Prime Minister Perry Christie said yesterday the government is in the process of restructuring the financial services sector to ensure growth occurs in The Bahamas' economy beyond the "status quo" .
"I, as prime minister, do not only wish to continue the status quo with respect to the Bahamian economy, but allow The Bahamas to move to a new growth paradigm through the diversification of our economy and the refocusing of our financial sector towards activities which add significant value to our clients," said Christie at the Society of Trust and Estate Practitioners (STEP) Caribbean Conference 2014 at Atlantis resort.
"Indeed, critical to the survival of our centers is the need to periodically assess our individual strengths and strategies, particularly in the realm of wealth and estate planning.
"The Bahamas now finds itself at a similar crossroads as our forbearers [did] many years ago.
"And my government is determined to apply the same boldness, creativity and political leadership to continue to drive our economy towards an even higher growth trajectory."
In April, the Department of Statistics released data which revealed the growth in gross domestic product (GDP) fell to just under 0.7 percent in 2013 from 1.03 percent in 2012.
The growth rate in GDP in 2011 was 1.06.
Christie said there is a significant need to generate new industries in The Bahamas.
He said notwithstanding The Bahamas' successes in the financial services sector over the years, the government must overhaul key industries such as investments, insurance, public and private banking.
"We are also seeking to add to this menu through the introduction of arbitration services and yacht and airplane registries, and updated intellectual property registries," Christie said.
"We are also looking to link more comprehensively our financial offerings with our trade and logistical agenda, and we have announced our intention to create a trade finance campus in Freeport, Grand Bahama to enhance our transshipment and container port assets.
"We also seek to encourage more front office and mind and management work in the country.
Christie said as a part of the overhaul the government is re-examining its immigration policies to ensure that they are "conducive to our goals".
He said while the government is committed, the changes will not happen overnight.

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