Economic affairs minister wants improved ease of doing business ranking

Newly-appointed Minister of Economic Affairs Michael Halkitis in an address to the Bahamas Financial Services Board (BFSB) last week, vowed to improve The Bahamas’ ease of doing business ranking and remove the roadblocks for entrepreneurs.

Halkitis, who was the keynote speaker at the BFSB’s 23rd annual general meeting, said his ministry plans to lead the charge in changing The Bahamas into a more business-friendly jurisdiction, according to a press statement from the BFSB.

The Bahamas’ ranking on the World Bank’s 2020 Ease of Doing Business Index currently sits at 119 out of 190 countries.

“The government will do its part in spurring innovation through our own digitization and ease of doing business efforts,” Halkitis said.

“We will roll out the technologies that will allow government services to be as efficient and effective as possible, while introducing policies that will empower entrepreneurs rather than impeding them with bureaucracy and red tape.

“For too long we have sat at the bottom half of global ease of doing business rankings. It is time for us to level up by setting the stage for our business owners to be successful and then stepping out of the way, so they can do what they do best.”

Halkitis, whose portfolio includes financial services, said it is time for that sector to grow niches that will spur growth in the country’s second most important industry.

“Within the financial services sector, itself, now is the time for industry partners to progressively harness profitable niches,” he said. “Widespread access to emerging opportunities within these growing niches will be essential to moving this country forward along a path of exponential growth and progress.”

BFSB Chairman Kevin Moree said in the press statement that COVID-19 forced the financial services sector to adapt. BFSB’s Chief Executive Officer and Executive Director Tanya McCartney said the BFSB continues its work of advocacy for the sector on policy and the tracking of international initiatives that may impact the sector.

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