• INVESTMENT INCENTIVES FOR BAHAMIAN BUSINESSES AS PART OF JOB/WEALTH CREATION PLAN

    The Government of The Bahamas will introduce investment incentives for new and existing Bahamian businesses offering products and services related to key sectors of the Bahamian economy. These include areas such as renewable energy, the cultural industries, export sectors, agriculture and fisheries and the manufacturing of Bahamian souvenirs. The Government will also work to ensure that frameworks exist so that Bahamian firms have greater access to capital, through new and innovative financial products and markets. Addressing the National Conclave of Chambers of Commerce In The Bahamas – hosted by the Bahamas Chamber of Commerce and Employers’ Confederation, June 14, 2017 at Baha Mar resort, Prime Minister, Dr. the Hon. Hubert Minnis said economic growth, job-creation and wealth-creation for Bahamians are three of the leading priorities of the Minnis Administration. Prime Minister Minnis used the energy sector as an example of how the Administration’s new ideas will be beneficial to Bahamian businesses, Bahamian citizens, business development and foreign investment. “My Government believes that providing incentives, particularly to private companies offering products and services in the renewable energy sector, will reduce the cost of energy in the country,” the Prime Minister said. “This will reduce the cost of doing business in The Bahamas. “These incentives, coupled with promoting energy conservation and ensuring that Bahamas Power and Light has the infrastructure needed to function, is critical for business development.”

    The Prime Minister said his Administration will also address the ease with which businesses can access banking facilities in the country, and will encourage financial institutions to help the small business sector with financial products aimed at Bahamian businesses. “We must ensure that frameworks exist so that Bahamian firms have greater access to capital through new and innovative financial products and markets.” Prime Minister Minnis said a signature programme of the Government will be the introduction of an “ambitious initiative” to develop a new generation of young entrepreneurs. “I will call on a number of you in launching this programme that is dear to my heart,” Prime Minister Minis said. The Prime Minister said his Government will also introduce mechanisms that will encourage greater national savings. “There is a direct relationship between savings and investments,” Prime Minister Minnis said. “Countries that save have more funds to invest. This is one factor in the economic growth success of many countries in Asia. “The Bahamas has traditionally had low levels of savings. We have relied on foreign savings in the form of Foreign Direct Investment to fund large projects. Strong growth in national savings will help facilitate an increase in locally financed investments. “It is therefore crucial that we take steps to improve our national savings performance through increasing household savings, and increasing public savings in order to promote sustainable economic growth. “Of course, Foreign Direct Investment remains essential for The Bahamas. My Government will therefore ensure that we attract high quality FDI which is aligned to our national development priorities and creates beneficial linkages with the local economy,” he stated.

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