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Minister of Financial Services lays out strategy for sector

In his contribution to the 2012/2013 budget debate in Parliament this week, Minister of Financial Services Ryan Pinder said that he wanted the world to know that The Bahamas is "open for business." 

Thursday, June 7, 2012
Thursday, June 7, 2012

Minister of Financial Services Ryan Pinder says that, when it comes to financial services, he wants the world to know that The Bahamas is “open for business.”

Minister Pinder made the remarks during his contribution to the 2012/2013 budget debate this week in the House of Assembly.

Minister Pinder said that with the “reintroduction” of the ministry, which was first created during the previous Progressive Liberal Party government, several areas will be addressed including:

  • the financial services industry;
  • establishment of The Bahamas as an International Arbitration Sector;
  • trade development and promotion; and
  • industrial expansion and promotion.

The Minister went on to lay out the new government’s strategy to promote growth in the sector. The plan includes:

  • the development of medium and long-term marketing and promotional plans for the financial services industry in The Bahamas for all sectors, including banking, trusts, private equity funds, investment funds, insurance, registered entities, ship registry, aircraft registry and international arbitration;
  • The analysis of the international competitive landscape and development of a strategy position for growth and strengthening of the industry;
  • The development of an initiative focused on the rebranding of The Bahamas as a major International Financial Centre;
  • Liaising with the Attorney General’s Office for the development and improvement of existing legislative toolkit, including dialogue with and assistance from the Registrar General’s office on issues of operational efficiency and service;
  • To organize and participate in promotional tours and to establish and deepen relationships with international advisors in coordination with the Bahamas Financial Services Board (BFSB);
  • Coordination with the industry groups and the College of the Bahamas to encourage and develop internationally recognized training programmes to improve the quality of locally available staffing in the financial services industry, and to establish training and education to help define career paths for Bahamians in the industry; and
  • To advance and promote financial services in the domestic market in accordance with international standards (retail banking, insurance, credit and other financial services). This will provide the basis to assess the needs and concerns of independent service providers and to develop a programme for the promotion of entrepreneurship in the financial services industry.

“These are some of our initial plans in the Ministry of Financial Services for the development of the financial services industry, providing an expanded industry, creating employment and career development opportunities, all for the best interest of Bahamians,” Minister Pinder concluded.

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