Government Moving To Strengthen International Business Sector

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Minister of International Business, George Hutson (FP)

Government is engaging a multi-pronged strategy to enhance the International Business and Financial Services sector, which includes legislative as well as regulatory mechanisms.

Word of this has come from Minister of International Business, George?? Hutson, who said, among other things, Cabinet was considering plans for the introduction of Headquarter and Holding Company Legislation; a review of the Shipping Corporation Act and International Trust Regime in an attempt to foster new product development.??

Minister?? Hutson, who was at the time addressing the official opening of the global headquarters of ??McKinney Rogers, a management consulting International Business Company, said Government would also be redoubling its efforts to strengthen financial supervision and regulation, as articulated?? in the Global Plan for Recovery and Reform, formulated by the G20 at its recent meetings in London.

He also cited initiatives for market retention and development; Human Resources Assessment; the creation of a sound methodology for statistical analysis and the establishment of a Financial Services Commission to allow for more effective regulation within the sector, as among other measures before Cabinet.??"This plan to strengthen supervisory and regulatory systems, which in turn promotes propriety, integrity and transparency, squarely reflects Government’s policy for the international business and financial services sector.

We have always sought to improve Barbados’ excellent reputation for international best practices in financial regulation by supporting the Organisation for Economic Cooperation and Development (OECD) recommendations for concluding tax treaties with comprehensive provisions on tax information exchange," the Minister emphasised.

Mr. Hutson noted that the short-and medium term strategic policy initiatives to enhance the sector’s regulatory and marketing framework had emerged from a consultation with both public and private sector stakeholders. He told guests attending the launch:??"Government does not see its role as only faciliatory and regulatory, but also as collaborative, one where we can sit down with stakeholders like yourselves and discuss ways of improving the sector in Barbados."

For McKinney Rogers, an International Business Company (IBC) celebrating its 10th anniversary, the opening of the Barbados office marked the 11th in the group. The Barbados launch was witnessed by staff at its Bensenville, London and New York offices, via a teleconference link-up.

Chief Executive Officer, Damien McKinney, who said the company also had?? offices in?? Australia, Asia and?? Africa and would soon be opening in Brazil, cited the?? "wealth of talent"??in Barbados and the presence of an international airport as among contributing factors to the establishment of the Barbados office.

cgaskin@barbados.gov.bb

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