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

Bahamas economic growth

Published

11 hours ago

May 4, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

Published

16 hours ago

May 4, 2024

Shanieka

World Relays to be title sponsored by BTC, one of C&W’s local brands.

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos

Published

16 hours ago

May 4, 2024

Shanieka

RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.