BARBADOS HAS AN opportunity to change the dialogue surrounding international business and financial centres in this region when it plays host to the Global Forum of the Organisation for Economic Cooperation and Development (OECD) later this month.
This is according to a message from Minister of International Business, Donville Inniss, delivered on his behalf by Deputy Permanent Secretary in his ministry, Sonia Foster, at the official opening reception for International Business Week (IBW) 2015, which was held at the Fairmont Royal Pavilion Resort in Porters, St James on Monday evening.
“Our hosting of these meetings is an opportunity to bring the region into positive focus with the rest of the world as it solidifies our position as legitimate, well-regulated, international financial services centres of worth.
“Indeed with the constant battling of blacklists, whether European or North American, we need to promote and maintain this image to protect not only individual livelihoods of independent nations, but the Caribbean region as an entity in itself. We therefore should speak with one voice against such onslaughts on our reputations, rather than trying to fight these battles on our own,” read Foster.
The minister’s message noted that the October 28 to 30 meeting was expected to bring together over 250 representatives from the 126-member Global Forum, which “is now the premier international body which ensures that the international standard for transparency and exchange of information is implemented by countries on request for information”.
Inniss’ message also highlighted efforts the government was making to maintain Barbados as an attractive, well-regulated jurisdiction through the recent enactment of the Private Trust Companies Act, the coming licensing regime under the Corporate and Trust Service Providers Act, and the new online registry of the Corporate Affairs and Intellectual Property Office.
In his address to the opening reception for IBW 2015, which is staged by the Barbados International Business Association (BIBA) and its strategic partners, including the Ministry of International Business, BIBA President, Andrew Alleyne, revealed that the association was formalising a process by which it could be more involved in the drafting of new corporate laws and the amendments of existing ones to attract more international investment.
The international business leader said this deeper involvement by BIBA in the legislative process was a result of a recent meeting the association had with the Chief Parliamentary Council (CPC) last month.
“Legislation is an important product offering and we must be able to meet the requirements of foreign investors. With a weak economy we do not have the luxury of missing opportunities because our legislation is not competitive in international markets,” Alleyne told the assembled guests drawn from the diplomatic corps, government ministries and agencies, and international business community.
Alleyne also said he hoped an appeal could be conveyed to Attorney General Adriel Brathwaite, as the Minister responsible for the department, of the need to increase the resources available to the CPC’s office, given that it was critical to the growth of the international business sector. (PR)
