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Davis wants to see financial industry back to 30% of GDP

Prime Minister Philip “Brave” Davis.

Prime Minister Philip “Brave” Davis.

By KEILE CAMPBELL

kcampbell@tribunemedia.net

PRIME Minister Philip “Brave” Davis said he is fighting to see the financial services industry represent 30 percent of the country’s GDP as it was before scrutiny and regulatory pressure from other jurisdictions caused it to shrink.

His comment came during a joint press conference with Botswana President Dr Mokgweetsi Masisi yesterday.

He reiterated his familiar criticism of the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) for trying to be “the authoritarian and police of the world in financial services matters”.

He said: “The Bahamas was a leading financial services centre in the world for many years. Come 2000, because of the assault on what I call ‘the offshore jurisdictions’ when that made up over 30 per cent of my GDP, we are now struggling with around 15 per cent, but I’m fighting back.”

Prime Minister Davis said blacklistings by the EU and OECD weakened this country’s financial services sector.

He said there are similarities among countries that have been blacklisted.

“They’re either small countries, small island developing states; they all have been former colonies or protectorates or one or the other of that grouping. They’re all black-governed and they’re all continually exploited or attempted to be exploited by the laws.”

“One thing that the global south cannot escape is that it cannot go at it alone. We have to collaborate. We have to be in partnership. Otherwise, the global north will continue to exploit, dominate, and keep us on our knees.”

Comments

Porcupine 4 months ago

We have kept ourselves on our knees, Mr. Davis. Being a haven for tax evaders is nothing to be proud of. We have never faced any of our problems like adults. So, the fact that every State Owned enterprise in this country has failed, or is failing, our society is in shambles and crime is rampant, is all because the global north has had their knee on our neck? Would being honest, just once, not serve us well, on a national level? Why do we continue to blame others for our obvious lack of leadership and education? With thinking like this, can things ever change for the better? Is the lack of development on our Family Islands a result of the global north? How about the prevalence of single mother homes, with no father present at all? The epidemic of gambling, drinking rum, and sweethearting? How about the divisive and dirty politics in this country? The global north? Perhaps the audience for this speech was a little more receptive and ignorant of our internal woes. Always someone else's fault. Always.

Honestman 4 months ago

A spiky response porcupine but you tells the truth!

ExposedU2C 3 months ago

This comment was removed by the site staff for violation of the usage agreement.

ExposedU2C 2 months, 4 weeks ago

Yet PM Davis returns from Botswana with the idea of inviting diamond traders and diamond depositories to our shores which would only serve to attract those who engage in untraceable money laundering activities. Go figure!!

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