|Minister of Finance and Economic Affairs, Chris Sinckler (FP)??|
Barbados intends to be the best jurisdiction for international business and financial services in the world.
This pledge was made by Minister of Finance and Economic Affairs, Chris Sinckler, as he addressed a cocktail reception hosted by Total Banking Corporation, at Cin Cin Restaurant, Prospect, St. James last night. The Montreal-based international financial company is a subsidiary of Cidel Bank and has a branch in Collymore Rock.
Mr. Sinckler told the audience of executives that Government would continue to work assiduously with all regional and international organisations to ensure that Barbados remained a "clean jurisdiction that can practise its craft at the highest possible international standards".
Consequently, he encouraged all Barbadians to unite and to work with investors to wrest the sector out of the slump it has been experiencing for the past few years, so that it could continue to contribute to the development of the country.
He said: "We maintain in the government of Barbados an extreme seriousness [with regard to] this business of international financial services and international business. Not only because of the contribution it makes to the country, but because it allows [us] this opportunity to be really global players on the world stage.
"[We are] a very small country…but a very small, open, developing economy and there are very few sectors, other than in the services [sector] in which Barbados can demonstrate its true world class. Tourism services is one, international financial services and international business is the other."
Against this background, the Finance Minister added that Barbadians had to ensure that the best business facilitation was provided for those companies who came to these shores. He maintained that this did not necessarily mean de-regulated business or loose business practices, but rather, "an integrated approach across the series of network institutions that will provide an opportunity for business people who want to invest to be able to earn the best on their investment".
Mr. Sinckler added that the international business and financial services sector "contributes upwards of 60 per cent of all corporate revenues in the country. And, therefore, that is an important station for us and one that we seek to protect and, of course, guard very zealously."
With respect to Total Banking Corporation, he congratulated them on their success and said they had shown a deep commitment to the development of the international financial services sector and, the country, in general.
He gave the assurance that Barbados would provide top-quality services in the most congenial and healthy atmosphere.