The financial services sector subcommittee of the Economic Recovery Committee (ERC) has recommended immigration, improving the ease of doing business and reducing The Bahamas’ risk profile as areas where the country can increase competitiveness.
Bahamas Financial Services Board (BFSB) Chief Executive Officer and Executive Director Tanya McCartney said in the board’s member newsletter that those recommendations from the ERC – which is set to present its substantive list of recommendations this month – were put forth during a virtual town hall meeting hosted by the financial services sector subcommittee.
“Members of BFSB were actively engaged in the dialogue and put forward
recommendations that will be included in the report to the government of The Bahamas,” McCartney said.
“The feedback received highlighted the areas in which we can increase competitiveness. Despite the challenges, there is also the potential growth areas, including but not limited to fintech, permanent residency, family offices and headquartering, that we will continue to advocate for clear policy positions on and implementation to strengthen and expand this important pillar of the economy.”
The ERC was formed by the government to plot a path out of the economic shock caused by the COVID-19 global pandemic.
McCartney said in the face of the pandemic, the financial services sector has remained resilient. She added that the pandemic has exposed growth opportunities for the sector.
“We have not been impeded in conducting business and delivering solutions to meet changing, diverse client needs,” said McCartney.
“In fact, the current situation has highlighted some opportunities to grow the sector and increase our contribution to the economy with increased public private sector collaboration.
“BFSB remains committed to ensuring that the attributes which make The Bahamas attractive as an international financial center are articulated to the world.”