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BAHAMAS: PM unveils focus of Administration’s new investment strategy

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#Bahamas, February 12, 2018 – Nassau – A major theme of the Minnis Administration’s newly-designed investment promotion strategy for the country is that The Bahamas is ‘an Archipelago of Possibilities,’ Prime Minister, Dr. the Hon. Hubert A. Minnis told scores of the country’s key business leaders Thursday.

Addressing the Bahamas Chamber of Commerce and Employers’ Confederation’s Power Breakfast Thursday at Baha Mar, Prime Minister Minis said the new theme is designed to promote the diversification of investment possibilities in The Bahamas – ranging from tourism, to financial services, to technology, aquaculture, to renewable energy, nanotechnology and other emerging industries.

“Our aim is to promote a new Bahamas, open to investment, with joint partnerships with Bahamians and streamlined processes for investors, including potential investors from the Diaspora,” Prime Minister Minnis said.  “I am optimistic and confident that greater prosperity is on the way for our Bahamas.  Let us work together to make this a dynamic year of growth, investment and opportunity.”

Prime Minister Minnis said there is growing confidence in The Bahamas despite the long road and challenges ahead.

“There are positive prospects on the horizon. Recovery has begun.”

Prime Minister Minnis told the business leaders that his Administration’s emphasis is on a dynamic blend of domestic and foreign investment.

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“We are determined in our vision to enhance economic opportunities for Bahamian businesses and entrepreneurs, including Bahamians in the Diaspora.  We intend to diversify with tourism and across various sectors as suggested in the Commercial Enterprise Act.”

Prime Minister Minnis said it is his intention to undertake several investment promotion trips abroad to include Canada, the United States of America, Europe, East Asia and South America in order to boost investment opportunities in The Bahamas and growth in the Bahamian economy.

“These travels are designed to attract high-quality investments to our country.  We look forward to the participation of the private sector in this initiative,” the Prime Minister added.

Prime Minister Minnis said recognizing that economic growth requires improving the ease of doing business, the Administration appointed a committee to make recommendations to improve the ease of doing business in The Bahamas, soon after coming to office on May 10, 2017.  The Committee has since completed its assigned task and has made a number of recommendations to the Government, using ten categories established by the World Bank.

“These categories and the rankings for The Bahamas can be reviewed at the World Bank’s website,” the Prime Minister added.  (The website address is www.worldbank.org)

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The Prime Minister said there are a number of issues involved in enhancing the ease of doing business in The Bahamas and to move the economy to a more productive and dynamic one.  These include streamlining the Business License process and improving the application process for various licenses and permits, including at the paper confirmation and certification levels, which Dr. Minnis says “consumes a significant amount of time and are often an inefficient burden for applicants as well as the government agencies that must sort through the volumes of documents created.”

“This process is antiquated,” Prime Minister Minnis said.

Prime Minister Minnis said the calculation of Business License Fees and the process of preparing Value Added Tax (VAT) Returns, also need to be addressed.

“To streamline the business license process, the Department of Inland Revenue is launching an initiative to make the business license approval process faster and easier by creating a single point for submission of all applications related to the opening of a business,” Prime Minister Minnis said.

“This will eliminate the need for visits to multiple agencies and will provide a source of information where all the requirements for opening a business are clearly outlined,” he added.

The Department of Inland Revenue is currently conducting a Pilot Programme.  The new process is expected to be “rolled out” in the coming weeks.

By: Matt Maura (BIS)

 

 

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Tired of Taking Notes? The new Samsung Galaxy S24 Will Transcribe and Summarize Your Voice Notes In A Snap! 

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NASSAU, Bahamas – Faster, smarter and more convenient than ever before, the new Samsung Galaxy S24 will revolutionize your productivity with its new Transcript Assist and Browsing Assist features. In the continuous pursuit of delivering innovative solutions that enhance productivity and user experience, Samsung Electronics is proud to introduce two groundbreaking features: Transcript Assist and Browsing Assist.

The Transcript Assist feature, powered by Galaxy’s advanced artificial intelligence, takes note-taking to a whole new level by enabling users to easily convert voice notes and conversations into useful and accessible notes. Whether in a business meeting, conference, or casual conversation, the Galaxy S24’s Transcript Assist makes capturing information easier than ever.

By utilizing Transcript Assist, users can effortlessly record any conversation with multiple speakers and transform it into a clear and concise transcript with just a few taps. This feature is particularly useful for those who need to keep a detailed record of discussions and decisions made during important meetings or collaborative work sessions.

“With Transcript Assist, we’re redefining the way people take notes and record information,” said Gianmarco Leri, Product Manager at Samsung Electronics. “No longer do you have to worry about missing important details during a conversation. With the Galaxy S24, you can capture every word and turn it into a useful reference that you can easily review and share.”

In addition to generating accurate transcripts, the Transcript Assist feature also offers the ability to generate quick summaries of conversations, as well as the option to translate the entire transcript into different languages, facilitating communication and collaboration among people from different regions and cultures.

On the other hand, the Browsing Assist feature allows users to navigate more efficiently and conveniently on their Galaxy S24 devices by providing intelligent and contextual suggestions during web browsing and online content exploration.

The Galaxy S24, equipped with Transcript Assist and Browsing Assist, marks the beginning of a new era of productivity and convenience in mobile devices. These innovative features demonstrate Samsung Electronics’ continued commitment to providing advanced tools that help people achieve their goals more effectively and efficiently in everyday life.

So, get ready! The new Samsung Galaxy S24 will be coming soon to tech stores in The Bahamas soon.

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Weather Systems Affect Cuba and The Bahamas

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Rashaed Esson

Staff Writer

#Weather#Cuba#TheBahamas, March 25th, 2024 – Serious weather struck The Bahamas and Cuba over the weekend, both nations receiving warnings from their meteorological entities. The Bahamas was affected by severe thunderstorms.  In fact, an area of the Carnival Freedom Cruise Ship, which was 20 miles off Eleuthera, Bahamas, caught fire and reports say it was possibly due to a lightning strike.  Fortunately no lives were reported lost.

Meanwhile, Cuba had intense rainfall and hailstorms, resulting in damage to surrounding areas, thousands left without electricity amid fallen trees and Flash Floods.

 

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Reef Rescue Network: Donor Event Charts the Course for Coral Restoration and Sustainable Tourism in The Bahamas

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#TheBahamas, March 26, 2024 – As the world grapples with the urgency of marine conservation, The Bahamas has emerged as a beacon of hope with its latest initiative led by the Reef Rescue Network (RRN). An alliance of dive operators, NGOs and businesses invested in coral restoration, the RRN recently hosted an immersive event for the British High Commissioner and representatives from the Inter-American Development Bank (IDB), to provide a firsthand look—and dive—into the thriving heart of coral nurseries. The gathering served as a vivid testament to the progress achieved by the RRN and its partners in coral restoration efforts over the past two years, thanks to support from the Compete Caribbean Partnership Facility.

Fueled by its vision of harmonizing economic vitality with environmental sustainability, the RRN has strategically harnessed the support of the Compete Caribbean Partnership Facility grant, backed by the IDB, the United Kingdom’s Foreign and Commonwealth Development Office (UK FCDO), the Caribbean Development Bank (CDB), and the Government of Canada. This collaborative effort aims to amplify The Bahamas’ blue economy by integrating eco-tourism with a series of coral restoration projects, poised to transform the archipelago into a magnet for eco-conscious tourists and bolster the local economy with a sustainable model.

As a vanguard of coral conservation and education, the RRN’s expansive network spans over 50 nursery locations across The Bahamas, Aruba, and St. Lucia. Beyond mere conservation, the network offers tourists an array of Reef Rescue Experiences, designed to kindle a profound connection with the marine world. From specialized diving courses to snorkeling and shark conservation education, these programs do more than highlight the ecological significance of coral reefs—they empower participants to actively engage in safeguarding these vital underwater ecosystems, ensuring their preservation for generations to come.

The event, held earlier this month, was graced by the presence of distinguished participants including Thomas Hartley, British High Commissioner to the Commonwealth of The Bahamas, Claire Nichols, Deputy British High Commissioner, Daniela Carrera-Marquis, Country Representative for the Inter-American Development Bank (IDB) in The Bahamas, and Claudia Stevenson, IDB specialist and team leader of the project. The day commenced with an insightful presentation on the RRN’s milestones, buoyed by the vital funding from Compete Caribbean and other donors, followed by a hands-on experience at one of the network’s coral nurseries located off the Southwest coast of New Providence.

Daniela Carrera-Marquis, an enthusiastic advocate for coral restoration, expressed her excitement about the innovative concept of coral restoration tourism. She said: “I am looking forward to completing my PADI Reef Rescue Diver certification and diving more to assist with coral restoration efforts in The Bahamas,” echoing the sentiment of engagement and direct action that the RRN aims to foster among its partners and the community. At the event, Daniela participated in scuba diving and performed maintenance on an underwater coral nursery while the others snorkeled and viewed the nursery from above.

The event not only served as a platform for appreciation but also as an eye-opener to the real-world challenges reefs face, as highlighted by Thomas Hartley’s reflections on witnessing the impacts of climate change firsthand. He said: “It was devastating to see the effects of coral bleaching on the reefs.” Coral bleaching is the process where stressed corals expel their colorful and life-sustaining algae, turning them white and leading to starvation, increased susceptibility to disease, and potentially death if the stress continues.

Over the past two years, with the support from Compete Caribbean and other donors, the RRN has made commendable progress in expanding and developing coral nurseries, enhancing the capacity of its human resources, and promoting coral restoration standards throughout the Bahamian archipelago. This includes the installation of 14 new coral nurseries, expansion of 4 existing ones, and the addition of 3,450 coral fragments to nursery units, significantly increasing the ecological benefits to local reefs.

Moreover, the RRN has successfully developed shallow water experiences for non-divers, introducing 35 “coral domes” across 10 dive sites, populated with 943 coral fragments. The living coral domes not only diversify the experience for RRN partners but also educates a broader audience on coral reef conservation.

The network’s efforts have also extended to education and community engagement over the last two years, with 81 Bahamian high school children educated on coral reefs and restoration activities. This engagement aims to instill stewardship behaviors among the youth, ensuring the longevity of marine conservation efforts.

Despite the setbacks faced due to the 2023 summer bleaching crisis, which hampered outplanting activities, the RRN remains steadfast in its mission. Coral reefs form the bedrock of The Bahamas’ tourism sector, contributing significantly to the nation’s $2.6 billion annual tourism revenue. With over two million tourists engaging in snorkeling activities annually, coral reefs serve not only as a magnet for visitors but as a sanctuary for diverse marine life, supporting over 25% of ocean species. The vitality of these ecosystems is also underscored by the lucrative shark diving sector, which generates $113.8 million each year.

However, these invaluable ecosystems are under severe threat from coral bleaching, primarily driven by climate change-induced ocean heatwaves. Significant coral loss was reported throughout The Bahamas in 2023, marking a distressing trend that could foresee the demise of coral reefs by mid-century without decisive and innovative conservation strategies. Hayley-Jo Carr, director of the Reef Rescue Network, said: “By harnessing resilient coral species and employing advanced restoration techniques, the RRN, along with its partners and the global scientific community, is at the forefront of a critical battle to preserve these natural treasures for future generations.”

As the RRN continues to navigate the challenges and opportunities in coral conservation, the support and involvement of its partners, donors, and the community remain crucial. The recent donor event not only celebrated the achievements but also reinforced the collective resolve to restore and protect the vibrant coral ecosystems that are vital to the marine life and communities of The Bahamas.

The Reef Rescue Network’s development and outputs over the last two years have been made possible thanks to the support of The Compete Caribbean Partnership Facility (CCPF) which is a private sector development programme that delivers innovative and practical solutions that stimulate economic growth, increase productivity, and foster innovation and competitiveness. The CCPF works across 13 countries and is a partnership between the Inter-American Development Bank (IDB), the United Kingdom’s Foreign and Commonwealth Development Office (FCDO), the Caribbean Development Bank (CDB), and the Government of Canada. Further support has been provided by Disney Conservation Fund, Moore Bahamas Foundation, The Nature Conservancy and the Global Funds for Coral Reefs (GFCR), the latter of which is a blended finance instrument to mobilise action and resources to protect and restore coral reef ecosystems.

For more information on the Reef Rescue Network and how to get involved, visit https://www.PerryInstitute.org/.

 

Photo Captions: 

Header: Leaders in conservation and international delegates, including representatives from the IDB and the British High Commission, unite aboard with the Reef Rescue Network team, embodying a powerful coalition for coral restoration and sustainable development in The Bahamas.

1st insert: A highlight of the event, guests were treated to the rare sight of a spotted eagle ray, a reminder of the precious marine life the Reef Rescue Network strives to protect in The Bahamas’ pristine waters.

2nd insert: Daniela Carrera-Marquis, InterAmerican Development Bank Representative, meticulously tends to a coral nursery as part of the Reef Rescue Network’s hands-on approach to coral conservation, illustrating the powerful synergy between human effort and marine restoration in The Bahamas.

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