Oct 28 – GSLP-Libs To Continue Close Partnership With Private Sector To Boost Financial Services
If re-elected, the GSLP-Libs will continue to work in partnership with the private sector to find new avenues for investment to boost financial services on the Rock.
The party says it will continue to invest time and resources to market Gibraltar abroad in financial centres like Singapore, the Bahamas and Switzerland, a strategy which it says is already bearing fruit.
Speaking at a press conference this afternoon, Liberal Party leader Dr Joseph Garcia said that he was particularly proud that the Government and, in particular, Financial Services Minister Albert Isola, had managed to deliver the “flagship policy commitment” of setting up the Gibraltar International Bank.
PRIVATE SECTOR PARTNERSHIP
Mr Isola, who has held the portfolio for Financial Services since 2013 when he entered Government as the result of a by-election, said that the key to growth and progress in this area was his ministry’s close working relationship with top professionals in the private sector.
Regular meetings and consultations had resulted in new products, business-friendly legislation, a strong global marketing drive which he described as “nothing short of ground-breaking” and working groups to ensure that local firms and regulators keep abreast of market innovations.
“It’s all about teamwork, about working together for Gibraltar PLC,” he said.
He explained that, when the GSD was in power, the Minister for Financial Services was the Chief Minister who was unable to meet regularly with stakeholders.
“I now meet regularly with the Finance Centre Council – my door is always open,” he said.
Mr Isola also highlighted that the Government had supported the regulator (the Financial Services Commission (FSC)) and made more resources available in order to enable it to carry out its duties more effectively.
CLEAR STRATEGY
Mr Isola also said that his ministry had followed a clear strategy which took the form of a Gibraltar Finance Business Plan in conjunction with the Finance Centre Council. This plan serves to identify and detail every event in the year where Gibraltar Finance was attending, supporting or sponsoring and enabling private sector professionals to plan which events they will support and join the Government team in promoting Gibraltar. Mr Isola said this had led to more private sector firms than ever before supporting events across the world.
COMPLIANCE
Mr Isola also stressed that his team had worked hard to implement EU directives and added that, although the Rock had been removed from six blacklists, it was his aim to ensure that Gibraltar no longer appears on any blacklists because “a level playing field is critical.”
FUTURE PLANS
The party’s plans for the future, if returned to Government, include the imminent introduction of the Central Registry of beneficial ownership under the direction and supervision of Gibraltar Finance and further work to deliver Double Taxation Agreements with jurisdictions across the world, including the United Kingdom.
Further proposals include a regulatory environment for Virtual Currencies, more marketing visits to London and other parts of the UK and further reforms to the FSC.
Pic: Albert Isola, Dr Joseph Garcia and GSLP Chairman Pepe Baldachino.
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