Deputy Prime Minister and Minister of Economic Affairs and Development, Mia Mottley
The attainment of a regional capital market must be completed as a matter of urgency for the success of the CARICOM Single Market and Economy.
This was stressed today by Deputy Prime Minister and Minister of Economic Affairs and Development, Mia Mottley, while addressing participants at the Third Annual Conference on Treasury and Risk Management in the Caribbean at the Hilton Barbados.
While highlighting that the Regional Development Fund and a Regional Competition Commission “remain part of the outstanding work for the Single Market if we are to see the full benefits of it”, Ms. Mottley noted that the Regional Capital Market was one of the key outstanding features that should be completed “as a matter of urgency”.
She said: “… the ability to access funds throughout the region, without having to deal with three or four different types of rules, is absolutely critical. And, all of those things simply add to the cost of doing business. “
Pointing out that at the same time it was critical for Barbados to establish a Financial Services Commission, she argued that this would “bring more certainty, greater transparency, and greater accountability, while, at the same time, not increasing the level of red tape to which our enterprises would be subjected in relation to the participation with the work of that financial services commission”.
She noted that such a commission would “deal with the regulation of all aspects of the financial sector, with the exception of banks and large credit unions which will remain with the Central Bank”.
Ms. Mottley also revealed that with respect to the proposed commission and the development of a secondary market a policy had been reached by Cabinet and both policy papers were with the Attorney General’s Chambers awaiting the drafting of the appropriate legislation.
She pointed out that these two areas would serve “to improve not only the attractiveness of our country as a domicile for transaction of business and for the domiciling of treasury functions”, but would also enhance the individual competitiveness of firms and institutions operating within the region.