Bahamas News

Government Wants to Move from “Undue Emphasis on Foreign Investment”

Published

7 years ago

June 14, 2017

Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said The Bahamas must move from undue emphasis on foreign investment to propel economic activity.

“While we do acknowledge an important role for such investments, if they are legitimately strategic in nature, we are firmly committed to unleashing the potential and creativity of home-grown entrepreneurs as catalysts of innovation, investment and stronger economic growth, particularly in non-traditional industries, the DPM said during his Contribution to the 2017/18 Budget Debate in the House of Assembly on Wednesday, June 7, 2017.

He explained that to support and promote increased Bahamian entrepreneurship and ownership in the economy, and especially small and medium-sized businesses, the Government has laid out, in its Manifesto, a detailed array of measures that it will pursue during this mandate. These include:

· the introduction of the Small and Medium Enterprise Development Agency (SMEDA) in order to consolidate the services and incentives of all relevant agencies;

· support for Entrepreneurship and Enterprise Centres;

· provision of a $5 million capital infusion to the Venture Capital Fund;

· establishment of a one-stop shop, incorporating relevant Government agencies and services as a means of easing the burden and cost of doing business in this country;

· encouragement of the commercial banks to establish Small Business Units staffed with professionals attuned to the particular needs of SMEs, including mentorship and guidance;

· further strengthening of the Fresh Start and Jumpstart programmes established by the previous FNM Administration; and

· make available incentives and inducements that are in line with those offered to foreign investors in the same sectors of the economy.

Grand Bahama’s economy

He said the Government will also strive to revitalise the Grand Bahama economy through initiatives that are geared to accelerating, broadening and sustaining its economic development.

The Budget Communication announced, “we would repeal and replace the disastrous Grand Bahama (Port Area) Investment Incentives Act 2016 that I have labelled as a ‘job killer’.

“Our objective is to ensure that all licensees receive equal treatment under the law, with the greatest opportunity for success, unencumbered by red tape and unreasonable cost to operate.”

In addition, the DPM said other measures the Government intends to establish include:

· relocate The Bahamas Maritime Authority to Grand Bahama as a means of establishing it as the maritime capital of the country and leverage the container port and shipyard infrastructure to attract new investment into the sector;

· further develop BTVI and the University of The Bahamas to more effectively support the island’s industrial and hospitality requirement;

· promote Grand Bahama as an eco-tourism sanctuary;

· by capitalizing on the airport infrastructure, develop the aviation sector as well as attract overnight courier services;

· utilize Crown lands in east and west Grand Bahama to create a hydro-farm and a mariculture facility to produce crops and seafood for export; and

· eliminate all preferential treatment that hinders the growth of business on the island.

Inner city communities in New Providence

DPM Turnquest said the inner city communities in New Providence have long been economically and socially depressed areas and have been neglected by Government for far too long.

He said, “Our Government will, during this mandate, therefore move to reinvigorate and transform these so-called ‘Ova-da-Hill’ communities through incentives for entrepreneurs, investors and especially small and medium-sized businesses that will spur business growth and job creation from within these communities.

“We will support the construction of business premises and new or refurbished owner-occupied homes. We will establish community centres with activities that strengthen family and social cohesion for the youth and elderly. And we will ensure the provision of potable water, sewer and sanitation services in line with those available to our citizens elsewhere,” DPM Turnquest said.

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Bahamas News

Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos

Published

5 days ago

May 13, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale again this weekend, the show debuts Friday night.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew where shows are set for Brayton Hall, for Friday May 10 at 8pm and Saturday has two showings; matinee at 4pm and evening, 8pm.

Tickets are $75 VIP. General admission is $60.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attentattention.

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

Online tickets are available for purchase with credit cards. The full team returns on Friday, May 10 with the comedy production being held under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stop laughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”

Bahamas News

The Bahamas Successfully Hosts Its Fourth World Athletics Relays

Published

6 days ago

May 12, 2024

Shanieka

NASSAU, Bahamas – Hundreds of people from around the world turned out in full force for the BTC World Athletics Relays Bahamas 24 that took place at the Thomas A. Robinson National Stadium, May 4 -5, 2024.

This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.

President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.

He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.

During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.

He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”

The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.

Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.

In fact, The Bahamas was able to take advantage of the second day of competition.

Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.

The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.

Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.

(BIS Photos/Kemuel Stubbs)

Bahamas News

PM at World Relays 2024 Opening: ‘Tonight, the eyes are on The Bahamas’

Published

6 days ago

May 12, 2024

Shanieka

NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.

“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”

He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”

Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.

“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”

He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”

Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.

“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”

“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.

“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”