Ladies and gentlemen, distinguished guests,
In every era of history, the world has confronted moments of uncertainty—times when the established order appeared to fray, when the assumptions of one generation no longer served the realities of the next.
Today, we find ourselves at such a juncture.
Economic instability, geopolitical realignments, and shifting power dynamics have left many nations grappling with questions of security, growth, and relevance in an ever-evolving global landscape.
Yet, if history offers us any guidance, it is that such moments — though fraught with peril — have also been the catalysts for the most significant advancements in civilization.
The Renaissance was born from the turbulence of medieval decline.
The international economic system that has governed global commerce for decades was conceived in the aftermath of war and depression.
It is in uncertainty that societies are tested, and in challenge that the true measure of leadership is revealed.
For small island states such as ours, the stakes of this new global reality are particularly high.
We do not have the luxury of retreating behind vast industrial economies or self-sufficient markets.
Our prosperity has always been intertwined with the global order—our financial sector, our tourism industry, and our trade partnerships.
So, our task is not to lament uncertainty but to recognize the opportunity to define our own place in the world.
This moment requires something deeper than mere reaction. It calls for a vision that acknowledges present instability, yet seeks to shape the future in our favour.
As a nation, we must ask ourselves: Will we be mere spectators in the shifting tides of global realignment, or will we assert our voice with clarity and resolve?
Will we allow external shocks to dictate our trajectory, or will we forge strategic partnerships that reinforce our resilience?
And when we embrace partnerships, will we ensure that they are mutually and equally beneficial, serving our short and long-term interests?
We must look inward to find a sense of certainty in the direction we are headed amid changing global circumstances.
Uncertainty is not the enemy. We must not shrink from the challenge. We should embrace it.
We are engaged in external dialogue and relationships not because they are a preference but because they are a necessity.
Isolationism is not a strategy for success; it is a recipe for decline.
Globalization, for all its imperfections, has fundamentally reshaped the modern economy.
It has lifted millions out of poverty, spurred innovation, and created unprecedented interconnectivity.
The challenges of globalization — such as economic imbalances, shifting labor markets, and external vulnerabilities— are real. But, they cannot be addressed through disengagement.
The economic pressures we face, from inflation to supply chain disruptions, are not born within our borders.
They are the consequences of a world in flux, where economic decisions made in distant boardrooms and capitals shape the realities of our people.
Our prosperity depends on access — to markets, to investment, to technological progress.
And access is only secured through engagement.
Through engagement, we have positioned ourselves as leaders in the global discussions most relevant to our future as a nation.
Alongside CARICOM leaders, we have greatly influenced the global discussion on climate change. This has led to millions of dollars in funding for climate resilience and green economy initiatives, as we protect lives and preserve livelihoods from the projected destruction of climate change.
We have spoken up for fair global policies related to financial services and wealth management, calling out the imbalanced and biased policies that judge small nations like ours by one standard – yet do not apply those same standards to those who promulgate those policies.
Under my administration, The Bahamas has positioned itself as a leading international advocate for fair and equitable treatment in global tax policy and regulation. We were among the first countries to voice strong objections to the inequitable approach taken by the OECD and its member states, particularly toward small international financial centers like ours. More importantly, we were early champions of a United Nations Convention on International Tax Cooperation.
Through our advocacy, The Bahamas has secured a seat at the table as a proactive and influential member of the Intergovernmental Negotiating Committee on the United Nations Framework Convention on International Tax Cooperation.
This committee is responsible for developing the United Nations Convention on International Tax Cooperation and its protocols to ensure that all countries—regardless of size—have an equal voice, equal representation, and a fair stake in international taxation.
Our Attorney General, Ryan Pinder, KC, has represented The Bahamas in these critical negotiations at the United Nations and will continue to serve as a member of the Intergovernmental Negotiating Committee.
Additionally, he will represent CARICOM countries on the Bureau, which will oversee the development of the Convention’s framework and work plan.
This will help to end the cycle of sudden, extreme changes to the financial services sector with little warning.
Forging partnerships and speaking up for our interests made this possible.
We must build coalitions, reinforce strategic partnerships, and assert our interests with clarity and confidence.
And we must remain open to the possibilities brought about by partnerships, because history does not favor the rigid.
The defining characteristic of those who endure is not merely strength, but agility — the ability to pivot, to anticipate shifts before they arrive, and to seize opportunities in the midst of disorder.
Agility, however, must not be mistaken for uncertainty.
A nation that merely reacts to events is not agile — it is rudderless. True agility is rooted in preparation, in the ability to anticipate the contours of change and to position ourselves to benefit from what comes next.
That is the task before us. We must ask ourselves: are we ready to take advantage of the new economic realities being shaped around us?
Do we have the institutional resilience to adjust to rapid technological disruptions?
Have we built the diplomatic and economic relationships necessary to secure our place in a changing world?
We cannot afford to be passive observers of global transformation.
The nations that will thrive in the coming decades will not be those that cling desperately to the old ways, but those that move decisively toward the new.
Climate change, digital transformation, and social justice are considered to be the three most powerful and widespread drivers of change for the next few decades. They are often referred to as the triple transition.
Innovative solutions like our research into monetising our seagrass meadows’ capacity for carbon sequestration and the launch of the $500 million Bahamas Sustainable Investment Programme are a part of our homegrown solutions to what lies before us.
However, climate change has already caused billions of dollars to our economy and, if carbon emissions continue at their current pace, we haven’t yet experienced the worst impacts.
A holistic approach to climate resilience will require many billions of dollars that can only be generated through expanded access to climate finance and international cooperation and support.
This is why we must never stop advocating; we must never stop pushing for change, because our continued prosperity as a nation depends on our ability to form partnerships, negotiate for our needs, and convince the world to take action.
How we navigate the turbulence of climate change will determine whether we emerge stronger or find ourselves at the mercy of forces beyond our control.
Much like climate change, digital and social transformations require billions in investments to upgrade technology, educate and upskill our people, bridge the inequality gap, and strengthen our social safety net, as well as vital public services like healthcare.
There are no overnight fixes to these issues.
However, our efforts will be more impactful when we identify the synergies linking these challenges to our greatest opportunities for progress.
For instance, embracing new technology can expedite our progress toward climate resilience.
Investing in climate solutions can create new industries, providing widespread opportunities for economic growth and labour market participation, which can narrow inequality gaps.
Digital transformation can bolster our capacity to collate data and make better-informed decisions related to the use of our resources as we fine-tune social support initiatives and plan our long-term climate response.
There are so many ways these challenges overlap.
We must be willing to stand at the intersection of these seemingly competing priorities and recognise the ways we can advance progress on all fronts through cost-effective and innovative solutions.
We must synergise and get these solutions to work together.
And let’s be clear, these solutions cannot just come from the government.
Our best bet is to invest in and empower our people while tapping into international research and global networks to ensure we are equipping our best and brightest, our innovators and disruptors, for success.
This is critical. One of the most powerful things the government can do to move this nation forward is to create an environment conducive to private sector growth.
We can do this through investment in educational reforms as we create the leaders of the future.
We can also directly empower private sector entrepreneurs through banking sector reforms to lower the cost of credit and improve the efficiency of our banking systems so that banks can once again be a means to empowerment rather than an impediment to growth. We can achieve this through policy reforms and by embracing new, technology-driven models.
And, where there is a lack of access, we can expand our efforts through agencies like the Small Business Development Centre, which has granted millions in funding to youth, women, farmers, creatives, and persons with disabilities to grow and expand businesses.
Education and the empowerment of entrepreneurs are just two of the ways we can facilitate private-sector solutions to our most significant problems.
We must be intentional in our pursuit of these solutions.
Although our reliance on tourism and our relative lack of economic diversification has made us vulnerable to external shocks, we are by no means powerless.
We must never sit back and passively allow external events to dictate our fate.
Earlier this month, we demonstrated the power of tapping into new trade partnerships.
One single relationship forged with a new source market can significantly reduce the cost of goods.
If we can lower the prices of eggs so dramatically, imagine the possibilities out there for us to explore.
As trade alliances shift and potential tariff wars emerge, we can and will navigate these tumultuous times through intentional trade diversification strategies that will bolster our resilience to shocks from any single source market.
This is by no means the only solution to this particular problem.
As we forge new trade partnerships, we are also investing in agriculture because lowering our food import bill is another means through which we can bolster our resilience.
We will start with egg production. Next up is the poultry industry, and eventually, similarly large investments in meats, fruits, and vegetables, as well as specialty Bahamian produce.
The dual objectives of expanded partnerships and investments in domestic opportunities are not mutually exclusive as long as they drive progress toward the same goal.
So, trade diversification and local food production both serve a need in different ways.
We must be pragmatic and strategic in how these solutions are implemented with the goal of including more opportunities for Bahamians.
This is also true for foreign direct and domestic investments.
We must leverage the synergies and be guided by a strategic sustainable development agenda, which outlines the best approach to filling our needs in the short, medium, and long term.
Where we are currently limited in capacity, we must move with purpose.
Especially, in times of uncertain change, well-positioned economies with strong governance and strategic foresight can attract and generate the needed capital and human resources.
And despite our small size, we have already proven that a small nation with a clear agenda can influence the direction of global events, and also the impact felt by its people.
The question is – who will emerge from this period of change positioned for long-term success?
Those who remain paralyzed by uncertainty will find themselves dictated to by events. And those who navigate the moment with strategic clarity will define their own future.
The Bahamas must ensure that we are counted among the latter.
We are a small nation, but our size has never defined our influence. We have always understood that a country’s voice is not measured by its size, but by the clarity of its convictions, the consistency of its engagement, and the strength of its alliances.
We’ve always believed that we are the best little country in the world. That belief is what fuels our high expectations for ourselves.
We will not allow our voices to be dulled.
Our national interests are not served by silence.
They are served by engagement.
But let me be equally clear: engagement does not mean compromise. We will not abandon our national priorities to fit neatly within the designs of others.
We will not be pressured into choices that do not serve the best interests of our people.
Within our strategic development framework, we must ensure that our solutions, even when reliant on international support and partnerships, always prioritise the well-being of our people first.
The Bahamas has made its choice.
We embrace international opportunities as a partnership between equals. We will not be dictated to, and we will not be sidelined.
When the future is written, it will be clear:
The Bahamas stood firm, spoke with clarity, and claimed its place in the world.
Thank you.