Bahamas News
BAHAMAS: Economic Growth Must Be Felt by Everyone says Prime Minister
#Nassau, January 29, 2019 – Bahamas – Economic growth must be inclusive and must be felt all across the country for all Bahamians, Prime Minister the Most Hon. Dr. Hubert Minnis said on Monday in his first Report to the Nation for 2019.
The Report, the first of three to be delivered by the Prime Minster over the next few weeks, outlined what the government is doing to boost economic growth, help create jobs and provide greater opportunity for all Bahamians.
“Expanding our economy is key to economic growth,” said Prime Minister Minnis. “I fully understand the economic anxieties of so many Bahamians.”
A dynamic mix of Bahamian and foreign investment projects is part of the government’s strategy to drive growth and expand the economy, he said.
The Bahamas Investment Authority will be restructured to include a promotional arm, which will be used to increase Bahamian and international partnerships and foreign direct investment.
“This promotional arm will be critical for economic expansion and growth,” said Prime Minister Minnis. “It will facilitate investment promotion tours with participation of both private and public stakeholders.”
Since mid-2017, the government has approved an estimated $3.7 billion in foreign investment projects, said the Prime Minister. He noted that many of the projects, once approved, immediately contract Bahamian firms for legal, accounting, project management, engineering, environmental, architectural, consulting and other professional services.
Another key element in growing the economy is to do much more to help Bahamian entrepreneurs and small businesses, said Prime Minister Minnis.
The government has committed to invest $25 million toward small business support over five years. The recently launched Small Business Development Centre (SBDC) is up and running and so far, approximately 500 Bahamian entrepreneurs have had consultation or participated in seminars through the centre, said the Prime Minister.
For this fiscal year, the government has pledged support in $5.5 million for loans, grants and equity injections into Bahamian small businesses. Together with private sector partners, the total level of support will come to just under $7 million in funding directly to Bahamian entrepreneurs and small businesses.
Of this amount, $450,000 will be spent to provide grants to young underprivileged Bahamians from throughout the country, from poor neighborhoods and poor families – to support their business aspirations. So far through the SBDC, seven companies have been approved for funding to either begin or to expand their businesses for a collective total of $1.5 million, with more credit to be extended.
“Once these small businesses are provided with capital, they can contribute to the fabric of the economy by providing new businesses by Bahamian entrepreneurs and jobs for Bahamians,” said Prime Minister Minnis.
The government has also committed to enhanced training for aspiring entrepreneurs through the Bahamas Technical and Vocational Institute (BTVI) and the University of The Bahamas (UB), he said.
The ‘Be Your Own Boss’ (BYOB) Scholarship offers $1,000 in tuition support to students between the ages of 18 and 25, who will enroll full time in preparatory, certificate, diploma and associate degree programs, which will train them with the necessary technical and vocational skills to start a business or secure employment.
“Equipping our students with these types of opportunities will create both jobs and products to help grow the economy. We anticipate expanding this initiative in the upcoming budget,” said Prime Minister Minnis.
To help new business startups, the Ministry of Finance recently announced the roll out of a provisional business license implemented by the Department of Inland Revenue. The provisional license allows individuals wishing to start a new low-risk business to do so in five days or less.
Once granted the provisional license, which will be valid for 90 days, businesses will be allowed to be up and running, while they work to complete the full business license process by obtaining all the necessary documents for completion.
The fee for starting a new business has also been waived, and the application process has been consolidated through one application through the Department of Inland Revenue.
“This has made the process much easier for those wishing to launch a new business,” said the Prime Minister. “We will ensure that we continue to refine the process even more.”
Prime Minister Minnis said he has also pressed his ministers to address the unacceptable amount of time it takes for Bahamians and foreigners alike to open a bank account. He acknowledged the importance of the ‘Know Your Customer’ Rules, but said it was just as important that Bahamians be able to go to a bank and open an account with little hassle, once they have the proper identification.
“Instead of finding excuses as to why it cannot happen, I want the Central Bank, the Ministry of Finance, the commercial banks and the private sector to tell me how it will happen,” said Prime Minister Minnis.
The Prime Minister said that while the country is making economic progress and the economy is growing there is still much work to do to boost jobs, especially among young Bahamians.
“We must expand even more, and do all we can to secure our middle class and to move more Bahamians out of poverty,” said Prime Minister Minnis.
Release: Office of the Prime Minister
Rashaed Esson
Staff Writer
#TheBahamas#RoyalCaribbean, April 23, 2024- After being delayed following its announcement in 2020, Royal Caribbean’s new 17 acre Royal Beach Club on Paradise Island in Nassau, Bahamas, is now in the works and is scheduled to be ready for 2025, according to reports. A groundbreaking ceremony was held on Monday April 22, signifying the start of construction in the next few months. This project is huge for The Bahamas as it’s a first of kind for the nation, with a unique public private partnership allowing Bahamians to hold up to 49 percent in equity.
Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country
recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.
The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.
Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.
Ms. Rickell Curry
“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”
Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.
“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.
Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.
Dr. Elizabeth Darville
“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”
Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.
“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.
Mr. Wellington Hepburn
“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”
With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.
“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.
Ms. Samantha Rolle
“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”
The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.
PHOTO CAPTIONS
- Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
- Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
- Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
- Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
- Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
- Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.
Office of University Relations
University of The Bahamas
2nd Floor, Michael H. Eldon Complex
Oakes Field Campus
P.O. Box N-4912
Nassau, The Bahamas
Tel: (242) 302-4355/4354/4365
-
News6 days agoDR man rented Jet Ski nine days ago in Providenciales; where is he now?
-
Health7 days agoDengue cases rising in Region
-
TCI News3 days agoExperience Turks and Caicos and Ministry of Tourism explore development of Cruise industry at Seatrade Global Cruise Conference
-
Caribbean News5 days agoCARICOM pushes need for Reparations Tribunal at Forum in Geneva
-
Education5 days agoCampus Brawl at Clement Howell High sends students to Hospital
-
Caribbean News1 week agoCARICOM, UN applauds published decree establishing Haiti’s Transitional Government
-
Caribbean News5 days agoCARICOM sends warning as Oil prices creep higher in the Israel v Iran conflict; 14 regional states import energy
-
Bahamas News1 week ago$36 Million Dollar Upgrade for World Athletics Relays in Nassau, Bahamas