MINISTER of Financial Services Ryan Pinder said he wants the world to know the Bahamas is "open for business".

After noting his "humility" at being entrusted with heading the reinstated ministry, Mr Pinder said he is ready to do his part in the newly elected government's plan to expand the economy.

These remarks were made during his contribution to the 2012/2013-budget debate taking place in the House of Assembly.

Mr Pinder said: "I am humbled by the decision of the Right Honourable Prime Minister for selecting me to be the Minister of Financial Services.

"In the Prime Minister's prior administration, it was he that had the progressive vision to create the Ministry of Financial Services - setting the way for regional competitors to mimic his method of governance.

"Thank you Prime Minister for the trust in continuing your legacy, I promise, I will not let you down."

Mr Pinder said that with the reintroduction of the ministry, several areas will be addressed, including:

• the future of the financial services industry

• the establishment of the Bahamas as an International Arbitration Sector

• trade development and promotion

• industrial expansion and promotion

He said that previously, the financial services industry was underserved, resulting in the industry "suffering".

"For the last five reporting cycles, the Bahamas has fallen in the rankings of the Global Financial Centres Index," said Mr Pinder.

"The Bahamas has fallen from being ranked 59, to 64, to 67, to 72 and now to 75 in the most recent report.

"We are listed 10th out of the top 10 offshore centres."

He said the government's mandate will be to ensure that the financial services industry will not merely be "Better in the Bahamas" but it will be "Best in the Bahamas".

"We have a plan, we are building a great team," Mr Pinder said.