Bahamas Must Change the Way it Does Business


Minister of Financial Services, Trade & Industry and Immigration the Hon. Brent Symonette addresses the AIBT Nassau Conference on the theme, ‘Business Unusual’, October 4, 2017 at Baha Mar Arts & Entertainment Centre. (BIS Photo)

NASSAU, The Bahamas – Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette, said that measures must be taken to keep the country on the competitive edge of the Financial Services sector. The Minister made the statement while delivering opening remarks at the Association of International Banks and Trusts (AIBT) Nassau Conference, which was held October 4 at Baha Mar Arts & Entertainment Centre.

“Changing the way we do business must be our focus in both private and public sectors because what we are doing now is just not enough,” said Minister Symonette. “We must be forward thinking to open our economy so that we can advance ourselves.”

He applauded the AIBT for sponsoring the Nassau Conferences and their

“collaborative efforts” with industry stakeholders along with the Ministry to ensure that The Bahamas remains a premier international financial centre in this jurisdiction.

Commenting on their theme, ‘Business Unusual’, he said that it was “most relevant” to The Bahamas at this time.

“We recognize that there are many untapped opportunities out there and my Ministry is open to the voices of our private and public sectors,” he said. “Together we must be the catalyst to develop solutions to create opportunities to enact change and grow our economy. “

He said that it was his “vision” that this shift in mindset would allow for a more competitive environment which would start with legislative reforms that would be superior to or on par with competing jurisdictions.

“This shift has to be centered around changing the way we transact business in this country. My Ministry has identified some quick fixes which will allow for ways to open the door to the global economy.”

He listed four things that can be done to enhance the country’s position. These four areas include: development of more innovative products and services to attract a new client base; revamping of government agencies to provide for a more efficient and productive customer experience to both local and international clients; relaxing and amending of the immigration process; and allowance for the exchange of professionals.

“We see an opportunity in the legal profession in the area of International Arbitration lending to expertise in trust and maritime business,” he said.

The conference featured speakers from a cross-section of professionals representing financial jurisdictions both local and international. Topics included: The Global Marketplace; Global Regulation of Financial Services; Planning In Uncertain Times; Business Unusual; and An Actionable Framework for Success in The Bahamas.

  • F. Cartwright

    Where’s the racist Senator Fred Mitchell, come on Mitchell you racist scumbag, call this upstanding model tax paying Bahamian citizen “The Great White Hope” for all Bahamians to see. You and your PLP mobsters say you love and care so much about the Bahamas but meanwhile you owe her dearly….lol….What a hypocrite gerbil stuffing batty boy you are…lol! God bless our dear leader PM Minnis, he’s going to get rid of all you thieving back stabbing dead beat PLP motherfuckers once and for all.

  • F. Cartwright

    Where’s the racist Senator Fred Mitchell, come Mitchell, call this man who always pays his dues to Caesar “The Great White Hope”….lol. Your a fucking racist who should not even be allowed to serve in our government. And look who you are, a secret closed closet ABBA Dancing Queen who has never had a girlfriend or wife….lol…who the fuck are you to judge?

  • F. Cartwright

    LOL! No matter what you do, delete me all you want, but you can’t stop it fool; it’s the people’s time, it’s the people’s time. 40 Bahamians saw my comment, in 24 hours the whole nation will know…….you can’t stop it fool; it’s the people’s time, it’s the people’s time.

  • F. Cartwright

    LOL!…… Where’s Fred Mitchell, isn’t this the guy he calls “The Great White Hope”,…lol….We’re not racist are we Mitchell?…lol…This is the only man that paid his Bills….lol…..Not one penny owned to the government of the Bahamas; so who fucking respects the Bahamas more? Let me tell you something Harvard wanta be, I don’t give a fuck what color our skins are, you pay your fucking dues to Caesar or the ACU will be on your fucking ass; it’s the people time, it’s the people’s time.