NASSAU, Bahamas - Prime Minister Philip Davis has welcomed the decision of the New York based global financial services, J.P. Morgan to open an office in The Bahamas, saying “this is a statement of confidence.
“It reflects a belief in the future, and today it sends a clear message: J.P. Morgan continues to believe in The Bahamas,” Davis said, noting that for more than four decades, J.P. Morgan has been part of the country’s financial services industry, building relationships that have stood the test of time.
“The relationship between J.P. Morgan and The Bahamas is one that has endured, and I am grateful for the confidence you have continued to place in our country,” Prime Minister Davis said, adding that success is often built on partnership.
“As a government, our responsibility is to create the conditions for investment through sound fiscal policy and a stable economic environment. The private sector’s role is to seize those opportunities, create value, and contribute to national development. Together, that partnership drives The Bahamas forward.”
Davis said that when his administration assumed office in 2021, it had inherited an economy under significant strain.
“From day one, we pursued disciplined fiscal management and implemented policies designed to restore confidence and strengthen the foundation of our economy. Today, the results speak for themselves.
“We have significantly reduced our debt-to-GDP ratio, moved from deficits to surplus, and strengthened government revenues through improved compliance. And, after years of downgrades, my administration has secured credit upgrades that recognize the progress The Bahamas has made,” he said, adding that these achievements reaffirm that the local economy is moving in the right direction.
He said the country has also continued strengthening its regulatory framework and that for many years, The Bahamas, like other international financial centres, has had to navigate evolving global standards and the threat of being blacklisted – impacting investor confidence in the jurisdiction.
“While these challenges are not always within our control, our response has always been clear: to meet and exceed the highest standards. Today, The Bahamas stands among a select group of jurisdictions to achieve compliance or largely compliant ratings across all 40 of the Financial Action Task Force’s Recommendations – a reflection of the collaborative work of government, regulators, and the financial services industry.”
Prime Minister Davis said that at the same time, The Bahamas has shown that fiscal responsibility and innovation can exist together.
“Our internationally recognized Debt-for-Nature transaction demonstrated that The Bahamas can pioneer financial solutions that strengthen both fiscal resilience and environmental stewardship.’
Davis said that these achievements are about creating the confidence that allows institutions like J.P. Morgan to succeed here, urging the New-York based company to also invest in Bahamians.
“Mentor them. Train them. Develop them. Give them the opportunity to become the next generation of financial trust professionals and leaders in this industry,” he said, adding “I also invite you to partner with us as we expand opportunities in blue finance and carbon markets. “Together, we can position The Bahamas as a leader in the next generation of global financial innovation. You can count on a government that will continue doing its part by providing responsible fiscal management and a stable regulatory environment. And, I know that I can count on J.P. Morgan to continue doing yours by investing in our people and helping us build an even stronger international financial centre here.”
