Wendy Warren CEO and Executive Director of

The Bahamas Financial Services Board

Members of the Financial Services Board

Distinguished Guests of the Bahamas Briefing

Ladies and Gentlemen

Good Afternoon

It is indeed my pleasure to add my words of welcome to you, in particular all those who are visiting The Bahamas for the very first time albeit that we are at the Closing luncheon.

I also wish to thank you for participating in this Briefing on the financial services opportunities available here in The Bahamas, one of the worlds leading financial centres.

My presence here today serves as a reminder of the deep commitment the government of The Bahamas has to the financial services sector in The Bahamas.

The financial services sector, as you are aware, is a vital part of the economic base of The Bahamas and contributes between 15% to 20% to the Gross Domestic Product, whilst tourism contributes the lions share.

I would hope that one important fact you will take away from your sessions is the importance the government places on the financial services sector. This is demonstrated not only by my presence here today but also by the many speakers from the Government and Private Sector who have participated in the sessions over the last day and a half.

I wish to stress that the government is fully aware that for this sector, and indeed any business sector, to grow and flourish, there needs to be a genuine openness to dialogue between the government and the private sector.

This will ensure the timely and full implementation of platforms, projects and programmes impacting the growth of the sector. I can assure you that the government remains deeply committed to working closely with the private sector partnership in order to strengthen and enhance the full range of services which we provide.

I trust that sessions over the previous one and a half days have been productive. You will have heard much already about this jurisdiction’s commitment to meet internationally agreed regulatory principles and its historic commitment to maintain and grow its presence as a provider of high quality financial services.

I wish to stress that The Bahamas recognises that it operates in a globally integrated market for financial services and our sole interest is legitimate international business.

One of the primary objectives of the annual Bahamas Briefings is to build relationships. I would trust that each you have not only made business contacts but have established friendships that will last forever.

I am sure I do not need to tell you that relationships are particularly important in today’s world of global economic change and competition.

It is important to remember that relationships must be nurtured and fed by mutual trust and shared benefits. Relationships evolve through the three phases of visibility, credibility and profitability - the "VCP" model.

The Bahamas Briefing, I am told, launched the visibility and credibility phases. I hope that we can, together, all look forward to the profitability phase.

As the world becomes competitive and by necessity everyone is being forced to become more ruthless than in the past: I am reminded about the two men who were sitting in the forest relaxing with their shoes tossed aside when a lion approached them through the trees. One man scurries to put his shoes back on, and the second asks him, "What is the point? You can't possibly outrun this lion." The second man answers, "I don't need to outrun the lion, I only need to outrun you."

This story is very similar to the international environment in which many jurisdictions strive for their share of the marketplace.

While the business aspect of your visit is of prime importance, I hope that you also found the time to enjoy our most important assets, the beauty of The Bahamas and its people as well as the many wonderful activities and cultural experiences of our Family of Islands.

If you have not had the opportunity to visit any of the other Islands of The Bahamas I trust that when you return again whether on business, or pleasure you will take time out of your busy schedule to play golf in Exuma or Grand Bahama, dive in Andros or Long Island or simply relax on one of the many of our other Island destinations within The Bahamas. In so doing I trust that you have and will experience our wonderful Bahamian lifestyle and will appreciate why The Bahamas has not only become the destination of choice for millions of vacationers but also a location of choice for many individuals seeking to relocate or invest in second homes.

In closing , I should like to take this opportunity to congratulate the Bahamas Financial Services Board (BFSB) for coordinating this important event and for their continued dedication and commitment to the development of the financial services industry in The Bahamas and to thank all those committed sponsors who have financially supported this initiative.