The Tribune

FINANCIAL Services Minister, Ryan Pinder, told Parliament yesterday his ministry is preparing to launch a new strategy to position the Bahamas for captive and international insurance business, while adding that the investment fund sector has been identified as having growth potential.

During his contribution to the Mid-Year Budget debate, Mr Pinder said: “The Ministry of Financial Services, consistent with the pledges made, have caused for sector and geographic analysis to be conducted, ensuring that key markets of growth are identified and pursued.

“Certainly, key markets in Latin America, as well as North America, have been identified for growth. We also have identified particular sectors for growth, such as the fund business given our recent achievement of IOSCO ‘A’ status, and as we prepare to launch a new strategy for captive and international insurance, as new product enhancement.”

Mr Pinder said his ministry was determined to be engaged with the region and to take a leadership position on matters which affect the country’s financial services industry.

“In this context, we are in the process of ensuring a Regional Committee of Financial Services is launched to address many of the international outcomes in financial services collectively. Our sovereignty allows us the unique position to make policy taking into consideration Bahamian interests as a priority,” he added.

Mr Pinder said his 10-year strategy for the redevelopment of the financial services industry included the recreation of the Ministry of Financial Services and the re-branding of the Bahamas as a full business services centre.

The plan, he added, also includes a comprehensive approach to increasing the competitiveness of the Bahamas as a business centre, focusing on human development, competitiveness, innovation and leveraging the Bahamas’ sovereignty as an asset.