Minister for Trade and Industry Addresses Gibraltar Funds and Investments Association Annual Dinner

PRESS RELEASE

No: 455/2024

Date: 24th June 2024

Minister for Trade and Industry Addresses Gibraltar Funds and Investments Association Annual Gala Dinner

The Minister for Trade and Industry, Nigel Feetham KC MP, recently spoke at the Gibraltar Funds and Investments Association annual Gala Dinner, highlighting the Government’s commitment to growing the financial services sector in a safe and secure manner that protects consumers and the macroeconomic future of Gibraltar.

Minister Feetham emphasised several key policy objectives:

1. Enhancing Competitiveness and Employment: The Government aims to enhance competitiveness and foster employment opportunities, particularly for young people in Gibraltar.

2. Sustainable Growth: The Government seeks to grow the financial services sector without compromising Gibraltar’s reputation.

3. Economic Contribution: Firms must contribute meaningfully to the economy, both in terms of tax yield and broader macroeconomic impact.

4. Sector Diversification: There is a focus on diversifying the financial services sector, both geographically and in terms of product offerings, to reduce concentration risk. Minister Feetham noted that according to latest indications, Gibraltar’s motor insurance firms currently could be writing 37% of the UK market.

Minister Feetham stressed the importance of continuous innovation to maintain Gibraltar’s competitiveness and relevance as a Finance Centre.

To illustrate his point, he presented an advert board used by Gibraltar Finance 25 years ago, which marketed the jurisdiction with the caption “Building on Firm Foundations.” The board featured the names of 33 well-established local and international financial services companies, the large majority of which left Gibraltar within a few years. Minister Feetham emphasised the need for resilience to change and ongoing innovation to remain competitive.

The Minister for Trade and Industry, Nigel Feetham KC MP, commented: “I brought the advert board, wrapped in paper, to the dinner to illustrate an important point. Many younger attendees or those new to Gibraltar may not have seen it before. This board, from 25 years ago, features 33 prominent local financial services companies that later exited Gibraltar. It serves as a powerful reminder of the need for Gibraltar to remain adaptable and avoid over-reliance on any single sector."