Acting Prime Minister and Minister of Finance, Peter Turnquest, said The Bahamas is adapting and the government is committed to keeping up with any regulator or legislative reform necessary to maintain the country’s position as a global leader.
Bringing opening remarks at Royal Fidelity’s Bahamas Economic Outlook, one-day conference yesterday, Mr. Turnquest said in the face of dynamic change, the choice has to be made to sink or swim.
“We have no intention of giving up any ground we occupy as a premier international financial center. We are adapting to the changing environments and encouraging the industry to innovate and develop new competitive products to meet the demands of the market. Investors can be assured The Bahamas will continue to be a reliable provider of sophisticated, high quality financial services products that meet their needs,” Mr. Turnquest said.
The conference, tackled the theme “Dynamic New World: Braving the Turmoil”. Mr. Turnquest referenceduncertainty with developments in international and domestic marketplace, particularly as it relates to international trade wars looming, as well as Bahamians adjusting to the reality of The Bahamas’ planned ascension to the World Trade Organization (WTO).
“In this respect, we are in the same boat as everyone else. We can choose to run away and isolate ourselves or embrace change, with all of the turmoil it brings and the opportunity it creates.
“In The Bahamas we don’t run away. We adapt. We innovate. We grow. We expand. When The Bahamas needed an economic base in a region known for its agricultural and manufacturing prowess, we pioneered the tourism industry in the region. Today, we are employing different strategies to increase and diversify foreign direct investment.
“We are undertaking several other initiatives to boldly lead the Bahamas into a dynamic future, including preparing Bahamians to take advantages of the opportunities to that we have. We’re preparing Bahamians to be business owners with unprecedented investments in entrepreneurship with 25 million allocated over the next 3 years.
The era of finishing school and looking for a good job in the government is over, we want to empower our work force to be highly trained, secure private sector jobs and create their own jobs,” Mr. Turnquest said.
With the European Union Advisory, coupled with apending blacklisting, Mr. Turnquest said for the Financial Services Sector, “it seems as though the playing field will never be level for small territories like The Bahamas.
“As not to get lost in the up’s and down’s, we need to remember as a country and as a business, who we are, what we stand for and what we want to achieve. We have to be adaptable and forward thinking to anticipate change and respond quickly to the demands made on us.
“As a country we are striving to do just that. We are seizing the moment to make government more accountable and transparent to ensure that we are financially resilient and fiscally responsible.
“We are seizing the moment to reorient our workforce, away from traditional jobs mindset to an ownership mindset so that entrepreneurship and small business can continue to be the drivers of job creation and economic growth so that there are no limits on the way of work which can now be done at home or from virtually anywhere from around the globe.
“We are participants in a global economic system, where the principle of sovereign equals is not always respected,when you don’t have the political clout to enforce it. We are seeing a lot of turmoil in the financial services sector today on account of these factors, but we can hardly call it new,” said the Minister.
With the conference bringing together leading international thinkers to explore the local impact of global, Mr. Turnquest challenged attendees to be creative and innovative.
“We are putting the planning and policy framework in place to shore up our economy. To modernize the way we do things and to leave doing business over all easier, faster and better.
“There’s no doubt that The Bahamas will continue to thrive in this dynamic new world, not just braving the turmoil but finding opportunities to thrive through it all
“For us to be effective and to be sustaining as a financial services industry we are going to have to keep moving our own goalpost. There are risks there; there are challenges there, but there is also tremendous success.
“So, again, as I take that side step just to say to the industry, do not be afraid to be creative, bold; to have courage. I can tell you the government will support you, as long as you’re not doing anything illegal,” Mr. Turnquest said.
