Bahamas Told To Liberalise And Privatise Telecoms

Tax-news.com

25 January 2000

An advisor to the Bahamas Government has told them that they need to liberalise and privatise their telecommunications sector in order to remain competitive as an offshore financial centre.

The advice was given by Timothy Taylor, managing director of Deutsche Bank AG London, who is also acting as an advisor on the privatisation of Bermuda's government owned telecommunications provider BaTelCo. Mr Taylor, who has advised on telecommunications projects in the Slovak Republic, Bulgaria, Lithuania, Bolivia and Brazil, made the comments as part of his presentation to Bahamas Business Outlook 2000 forum last week.

Mr Taylor said that privatisation of BaTelCo and a more liberal approach to telecommunications regulation would have a positive effect on the Bahamas through reduced international call costs and increased employment. He also pointed out the importance of such an approach to the Bahamas offshore finance section. "Financial service companies established in The Bahamas could undertake remote processing of financial transactions for head offices and banks," Mr Taylor said.

The other main focus of Mr Taylor's comments was on the economic effects of privatising BaTelCo. "The government has stated its intention to offer shares in BaTelCo to the Bahamian public at the appropriate time," Mr Taylor said, "This will not only allow the Bahamian public exposure to the growth of the sector but will also help to develop the Bahamian capital markets, in particular the Stock Exchange."

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