Government Remains Committed to a Conducive Business Environment

(L to R)Joshua Sears, Director General, Ministry of Foreign Affairs; Wendy Warren, CEO and Executive Director, BFSB; Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent Symonette; and Basil O’Brien, former High Commissioner to London.

NASSAU, Bahamas –Deputy Prime Minister and Minister of Foreign Affairs the Hon. Brent Symonette said the Government is committed to creating an environment conducive to doing business in the country. 

He was addressing the Bahamas Financial Services Board Bahamas Briefing 2008 dinner at Old Fort Bay last week. 

Mr. Symonette said that in the midst of layoffs, particularly in the hotel sector, one of the things the Government can do is “reassure” that its financial services sector is protected and will not go through another blacklisting like it did in 2000.

“We were able to produce a financial services environment in The Bahamas that probably masters any in the world. We are committed that whatever happens to make sure that we provide in The Bahamas an environment that is conducive for each and everyone of us to conduct business,” he said. 

There are concerns on the part of the BFSB regarding a proposed External Insurance Act, and that the international community is aware of provisions under the recently passed Private Trust Act. 

“People need to know that we have these services in The Bahamas that will appeal to your clients wherever they are,” Mr. Symonette said. “We are going through some times that are uncharted and probably would have some profound effects on you and The Bahamas.

“We are committed to [ensuring that] The Bahamas continues to be the premier financial destination in the region,” Mr. Symonette said.