The Tribune

By DANA SMITH

Tribune Staff Reporter

dsmith@tribunemedia.net

FOREIGN Affairs Minister Fred Mitchell met with officials from the Untied Arab Emirates last week to discuss how that country could become “a source of money” for the Bahamas’ financial services sector.

A visit to Morocco for discussions on the current situation in Syria, he said, gave him that opportunity to meet with the UAE representatives - which some local financial businesses, here in the Bahamas, have been pushing for.

“We have many request from our financial services sector and the business community for an outreach to Dubai – which is one of the Arab Emirates,” Mr Mitchell said.

During their meetings, he explained, he and the UAE’s Foreign Affairs Minister “agreed to a couple of things,” one of which includes the exploration of a Technical Cooperation Agreement between the Bahamas and the UAE.

This potential agreement would have “emphasis” on financial services, Mr Mitchell said.

“There are several countries that are of interest to us today – Brazil is one, UAE is another – as a source of money for the financial services sector,” he said.

“What we do in the Bahamas is we protect private wealth and we encourage people to bring their wealth to the Bahamas and say it will be safe, protected, in a regulated environment where there is no criminality. That’s what we offer.”

Presently in Europe, Mr Mitchell explained, with the taxation system “changing dramatically,” many are looking to move their capital to a place where it can be safe and well regulated.

“The UAE is also a place where there is plenty of capital at the moment, largely because of the instability in the Middle East,” he continued, “So what you want to do – what our financial services sector people have been saying – we want to be on-site to be able to take advantage of people who are looking for a safe place to put their money.”

He explained the Bahamas’ financial services sector also wants to target Brazil.

“Brazil is in a situation now of surplus capital,” he said. “They’re doing very well. You have people who are investing in south Florida, in interesting numbers, and they think that there’s a spin-off which can be obtained for the Bahamas by reason of those investments in south Florida. So we’re just trying to be in place.”

Mr Mitchell said he and the UAE officials agreed that “at some appropriate time” there would be an exchange of visits between him and their respective Foreign Affairs Minister.

Appointing a non-resident Ambassador was another subject, he added.