Prime Minister, Roosevelt Skerrit, has told a Malaysian newspaper that Dominica is open for business but there are rules and regulations that investors have to abide by.
“We are open for business but at the same time we have rules,” the Edge Financial Daily quoted the Prime Minister as saying.
The newspaper said Dominica is positioning itself to become an offshore banking facility and as it transform from an agriculture-based economy to a services-based one, it has to shake off the negative connotation that comes with the business.
“We are very well regulated to protect the investments of those who entrust their money with us but at the same time there are standards our investors have to abide by,” Skerrit said.
He stated that the offshore financial sector is “very crowded” and it sometimes brings unnecessary attention to itself.
“We want to avoid this negative attention by putting in place mechanisms that can assure us that the money being placed here is clean and from legitimate sources,” the Prime Minister said.
The newpaper said Skerrit is on a three-day visit to Malaysia “to oversee the setting up of a High Commission in Jalan Ampang, following Malaysia and Dominica formalising bilateral relations on January 19.”
“I do believe you are a well educated individual but when you step out of the box to repeat that PM believe he is GOD that’s wrong , no one on earth is like God and it’s time we in Dominica stop that comparison , I would suggest that we all return to the Bible make it part of our reading material and point of contact.”(Patriot)
Patriot, I believe you erred; I did not say Skerrit is a God. What I said is Skerrit believes he is “God gift to Dominica.” If thought Skerrit thought to himself that he was a god, I would have written the word god with the “g” in a lower case g, as I have done here.
Then again I will take the liberty to say anybody who boast about feeding all of Dominica, must believe that he is some god or the other; all dictators believe they are god; Skerrit too. Hahahahahaahah!
Shame on us Dominicans for allowing Skerrit to destroy our country
Diversification is always welcomed. However, I’m not sure if I can trust the Prime Minister on this one. There have been so many plans for Dominica’s economy that my head is literally spinning. Farmers were encouraged to plant cocoa. Then we heard the noise about geothermal and selling electricity to Martinique.
The Moroccan Hotel in Portsmouth is incomplete. The hospital is yet to be built. I’m not sure if the PM has any direction anymore. He has become a man who is throwing stones into the ocean, hoping against all hopes to catch a fish instead of employing trusted fishing techniques.
The Roseau enhancement project died before it started. Every minute a new paradigm shift is announced before we have the time digest the current one. Lord help us.
I can’t wait for the post Asia press release this time around.
Legitimate foreign investment will not invest in DA until we first address our limited air access capability. Under our current structure it will take to long for an investor to potentially see a profit for the money invested. Therefore, legitimate foreign investors will lean towards islands in the region that are not operating under the same constraints.
“Francisco, did you say with the exception of Trinidad? Not so padna” (Thor).
Trinidad is one of the most corrupt places in the Caribbean. I know what I am talking about. I am well connected in Trinidad and believe me, every major project is plagued with kickbacks.
You know Thor, I am not familiar with everything, nevertheless, I am aware that the work done on the Airport about four or five years ago the amount of money expected to be spent was doubled, some people said tippled.
There was an investigation in process, I do not know if it is completed, the findings I do not know. What I do know is that in every country there is a level of corruption, however I know when the crooks a caught in Trinidad they are speedily dealt with.
Recently some minister, or former minister was ordered to repay more than two hundred thousand dollars.
The PM is doing his job working for Dominica. Well done PM, just et the people know what you have done when you return. Your press secretary should arrange that with the press. Weneed transparency of government.
This is just another doorway for Muslims to infiltrate the society under the noses of those gullible, unconcerned, feckless labourites.
People stop putting the Pm DOWN the man is trying his best.Do you know that American has the biggest Agriculturial base.They support it but moved to industrial sector. There is also opportunies for us to market our produce.Let`s be reasonable things can happen in Dominica when we work collectively.Farmers cant give up hope there will always be farms no matter which government is running the affairs.We must therefore push and lobby for sustainable markets.Use the internet to Promote Dominica.
Maybe they got a free ticket for VIP’s to watch the formula one, FI race in Malaysia on sunday before they come back home or carry on after that to China? Nice job if you can get it, all expenses paid!
That is the best investment our PM can do. Off shore banks are designed for one thing only. To avoid taxes and hide questionable money. What is this guy problem?
Smfh
Avoiding taxes, if done legally is ok. Evading taxes is not and nor is depositing money obtained from illegal activities such as drugs, gun smuggling etc.
Well, there’s no hope now for Dominica. If is Malaysia he going to marry-up with, I suggest all Mothers pack and ship their girls to a better country. Malaysia is known for human trafficking and sex slavery. I don’t think I need to say anything else.
Everything country is open for Business including Dominica.
But more important question is whether we have what is needed to “Do Business in Dominica”.
1. Is it a Low cost jurisdiction for operations (low electricity and gas)
2. Does it have proper transportation to move goods and services to and from the island.
3. Is businesses free of GOVT interference.
4. Is the Tax/VAT structure business friendly.
5. Is it country with minimal or no corruption and money laundering
6. Does the country have any Key Performance Indicate for growth.
8. Is the legal system free of interference
7. What is your backbone of your economy, is it in growth mode and how you plan to re-surge it. ( That would be agriculture but base on what the PM say..that’s a no)
A shop can open its doors for business but if it has nothing on the shelves can it do business?
Malaysia is a member of the Commonwealth with Islam as its official state religion. It has never recognized Israel and, unlike us, does not maintain diplomatic relations with that country and supports the idea of a separate state of Palestine instead.
Today, Dominican citizens have visa free access to Israel and it will be interesting to see whether we will be compelled to revoke our relationship with Israel in return for establishing full diplomatic ties with Malaysia.
I suspect Dr. Peters’ inclusion in the delegation is connected to the MOU Dominica signed on 16 Oct, 2014 (DNO 20 Oct. 2014) with LimKokWing University of Malaysia for it to establish an international wing in Dominica. In return 11 scholarships for Dominican students to study in Malaysia were made available.
If the Israelis didn’t require a visa from Dominicans when we maintained relations with Muammar Gaddafi’s regime, why would they start because of this? Plenty of other countries deal with Malaysia, it’s a fast developing and increasingly important country.
“The newspaper said Dominica is positioning itself to become an offshore banking facility…” I guess because US put sanction on the corrupt Venezuelan government and some corrupt leaders outside of Venezuela feel theirs is next, must have prompted Skerrit to go into offshore banking to protect the assets of his friends and others? Why didn’t he make that statement in Dominica? Check the US below on 3/9/15 according to DNO:
“Venezuelan citizens and engage in acts of public corruption will not be welcome here, and we now have the tools to block their assets and their use of US financial systems,” White House spokesman Josh Earnest said in a statement on Monday.” Listen to Skerro below: “We want to avoid this negative attention by putting in place mechanisms that can assure us that the money being placed here is clean and from legitimate sources,” the Prime Minister said.
US has the tools to block their assets and Skerro wants to put mechanisms in place to ensure money is clean…
Ok, so Mr. Skerrit is indirectly saying: 1. Agriculture is dead as long as he is PM 2. Tourism like agriculture is also dead since that was his main reason for killing agriculture. So forget about international airport he promised during the election 3. Dominica was not opened for business before and if it were, then 3. There were no rules. 4. There were no standards before, meaning people could do just about anything. I wonder if that’s why he and his friends became millionaires? 5. Skerrit is concerned that money is clean and from legitimate sources. But Skerro, can you please start this exercise with your cabinet? If you are really serious, why don’t you start by having an independent laundromat to check on some money that is in the closet to see if they don’t belong to the laundry. As them to start with you and work their way down.
That is true leadership! A PM with a vision. Laba ka twavay!!
where is the vision
foolish ppl
Lord , Pray for us – – Laba ka twavay – When Will our people wake up – Dominica is blessed with fertile soil and we going to move away from agriculture to “OffShore Banking”
Where are the smart Dominicans ? Where are the strong willed Dominicans? Where are the protestors? Are we a land of cowards
Deliver us oh Lord
I beat up on Skerrit everyday for one reason or the other; but he is right in a sense to try to move away from an agricultural based economy. I am not suggesting that we should abandoned agriculture completely, since in our culture we depend on certain staples from agriculture to keep us alive.
Indeed we need to cultivate the food we eat, it would be ludicrous to get rid of the food we eat, however, we must remember any country which depends solely on agriculture to keep its economy alive is destine to fail! I said this in the past for hundreds of years China indulge in agriculture, the country remained one of the poorest nation until the they revolutionized China with modern industries.
In Europe people survived horribly until the industrial age. The Soviet Union collapsed due to their dependency on Agriculture; since Russia industrialized they have become one of the wealthiest nation today. I will not hang Skerrit for this thought!
You meant where are the Dominicans that are not lazy to do the farming? Stop the hypocrisy and deal with the reality
We Dominicans know to call on GOD only when things are going wrong but we call on him in good timeso say thank you GOD, We could have prevented some of what is happening to us and our Island, We were warned during the election campaign by Team Dominica (UWAP) what would was going to take place but we brake stick in our ear, today we sowing what we reap and their will be more to come. Dr. Thompson Fountain the man with the most financial knowledge based on his experiences and the work with the IMF he knew what the country was going thru under this administration, What did we do we rejected the best opportunity opened up to us .
I know that some of you will reject my statement but I would suggest you cast your political preferences aside and put DOMINICA and DOMINICANS first, so now Dominicans at home and in the diaspora are all going to reap what we sow and that’s Five more years of a PM that don’t have a clue but love POWER.
I don’t know about you but somehow my perception of this guy Skerrit is just does not sound credible or convincing. Somehow he is not leadership material!!!!!
This admission by the PM has provided clarity for the abandonment of the agricultural sectors over the past 15 years. The many farmers in the rural constituencies who returned this administration into office in 2014 are being told that there is not much of a future in farming and the government intention is to move further away from this sector.
Many countries have diversified their economies overtime; however, with only one year of economic from Dr. Fontaine at CDCC I am not the best to speak on this issue. My only questions are (1) Do we have a trained workforce for the new direction we are pursuing? I am not saying we should not move towards a service based industry; but is the workforce ready. Maybe we could look at the Jamaica model. My 2nd question is what programmes are in place for the retooling of the 1000s of displaced farmers in the country?
This PM is really a joker, he even fooling himself now. This is what Dominicans voted for. There will be NO international airport and no new hospital, blame the election if you know what I mean. More Dominican will travel over seas
We would of had our international airport long ago. And not at tax payers expense. But thanks to you all the UWP we didn’t get it. So stop your senseless complaining
You can bet your last dollar, I will NEVER EVER return!!!!
Unfortunately you have a point there , even Haiians don’t want to stay here. Why not if we are la ter apwes Bondi?
Here is another stupid blunder by Skerrit: How to catch a fly; you do not catch a fly by spreading vinegar, or lemon juice, and hope the fly falls into it. Nevertheless, if you put out some sugar, or honey, it will emendate an aroma which attracts the fly. “at the same time there are standards our investors have to abide by” (Skerrit).
In the first place it is stupid for that man to talk about our investors. If they were his investors, he would not be talking such crap, they would already be investing in Dominica. In any event the rules must be legal; hence, there must be a stipulation between the government and the potential investor.
Nevertheless, such stipulations are brought into play only when something is certain, and confirm. You do not go out there and intimidate the fly’s, and expect to catch them. I suppose his foreign policy is in action, some education in diplomacy would serve Skerrit better.
Nurse …. padna forget his medication!
The PM talks about rules? I will tell you what rules he is talking about.
I spend a considerable amount of time with a gentleman who has done a lot of business in the Caribbean. He was instrumental in bringing investors who built tourism related infrastructure throughout the Caribbean. He told me every single one of the leaders in the Caribbean are very corrupt. Unless money passes, you might as well be talking to a wall.
Well, all the leaders, with perhaps the exception of the past and present prime ministers of Trinidad & Tobago. There is more transparency in government operations in Trinidad, it is not very easy for a minister of government in Trinidad to become involved accepting bribes.
Usually, those who try it most of the times are caught; ordinary mistakes are taken quite seriously, an example is our own Dominica Volney who was a judge in Trinidad, he later became a minister of government, he made an simple honest mistake, in a matter of days the Prime Minister fired him! Corruption is not something tolerated in government in Trinidad & Tobago.
Note: Volney’s matter had nothing to do with corruption, it had to do with a law, involving the exchange of prisoners, by brother-n-law was supposed to be part of that exchange. Long nose Fact and Elizabeth don’t hold your ear to close to the ground cause I know but I doh talking eh: Hahahahahahahahahahah!
Francisco, did you say with the exception of Trinidad? Not so padna.
Trinidad is one of the most corrupt places in the Caribbean. I know what I am talking about. I am well connected in Trinidad and believe me, every major project is plagued with kickbacks.
From the recently built Piaco airport terminal to when BWIA and now Caribbean Airlines buy their planes, same deal.
Just a hint, find out why the ex-CEO of LIAT who was a former Caribbean executive was instrumental in making both Caribbean Airlines and LUAT buy the ATR aircrafts. You really think the ATRs were the best fit for LIAT especially when they had been flying Dash8 all these years, with their crew and maintenance men familiar with that type of aircraft? Think about it for a minute.
Please enlighten me my dear countrymen, is this the same type of offshore business that supposedly got us on the blacklist when UWP was in power?
Please PM get the term right –it is the “International Business Sector” ..OFFSHORE is a bad name .. positive terminology makes the complexion OF THIS MATTER more palatable ..I thought he went with advisers !!!
Also this is calculated madness to have a policy away from AGRICULTURE … WHERE DID THIS VISION COME FROM .should it not be in conjunction with an aggressive dynamic agriculture policy ?. come on guys ..Lambert/Aaron and the other sycophants in the world tour- are you guys suffering from mental paralysis? CAN,T YOU ADVISE THAT THIS IS TANTAMOUNT TO SOCIOECONOMIC SUICIDE ???!!!
Well maybe the members of the high powered delegation approved the crap he spoke, remember his high powered delegation comprised educators such as a chancellor of a college, and some big time medical doctor. Skerrit believe he is God gift to Dominica and the world, but I think he needs some help!
This is nothing more than a comical show; the high powered delegation is on vacation paid for by the people, one day they will sit and tell their grandchildren “I went to China you know:” And let me try my patios: (an e plee bell, it doh look like Dominica;) me patios doh good.
Hahahahahahahahahahahahahahahahahahah!
I do believe you are a well educated individual but when you step out of the box to repeat that PM believe he is GOD that’s wrong , no one on earth is like God and it’s time we in Dominica stop that comparison , I would suggest that we all return to the Bible make it part of our reading material and point of contact.
why must all your comments end with Hahahahahahaha? Looks foolish to me. But its your keyboard and you have the right to look foolish
but since when this man care about rules, I believe that was just for the papers
That is leadership, way to go PM.
You dont know leadership!! This is crap!! read and lean…
I am just confused! All of a sudden the prime minister acknowledges the prerequisite for a clean environment to operate in. That’s interesting, very interesting!
that i checking there wi. and even want to sound stern wi… “but at the same time there are standards our investors have to abide by,” Larrrd! looks kicks in this place!
Wrong country my brother. Malaysia facing enough economic malaise right now, the boom days are over! You should have gone next door to Singapore to promote Dominica and your offshore banking idea! You ever heard of the Four Asian Tigers? Who is your advisor? Do they do their research? Asia’s largest oil exporting country, Malaysia’s economic growth was just this year downgraded by both Barclay’s Bank and the World Bank! I think I could offer you a better service!
Maybe he wants to cash in on capital flight from Malaysia like that happened in Greece (…remember his connection there!) and from Venezuela to Panama (…remember that bitcoin saga with links to Panama?)., not to forget the Russians of course and Chinese feeling the heat in the Caymans. Hmm, Roosevelt may think our laws not requiring to disclose the owners of a company may shield the investors but I think Uncle Sam will find a way round that one too. Good luck anyway, we need to improve our cashflow somehow.
Wait…you thought this was actually about drumming up Malaysian business? This is all a huge ploy to let the “right sort of folks” know that Dominica is now an offshore haven. We sell our passports in the East, and are now looking to capitalize off of other sources of “investments.” You know the likes that have ended up with our passports so no need to stretch your imagination to know who he he hopes is listening.
This is such a disgrace to everything Dominica stands for!
Singapore is too transparent, honest and practice good government for these guys on the loose.
They do not tolerate abuse of their dear students within their colleges and other educational institutions…
The Dominica team out there must explain our protocol in protecting our students…maybe we can have a lecture of it at the State College upon the honourable delegates return to island. We also advice them that we intend having calypso competition at the State college
Rules and regulations mean different things to different people . His Holiness the Dalai Lama, in his wise words to his Tibetan people advised thus: ” Know the rules well so that you can break them effectively.” Seems of the folks in the Offshore banking industry, with the Carte Blanche from some of our leaders have mastered the Dalai Lama’s advice.
Why would Dominica seek to re-enter into the offshore banking sector when the United States and Europe are putting a lot of pressure on that sector and, by the Prime Minister’s own admission, it is a very crowded sector? Why?
2 not a herd follower, he is simply out of ideas, cant think of anything else
Do you know why the United States is putting pressure on the offshore banking system? Perhaps you should do some research and you will understand.
correction is this .
“We are very well regulated to protect the investments of those who entrust their money with us but at the same time there are standards our investors have to abide by,” Skerrit said.
WHAT RULES AND WHAT REGULATIONS?
I read the entire article on the original news source and its one hell of a poor sales pitch for a PM with how many degrees to deliver! But by Dominicans standard, #labourKaTwavay and WeLoveOurPM
Carcon, you don’t know we have our own Dominica Bureau of Standards of course.
skerrit only now you speaking about RULES,,REGULATIONS AND CLEAN MONEY??? you were the one who said..NO LAW,NO CONSTITUTION,NO POLICE CAN STOP YOU MR PM..THE CONSTITUTION SUPPOSE TO BE THE HIGHEST LAW OF THE LAND..yet you trash it
And the Courts PROVED THAT right, there was no Law Nor Constitution could stop him from CONTESTING THE 2009 GENERAL ELECTIONS!!!!!!!!! Say it as it was said because i betting you defended Lennox out burst in St Martin calling our Dominican girls PROSTITUTE!!!!!!!!
Just tow observations.
– The P.M. confirms that we are planning to move away from agriculture to a services- based economy, particularly off-shore banking. There is nothing against off-shore banks per se and most reputable banks do have such facilities but in the case of the Caribbean it does beg the question why a bank like RBC has decided to withdraw from that market segment, notably private-wealth banking, in our region.
– The establishment of our own High Commission poses another question. Why is our Minister of Foreign Affairs, Ms. Francine Baron not part of the delegation?
“The newspaper said Dominica is positioning itself to become an offshore banking facility and as it transform from an agriculture-based economy to a services-based one.”
Ladies and gentlemen, boys and girls, Skerrit tells Malaysians that Dominica is moving away from agriculture and is now exploring the possibility of building an economy on offshore banking.
So people of Castle Bruce, you might as well forget about all the non sense Drigo told you about last week about agriculture, because quite clearly, does not see a future in agriculture. With this new revelation, upon his return to Dominica, Skerrit should immediately transfer Drigo from Minister of Agricure to Minister of Off sure banking because they are transforming from agriculture to off shore. In the days of Matthew Walter, it was from agriculture to tourism but since both died, they now have a new vision. How laughable! What about the coffee plant and abattoir? How about the 30,000 plants of bananas from France?
congratulations PM OH M MY GOD!!!!!!!!!!!!!! you know the word RULES. LETS hope and pray you learn the word JUSTICE.
The pm said it.we are transforming from an agricultural base economy to a service base economy