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2020 will be the year of reinvention according to CIFA.

cifa16012020Willemstad:--- Last Friday, the members of the Curaçao International Financial Services Association (CIFA) gathered at Omundo Restaurant with other notable members of our society to ring in the new year. During its annual new year’s event, CIFA members reflect on the past year and set goals for the current year. The association’s chairperson, Mrs. Nacha de Jesus, announced 2020 to be the year in which the international financial services sector will reinvent itself.

 Shifting to a higher gear

The highlight of the evening was a moving speech and toast by CIFA chairperson Nacha de Jesus. She started by thanking her guests for the support they have received throughout 2019 and stated that she welcomed the position of chairperson on CIFA’s board with open arms. “It was one of my personal achievements in 2019 and a true honor. Thank you,” she said. Her speech continued with highlighting some of the achievements made by the international financial sector in 2019. Such as obtaining the largely compliant- status, implementing a new, internationally accepted and competitive profit tax regime, deepening existing relationships with partners and starting new collaborations as well as having all important players in the international financial services sector pursue one and the same goal. De Jesus also touched upon the economic importance of the financial services sector by drawing a parallel between the contribution the refinery made to the island economy and the offshore regime. Her speech concluded with an outline of the goals the organization has set for 2020. “2020 is the year in which the international financial sector will reinvent itself. Now that the offshore regime no longer exists, it is time for a reinvention,” she said. The chairperson believes that an attractive investment climate can only be achieved by readjusting the sector’s product portfolio and improving the client licensing process. “The aim is to introduce innovative technological solutions to be able to compete regionally and internationally. We need to form strategic alliances with local as well as regional players. There is so much we can learn from other countries that are in the next stage of development. By analyzing what worked and what didn’t, we are able to shift to higher gear much quicker and gain a competitive advantage in the region. The first steps have already been made in 2019 and the momentum has been building. Decisiveness and hard work, while still remaining agile, will ensure that we reach a higher level of service this year,” De Jesus continued.

The growth challenge for 2020

De speech by De Jesus was preceded by two opening speeches. The evening kicked off with an opening speech by the Prime Minister Eugene Rhuggenaath where the political leader complimented the international financial services sector on the island for achieving the OECD largely compliant-status last year and thus remaining off the blacklist. The Prime Minister was optimistic about the future of the sector and acknowledged the importance of the sector for the local economy. “A consolidated financial sector represented by CIFA is the best way for the international financial sector on the island to grow. The new tax regime is another great step in the right direction,” he said. “Even though the various negative forecasts may suggest otherwise, there is light at the end of the tunnel. The international financial services sector together with the tourism sector remain solid pillars of the local economy,” he continued. The Prime Minister finished his powerful speech by remarking that by breaking the mold, the island will be able to turn the tide and put Curaçao back on the map so that next year the annual new year’s event will be a celebration of growth.

Collaboration

The Prime Minister’s speech was followed by an equally positive speech by the Minister of Finance Kenneth Gijsbertha. He stated: “We must, and we will, overcome the obstacles that are currently in our way.” He reflected on the challenging year 2019 with the formal instruction (aanwijzing) the Dutch Kingdom Council of Ministers gave to the government as well as all the insecurities surrounding Refineria di Kòrsou (RDK) just to name a few. “Surviving is not enough. We need to thrive. And the only way to achieve that is collectively as one country,” he continued. The Minister of Finance finished his speech by expressing his belief that together and in close collaboration with CIFA in its role as representative of an important pillar of the economy, economic growth can be achieved and sustained.

The evening finished with a toast by De Jesus.

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