Bahamian Business Leader Calls For Stronger Ties Between Offshore Sector And 'Real Economy'

by Amanda Banks, Tax-News.com, London

17 January 2003

Speaking at the recent 12th Annual Bahamas Business Outlook conference, prominent Bahamian businessman, Franklyn Wilson called for stronger links between the jurisdiction's finance centre and what he called the nation's 'real economy'.

Reporting on Business Outlook 2003, the Nassau Guardian quoted the Chairman of Arawak Homes, Sunshine Insurance, and Royal and Sun Alliance Insurance as suggesting that by setting pay levels which cannot be matched by other sectors, the offshore finance industry is indirectly hindering growth in the 'real economy'.

He went on to urge the offshore banking community to consider ways in which the finance sector can benefit both itself and the wider community, suggesting that offshore bank managers resident in the Bahamas can provide an important bridge for customers considering relocating themselves and/or their assets.

'If a valued client of an offshore bank has a vacation home in the Bahamas, there is the probability that the valued client would spend more time here. This, by itself, will likely lead to a more frequent degree of interaction between the banker and the client and that interaction is the fertiliser for more and more business for the bank in the Bahamas,' he observed.

According to the Nassau Guardian, Mr Wilson also called on Bahamian employees of offshore and international banks to take advantage of opportunities to learn and increase their skills, and to give some consideration to transferring those skills to other areas of the economy.

'My point is not to suggest to these persons to abandon their well paying jobs in these banks but to always be mindful that if they make good and prudent decisions now, they will likely have meaningful options tomorrow,' he explained.

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