By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
THE Bahamas has not been a dynamic share owning society, a government minister said yesterday, urging more Bahamians to save and invest.
Speaking at a meeting of Rotary Club of East Nassau Sunrise, Minister of State for Finance, Zhivargo Laing, said: "Growth and development in economies happens by savers putting their monies in investments that generate jobs and new business opportunities.
"If you are a net non-saving society, then you have to rely on those who are going to bring their capital here. If that is going to change, then more and more of us are going to have to be a part of that saving and investing society. To create a share ownership society requires a mindset of share ownership."
Mr Laing added: "We have not been a very dynamic share-owning society, but it is evolving. In many ways the Government is leading the way in that regard."
He highlighted the recent $10 million Arawak Cay Port initial public offering (IPO). "If this country if is going to accelerate its own economic growth and development, it will have to have the critical mass of its own people embrace a new way of thinking about themselves," Mr Laing said.
Reiterating that the foundation of modern economic growth and wealth was savings and investments, he added that more Bahamians today are shareholders than ever before.
Mr Laing added: "When you provide for greater share ownership, you also have to provide for an environment where that ownership is better regulated. We have come so far of the way, but we have more to go.
"The new Securities Industry Act has more modern and flexible features to address issues related to disclosure, risk and protection of investments. Some of the amendments to the Investment Funds Act complement the new Securities Act.
"Pension schemes are an unregulated practice in this country, and we have had a Task Force for the last several years looking at this issue. They have recently presented draft legislation toward this end. It is my expectation that early in the next term of any forward-thinking administration, new legislation with respect to pension legislation would come into force."
Comments
TalRussell 12 years ago
Shame on any minister in this red shirts FNM regime that puts on his fancy suit to talk such utter nonsense before a gathering that few of the 60,000 of his nation’s run out of paychecks natives would feel comfortable at in their new wardrobes of old cloths and shoes handed down to them and their families from charitable sources. While the 60,000 are pay checkless a growing number are in debt for $2 for every darn $1.25 they earn. Minister you and your gang can take to all the campaign pulpits you want, be it Nassau, Grand Bahama or our Islands , your regime’s day of reckoning it going to change your regime’s wicked ways. For your PM to darn have the balls to stand before the natives and tell them that his administration is a government of love is nothing sort of out right crap. Your wretched red shirts FNM regime has failed the natives every step of the way since foolishly trusting you back in 2007. Minister the natives stopped believing you FNM’s a long time ago. Are you the same minister that had to run from the Grand Bahamian natives to what you and the PM thinks are the safe hills of Fort Charlotte…when both of you done know that the natives has already rejected you once before to be their MP?
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