Bahamas News
The Bahamas Continues to Adapt to Dynamic Change
#Nassau, February 27, 2019 – Bahamas – Acting Prime Minister, the Hon. K. Peter Turnquest said The Bahamas continues to adapt, grow and expand despite the dynamic changes taking place around the world.
“When The Bahamas needed an economic base in a region known for its agricultural and manufacturing prowess, we pioneered the tourism industry in the region. Today, we are employing different strategies to increase and diversify foreign direct investment. The Commercial Enterprises Act, 2018 has already had great success attracting international companies to open up offices and headquarters in Grand Bahama, where we are creating the Tech Hub for The Bahamas.”
The Acting Prime Minister was speaking at the Royal Fidelity Bahamas Economic Outlook (BEO) held at Baha Mar, Tuesday, February 26, 2019. He noted that the government is undertaking several other initiatives to boldly lead The Bahamas into a dynamic future.
The Acting Prime Minister explained that the government is preparing Bahamians to take advantage of new opportunities in the tourism market by regulating and expanding Airbnb and related services, which is an area with great potential for boosting inclusive growth.
He said the government is preparing Bahamians to be businesses owners with unprecedented investments in entrepreneurship: $25 million over five years. The era of finishing school and looking for a good government job is over. The government wants the workforce to be highly trained to secure private sector jobs, and to create their own jobs.
The Acting Prime Minister said the government is also modernizing itself by leveraging the power of technology; strengthening the national statistical system; and instituting comprehensive public sector financial management reform.
Lastly, he explained that the government is building a new culture of governance that is grounded in fiscal responsibility principles of transparency, accountability, and inclusive growth, undergirded by the Fiscal Responsibility Act that introduces quarterly budget performance reporting and fiscal strategy reporting.
The Acting Prime Minister noted that in a competitive commercial environment, where geopolitics is constantly at play, it seems as though the playing field will never be level for small territories like The Bahamas.
“We are participants in a global economic system, where the principle of sovereign equals is not always respected when you don’t have the political clout to enforce it. We are seeing a lot of turmoil in the financial services sector today on account of these factors, but we can hardly call it new.
“The goalpost has constantly been shifting when it comes to assessing territories like The Bahamas, and there seems to be no end in sight. No matter how cooperative or how compliant we are as a nation, larger countries exercise their liberty to create new rules at will, with an expectation for everyone to immediately fall in line, no matter the resources we need to marshal or the investments we need to make.”
He explained that the United States has one set of rules. The European Union has another. And then, the OECD and the EU together have another set of rules.
“The latest move by the Netherlands is clearly an indication that individual countries within the EU now want to have their own individual standards to export to the entire industry too. When does it stop? The model that seems to be proliferating is antithetical to the notion of having a global standard, and there are questions as to whether the standards are being applied fairly and transparently. If we are really working towards the same goals, is this even the best way?”
The Acting Prime Minister said while The Bahamas has many shared interests with the international community, particularly as it relates to combating AML/CFT, the process of unilaterally setting rules and exporting them to other territories under threat of sanction is counter to the spirit of international cooperation in the first instance.
He said this is 2019, and it does not matter how many blacklists pop up to unfairly stick The Bahamas on, the fact will remain that the country is a clean, compliant and cooperative wealth management jurisdiction, providing competitive financial services.
“We compete on the strength of our services and the quality of our professionals, and we eschew any and all efforts to introduce AML/CFT risk into our system. This government is committed to keeping up with any regulator or legislative reforms that are necessary to maintain our position as a global leader.”
The Acting Prime Minister said, “We have no intention of giving up any of the ground we occupy as a premier international financial centre. We are adapting to the change environment and encouraging the industry to innovate and develop new competitive products to meet the demands of the market. Investors can be assured The Bahamas will continue to be a reliable provider of sophisticated, high quality financial services products that meet their needs.”
By Llonella Gilbert
Release: BIS
Photo Caption: Acting Prime Minister the Hon. K. Peter Turnquest addresses the Royal Fidelity Bahamas Economic Outlook held at Baha Mar, Tuesday, February 26, 2019.
(BIS Photo/Kristaan Ingraham)
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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.
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.
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.”
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