Barbados’ International Business and Finacial Services Sector is well placed to turn the economy around and lead Barbados out of the current recession.
This view was expressed by the Minister responsible for International Business, the Hon. Donville Inniss during his feature address on the topic: The Importance of the Administration of Regulation in Growing the International Business Sector. The forum was jointly hosted by the Ministry of International Business, Invest Barbados and the Barbados International Business Association at the Bagnall Point Gallery, Pelican Village.
The Minister told the audience which included service providers and representatives from the Central Bank of Barbados, the Financial Services Commission, the Corporate Affairs and Intellectual Property Office, the International Business Unit, Invest Barbados and the
Financial Intelligence Unit, that Barbados must practice good regulatory standards. Minister Inniss inidcated that “The impact of good regulation and efficient regulatory institutions on economic growth will depend on the efficiency of the regulatory policies and instruments that are used and the quality of the governance processes that are practised.”
He observed that there was evidence that jurisdictions that adopted higher regulatory standards benefited from higher capital inflows and underscored that an effective regulatory regime was essential to promoting economic growth and development and in turn international business. “The global financial turbulence on international markets and on policymakers’ attitudes
towards offshore financial jurisdictions is a big challenge. It is, therefore, necessary for these jurisdictions to implement steps to strengthen the value proposition of the international business sector, and enhance their international competitiveness. Their main action therefore, should be ensuring compliance with international standards and having zero tolerance to anything not compatible with being a well-respected and well regulated jurisdiction.”
The Minister reminded the audience that investors have several choices. He reiterated the importance of the International Business and Financial Services Sector to Barbados, and its significant contribution to the economy.