Government is one step closer to enacting the Bankruptcy and Insolvency Act of 2007, Finance Minister Larry Howai has said.At present, he said, the state was moving apace to create the Office of the Insolvency Regulator which soon after would be filled and the agency would commence operations.
Speaking at Monday's launch of NCB Global Finance Ltd, a subsidiary of NCB Group, on Ariapita Avenue, Woodbrook, the minister said, "The Act was passed in 2007. It's another piece of legislation that improves our ease of doing business. However, the Act had languished for some time and had not been proclaimed. Earlier this year, we took steps to ensure that the appropriate regulations were put in place to ensure that we could actually effect the legislation. And, we have put the systems in place for the Insolvency Regulator's position to be filled and for that office to become operational."
He added, "Our Minister of Trade, Investment and Communications, the Honourable Vasant Bharath, has focused his attention on the Ease of Doing Business with the result that we have recently passed legislation that will bring our banking sector in line with many of the AML/CFT Compliance.
"In addition, we are very pleased to say that the two Canadian banks (Scotia/RBC) that operate here have established back office processing for most of the islands in the region, which is now being done out of T&T. This has created over 1,000 new jobs here in T&T; good quality jobs which is one of the objectives of this administration."Government's efforts to stimulate foreign direct investment outside of the energy sector was being achieved, Howai said.
The decision by Jamaican financial group NCB to establish operations locally, he said, meant the Kamla Persad-Bissessar administration's goal of attracting foreign direct investment outside the energy sector was on course.