leaders to advise him on matters affecting the country’s number two industry.
The coming together of these experts is important because they have their fingers on the local, regional and global economy, Mr. Christie said.
The 33-member Financial Services Consultation Forum, which is headed by Attorney Brian Moree, has an important mandate, according to Allyson Maynard-Gibson, minister of Financial Services and Investments.
“The mandate of the forum is to advise the government and my ministry on the state of the sector, the impact of our decisions on the sector and on competing jurisdictions and to recommend strategies to keep us competitive, [and] legislation and products to better position the Bahamas as a cutting edge, blue-chip, well-regulated and cooperative financial centre,” said Minister Gibson, during a press conference at the Cabinet Office in downtown Nassau.
Prime Minister Christie, who has made consultation the hallmark of his administration, said he expects his government would benefit greatly from its dialogue with financial services partners through such a forum.
“My government will serve as a catalyst for economic growth and development by providing the infrastructure, incentives and underpinning legislation that are necessary for investors, both Bahamian and non-Bahamian, to operate successfully in the Bahamas while at the same time minimizing bureaucracy and red tape for those who must deal with government agencies.
“We are familiar with the importance of tourism growth as the primary engine of the Bahamian economy,” he said. “However, many Bahamians are not familiar with the second pillar of our economy, the financial services industry. Just as the Bahamas proactively promotes its number one industry – tourism – so too we must take a proactive role in promoting the second pillar of our economy – the financial services industry.
The prime minister said the consultative forum will serve as a think tank of experts from whom the government will seek opinions and develop strategies aimed at repositioning the industry to better meet the needs of the international financial markets.
Chairman Brian Moree applauded Mr. Christie’s “wisdom” for institutionalising the process of consultation.
“I think this is very important,” Mr. Moree said. He said it was important that he forum’s members have access to information in order to carry out its mandate.
“I am 100 percent satisfied that the prime minister and the minister are committed to this process. This is not window dressing. There is important work to be done. There is a great deal of work to be done and we will have a role in trying to contribute to that process. I think we are going to be engaged in a process which is going to be important going forward.”
Other members of the forum include: Anthony Ferguson; Kenn Kerr; Creswell Gardener; Greg Bethell; Betty Roberts; Rhonda McDeigan; Maria Ferere; Gilbert Morris; Willie Delancey; Judy Whitehead; Neil McKinney; Nancy Kelly; Keith Glinton; Dianne Pindling; Maitland Cates; Paul Sanford and Fred Morris.
The other members are: Rick Lowe; Yves Lourdin; Christian Coquoz; Paul McWeeney; Wendall Jones; Marvin Bethell; Felix Stubbs; Barry Malcolm; Ian Fair; Heather Thompson; Maria Doyle; Cyndi Willams; Arnold Forbes; Montgomery Ferguson and Paul Moss.
According to government figures, the financial services sector contributes approximately 20 percent to GDP, with expenditures in the local economy of the banking sector alone approaching $400 million and with assets under management already reaching $1 trillion.
By Candia Dames, The Bahama Journal
