Barbados’ Minister of Industry, International Business Commerce and Small Business Development, Donville Innis, challenged his colleagues to help save the struggling economies within the Caribbean by turning their attention to the development of the international business and financial services sector.
Innis, told delegates attending the third Caribbean Conference on the International Financial Services Sector in Nassau that “IFC matters are too important for our regional economical and social development for it to be discussed on the margins of other people’s meetings….for those who think that IFC matters are not relevant to their economies, they must rethink their policies.”
He said in spite of the economic missiles being shot at the region, he believes the Caribbean can emerge as a premier location for international business and financial services within a well regulated system and a safe and secure environment
Innis who also warned that there is no room for complacency said the future lies in the establishment of training facilities catering to IFC’s.
“One area of collaboration and cooperation resides in our desire to develop and sustain regional institutions for international business regulations as well as centres of excellence in financial services. Both the Bahamas and Barbados have publicly committed to the creation of such”
According to Innis, the Caribbean continues to be in great demand for facilitating legitimate international business.
“We will be forever in the spotlight but we cannot be blinded by the light, let us commit to working together with a new level of energy . Our citizens are dependent on us to provide the opportunities, let us not disappoint them,” he said
The 3rd Caribbean Conference on the International Finance Services Sector is jointly hosted by the Caribbean Export Development Agency and the Government of The Bahamas, with the focus of providing a forum for policy makers, regulators and finance practitioners of Caribbean International Financial Centres to interact with the architects of the major global financial policy initiatives.