Smart domestic policies, particularly those addressing skills gaps, will ensure the growth of the financial services industry, Deputy Prime Minister and Minister of National Security Philip Davis told sector leaders yesterday.

Davis made the comments during his opening address at the start of the Bahamas Financial Services Board’s International Business and Finance Summit (IBFS) being held at Sandals Emerald Bay in Exuma this week.

Held under the theme “Survival of the Fittest,” the three-day summit will address international and regional best practices and host discussions on emerging trends in the industry.

“During these times of tremendous challenges, if we are truly to be survivors, then we must redouble our efforts; go even faster, even further to seek out new opportunities and to lay the ground work for those better times, which, I am confident, are ahead, ” said Davis.

The Deputy PM cited the need for human development to address the skills gap.

“My government is not prepared to sit idly by with respect to addressing any real or perceived skills gaps in The Bahamas,” he said, acknowledging the government’s commitment to work with the relevant local institutions to ensure Bahamians are ready for “changing realities.”

The Bahamas, he said, is “closer than ever” to establishing itself as the centre for excellence for the region in financial services training and research.

“Government will implement the right balance with respect to the maximum use of Bahamian expertise, with the best possible career path for upward mobility,” he said.

“At the same time, government will ensure that suitable arrangements are put in place in keeping with internationally accepted practices to facilitate international investors doing business in The Bahamas, and to facilitate the non-Bahamian expertise needed to grow our financial services sector.”

Parliamentary representatives in attendance included Ryan Pinder, Minister of Financial Services; Legal Affairs Minister of State, Damien Gomez; and Member of Parliament for Exuma Anthony Moss.

tblair@dupuch.com