(Press Release) Brades, Montserrat (September 18, 2024) – During an appearance on ZJB Radio’s PDM Hour on Wednesday, September 18th, People’s Democratic Movement (PDM) Leader Hon. Paul Lewis revealed that one of the party’s top priorities, upon taking office, will be to revitalize Montserrat’s Financial Services sector. This initiative is a cornerstone of PDM’s strategy to raise revenue and create new economic opportunities for the island.
Hon. Lewis emphasized the significant potential of the financial services industry to become a mainstay of Montserrat’s economy once again. He outlined PDM’s commitment to working closely with the UK to ensure that Montserrat becomes 100% compliant with international financial regulations. This compliance, he stated, will help rebuild confidence in the island’s offshore financial services, positioning Montserrat as a reliable and secure destination for international business.
“The success of British Overseas Territories like the British Virgin Islands (BVI) and Bermuda in this sector is something we can replicate here,” Hon. Lewis explained. “The BVI, for instance, generates around US$200 million annually from financial services. While we are not looking for those numbers right away, our initial target is a realistic 10%, which could bring approximately US$20 million in additional revenue to Montserrat.”
Hon. Lewis also revealed that he has already begun laying the groundwork for this initiative. He has engaged key partners who played pivotal roles in setting up the offshore financial services industries in the Cayman Islands and Bermuda. Meetings are scheduled to discuss how Montserrat can re-enter the sector and establish a thriving financial services hub.
In addition to boosting government revenue, Hon. Lewis pointed out that revitalizing the financial services sector would create employment opportunities for Montserratians and stimulate other areas of the economy, including tourism. As the sector grows, increased business activity is expected to generate a spillover effect, bringing more visitors and further strengthening the island’s economic prospects.
PDM is committed to securing the expertise and advice necessary to build a strong foundation for Montserrat’s financial services industry. “We are ready to put in the work to make Montserrat 100% compliant, and ensure that our financial services industry is safe, reputable, and competitive,” Hon. Lewis affirmed. “This will not only benefit our economy but also position Montserrat as a safe haven for international offshore services.”
With this bold plan, the People’s Democratic Movement intends to open a new chapter in Montserrat’s economic development, ensuring long-term sustainability and growth for the island.
