Minister Sets Out Vision For Financial Services
She shared that desire with a group of Rotarians whom she addressed on Friday about how the financial services sector would shape a new Bahamas and empower Bahamians.
"By this time next year I hope that we shall have already started to implement the second 5-year strategic plan and have rolled out our promotions of the ‘Bahamas Brand,’" she said.
"I also hope that the School of Financial Services at the College of The Bahamas will be well on the way in terms of fundraising and curriculum planning."
The strategic plan will be formulate based on information gleaned in a branding survey that Pricewaterhouse Coopers conducted. The results were released in Grand Bahama last week at the Bahamas Financial Services Board’s annual retreat.
Minister Maynard-Gibson said at a press conference shortly thereafter that the results were by and large favourable and highlighted this country’s strong image as a leading jurisdiction.
However, the report exposed the need to do more to communicate the benefits of doing business in The Bahamas and expressed concerns about room for growth in skills and expertise.
But as she addressed Rotarians last week, she also told of her vision for solidifying the public private sector partnership with even more professional associations. In that way, it is envisioned that more entrepreneurial spin-off opportunities would be created for Bahamians.
Already, that partnership forged between the public and the private sectors has yielded the creation of almost 20 pieces of legislation to enhance the operation of the financial services sector; the d-listing of The Bahamas from the blacklist of the Financial Action Task Force [FATF] and the designation of this country as a "hot spot" for investments.
Also, according to financial services decision-makers, it has been responsible for the execution of recommendations by the International Monetary Fund [IMF] about offshore financial centres and increased support from investors in educational and training pursuits.
Soon after the Perry Christie-led Progressive Liberal Party took over the reins of governance on May 2, 2002 in a landslide victory, the prime minister created the Ministry of Financial Services and Investments.
Since then, the thrust of the ministry has been to advance the second most important industry in The Bahamas, the financial services sector, and help to secure much desired investments.
The total investments already underway amount to $4.6 billion, Minister Maynard-Gibson has disclosed, indicating that the total capital investments in projects already started is $1.3 billion.
Additionally, according to official figures, Bahamian contractors have been paid $418 million in contracts and some 6,000 new jobs have been created.
The minister also revealed that she is negotiating with Kerzner International, the operators of the popular Atlantis Resort on Paradise Island, to boost its support of the light industry and begin significant retail purchases from Bahamian retailers.
Kerzner is considered the largest private sector employer in The Bahamas and also is in the middle of a third expansion for the mystical themed resort.
"We have been successful in ensuring that Bahamian contractors benefit from construction opportunities in The Bahamas," said the minister. "My ministry will work even more closely with engineers, architects, planners, interior designers and so forth to help them benefit even more from the unprecedented development now in The Bahamas."
"By this time next year I hope that we shall have already started to implement the second 5-year strategic plan and have rolled out our promotions of the ‘Bahamas Brand,’" she said.
"I also hope that the School of Financial Services at the College of The Bahamas will be well on the way in terms of fundraising and curriculum planning."
The strategic plan will be formulate based on information gleaned in a branding survey that Pricewaterhouse Coopers conducted. The results were released in Grand Bahama last week at the Bahamas Financial Services Board’s annual retreat.
Minister Maynard-Gibson said at a press conference shortly thereafter that the results were by and large favourable and highlighted this country’s strong image as a leading jurisdiction.
However, the report exposed the need to do more to communicate the benefits of doing business in The Bahamas and expressed concerns about room for growth in skills and expertise.
But as she addressed Rotarians last week, she also told of her vision for solidifying the public private sector partnership with even more professional associations. In that way, it is envisioned that more entrepreneurial spin-off opportunities would be created for Bahamians.
Already, that partnership forged between the public and the private sectors has yielded the creation of almost 20 pieces of legislation to enhance the operation of the financial services sector; the d-listing of The Bahamas from the blacklist of the Financial Action Task Force [FATF] and the designation of this country as a "hot spot" for investments.
Also, according to financial services decision-makers, it has been responsible for the execution of recommendations by the International Monetary Fund [IMF] about offshore financial centres and increased support from investors in educational and training pursuits.
Soon after the Perry Christie-led Progressive Liberal Party took over the reins of governance on May 2, 2002 in a landslide victory, the prime minister created the Ministry of Financial Services and Investments.
Since then, the thrust of the ministry has been to advance the second most important industry in The Bahamas, the financial services sector, and help to secure much desired investments.
The total investments already underway amount to $4.6 billion, Minister Maynard-Gibson has disclosed, indicating that the total capital investments in projects already started is $1.3 billion.
Additionally, according to official figures, Bahamian contractors have been paid $418 million in contracts and some 6,000 new jobs have been created.
The minister also revealed that she is negotiating with Kerzner International, the operators of the popular Atlantis Resort on Paradise Island, to boost its support of the light industry and begin significant retail purchases from Bahamian retailers.
Kerzner is considered the largest private sector employer in The Bahamas and also is in the middle of a third expansion for the mystical themed resort.
"We have been successful in ensuring that Bahamian contractors benefit from construction opportunities in The Bahamas," said the minister. "My ministry will work even more closely with engineers, architects, planners, interior designers and so forth to help them benefit even more from the unprecedented development now in The Bahamas."
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