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There are plans being advanced to make this country the hub for the International Financial Services Sector.

This is one of the suggestions put on the table today when members of the international business fraternity met for an all-day stakeholders’ consultation at Hilton Barbados.

Among the recommendations put forward was the establishment of Barbados as an International Financial Services Sector, and the strengthening of Government’s regulatory entities to improve service delivery.

Today’s meeting brought together several stakeholders from the public and private sectors, and focused mainly on the areas of Business Facilitation; Preparation of Phase II of the Global Forum; Tax Policy; Legislation; and Business Development.

According to a statement released by the Ministry of International Business and International Transport at the end of the consultation, "today’s discussions are expected to form the basis for the preparation of a sectoral strategic plan for the Barbados’ international business sector.

"The consultation benefitted from a high level of commitment from both the Government and private sectors, as it focused on issues such as the joint effort for the benefit of the sector; the need for innovation and creation of niche areas in international business; developing strategies to enhance the sector; and making recommendations for the way forward with respect to strategic planning."

Both Prime Minister Freundel Stuart and Minister of International Business and International Transport, George Hutson, addressed the opening of the Consultation which was facilitated by Winston Cox, a former Governor of the Central Bank of Barbados and an eminent International Business Consultant.

julia.rawlins-bentham@barbados.gov.bb

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