Remarks by Minister of Financial Services at 2017 Nassau Conference

October 10, 2017 / Comments Off on Remarks by Minister of Financial Services at 2017 Nassau Conference



October 4th, 2017

Ladies and gentlemen, a pleasant good morning.

It gives me great pleasure to extend greetings to mark the opening of the Nassau Conference.

My Ministry recognizes the significant impact The Association of International Banks and Trust Companies has on the financial services industry.   We applaud your sponsorship of the Nassau Conference, and your collaborative efforts with industry stakeholders to ensure that The Bahamas remains a premier international financial centre in this jurisdiction.

“Business Unusual”, as you have themed this conference, is most relevant to The Bahamas at this time.  Changing the way we do business must be our focus in both the private and public sectors, as it is clear that what we are doing now, is simply not enough to sustain our future economy.

We must be forward thinking if we are to advance ourselves as a nation, and as a legitimate player on the world stage.  There are many untapped opportunities to explore beyond our shores, and we must open our economy if we are to reach the vast opportunities available out there in the global economy.

My Ministry is open to the voices of our private and public sectors, because it is only together that we can develop solutions to grow and sustain our economy in an everchanging world for a productive future.

It is “business unusual”, so we must stop doing the usual things and begin to align ourselves to receive new business opportunities and sustain existing ones.  We must think out of the box and beyond The Bahamas if we are serious about sustainable growth and our economic well-being.

How do we do this?

It is my vision that there be a shift in mindset to allow for a more competitive environment starting with legislative reforms superior to or on par with that of our competing jurisdictions.

This shift must be centered around changing the way we transact business in this country, to make it more efficient and quality driven.

Now is the time for solutions instead of focusing on the challenges, we already know what they are, and they aren’t new.