The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

PRIME Minister Perry Christie yesterday said the House of Assembly would soon debate “a new fund product that will revolutionise the way we do business with Latin America”, while promising the Government was developing a “user friendly” Immigration policy.

He told Parliament that his administration has been working on proposals to ensure the Bahamas designs a “transparent, predictable and user friendly”Immigration policy, adding that he was seeking to attract homeowners and job and wealth creators.

“The Bahamian slice of the financial services pie cannot expand until the entire pie expands, and this will require new thinking and a new level of tolerance,” the Prime Minister said.

“The Bahamas is not alone in this realisation. I look at the wealthy OECD countries – the UK, Australia, Canada, the US and much of Europe, and our major offshore competitors like the Cayman Islands. Each of these countries has transparent and predictable paths to attract foreign persons with significant talent and means to their financial services sectors.

“Each of these countries is also ensuring that they attract the brightest and the best in the world. Indeed, as the world becomes increasingly smaller, the Bahamas loses out by not also attracting the persons that it needs to grow its pie,” added Mr Christie.

“The financial services industry assures me that with the right government policy, a development focused Immigration policy, a large number of persons are willing to invest in the country and to choosethe Bahamas as their place of primary residence.”

Mr Christie said he wanted to attract people who wished to establish businesses along the lines of the National Investment Policy, and those which complement the existing skills pool of the Bahamas and encourage higher education.

Mr Christie noted that 4,000 plus professionals were directly employed in the financial services sector. “The global financial services sector, of which the Bahamas is a part, is undergoing the process of evolution right now due to a myriad of reasons, including: a prolonged economic downturn, aging populations and the resulting pressures being placed on the so called ‘on-shore’ jurisdictions in the search of government revenue,” he said.

Mr Christie added that the Bahamas was not immune to these developments.

“The Bahamas is emerging from this period with the best in class. Indeed, the value of our dollar remains strong and credible, and our economy continues to strengthen. Our domestic financial services sector remains robust, surviving without significant upheavals, as unfortunately experienced in many countries. Foreign investment continues to flow into the country, demonstrating continued confidence in the fundamentals of the Bahamian economy and in our people. Finally, our international financial services sector continues to attract new and significant entrants creating employment opportunities for Bahamians,” said Mr Christie.