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Minister of Finance and Economic Affairs, Christopher Sinckler speaking at the renaming ceremony in Honour of Cecil Francis De Caires at Sagicor Head Office, in Wildey, St. Michael.
Barbadians are being encouraged to invest in a future which produces strong businesses and strong communities.
This advice has come from Minister of Finance and Economic Affairs, Christopher Sinckler.?? He was speaking at the re-naming ceremony of the Sagicor Head Office, in Wildey, St. Michael, in honour of Cecil Francis De Caires, last Friday evening.
The Finance Minister stressed the importance of having visionaries like the late Mr.De Caires to create strong businesses which will be beneficial in the future.??
"There is no doubt that the presence of a strong and stable financial structure is a catalyst for economic growth and development.?? Bearing that in mind, the government of Barbados is seeking at every opportunity, to create a business climate that inspires, fosters and supports development for sustainability of this sector, so it will remain strong, even if we are cognisant of the external factors which will affect us from time to time," he disclosed.
Minister Sinckler assured Barbadians that Government remained committed to ensuring that the interest of customers and investors in the non- banking financial sector are effectively protected.
"Government has gone to Parliament and has passed a Bill to establish a Financial Services Commission that will serve to regulate and supervise the operations of the non-banking financial sector.??
"This is done at a time when the sub-sector has grown to a point where it now represents a very significant portion of the country’s financial system, creating the dire need for Government to strengthen and reform the present machinery that regulates the sector and place it on par with the machinery that regulates the banking sector," he added.
The Finance Minister maintained it was imperative for all sectors to work together.
??"The Government will play its part in ensuring the development of the local financial sector but the other stakeholders, namely the private sector institutions themselves, must also play their part.?? It will be required of these institutions to adopt strong corporate governance and sound accounting practices that meet international standards and best practices," Mr. Sinckler underscored.??