The Nassau Guardian Business of Monday, February 11, 2013 confirmed through Mr. Ryan Pinder (PLP), Minister of Financial Services that plans are underway for a "modernized immigration policy that's designed specifically for the financial sector."
Sure, the financial services sector has a real need for foreign workers, but so do the professional services. And surely there are more industries and maybe even households that require them?
The article also quotes Mr. Fred Mitchell (PLP), Minister of Immigration and Foreign Affairs as saying; “We have to keep it (financial services) productive and continue to promote it. That requires a degree of foreign labor, so we have to get that process done as quickly and efficiently as possible. We are working closely together with the Ministry of Financial Services,”.
If the key issue is the financial services contribution to the GDP of The Bahamas, it seems focusing on assisting just one industry, might be to the detriment of the GDP contributions of other sectors. Bastiat's essay from 1850, That Which is Seen, and That Which is Not Seen, comes to mind.
While this is great for the financial sector, shouldn't the goal or plans be for a modernized immigration department, "full stop"?