Distinguished guests,
Ladies and gentlemen,
Good morning.
It’s great to be here with so many movers and shakers from the business community.
Today is indeed a special occasion; seldom do we see leaders from so many of our islands unite to pursue a common goal.
I applaud the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), and its CEO Dr. Leo Rolle, for bringing us all together.
We convene today, at the 6th annual National Conclave of Chambers, to discuss the ‘Keys to Strengthening Our Economy’.
My friends, let’s make good use of this exciting opportunity for synergy and innovation.
It was not that long ago when things were in rough shape.
In 2021, the global tourism market was on life support. Many pundits and industry analysts talked about a decline that would take years to recover from. Others warned of a permanent impact on the global cruise industry.
The economy was reeling, having contracted 24% the year before.
As the global economy came back to life, our plans to reopen and aggressively expand our economy were initiated.
We had our work cut out for us, but from day one we began working. Today, thirty-six months later, our progress has been encouraging.
In just three years, we’ve secured over ten billion dollars in investments, creating thousands of permanent jobs for Bahamians. We have the expansion of existing resorts as we see with the recent announcements of major developments from Atlantis and BahaMar, as well as the upcoming partnership between Ocean Club and the Four Seasons to build dozens of private residences on Paradise Island in association with major developmental partners.
The Grand Bahama Shipyard is set to reclaim its spot as the top hemispheric transhipment hub and largest cruise ship repair facility in the world. In five years, we anticipate some 1200 employees will benefit from gainful employment at the Shipyard, the majority of whom will be full-time Bahamian workers. Once fully up and running, the Shipyard is expected to provide a total economic output of $350 million.
Small and medium-sized businesses are growing across our nation. And employment numbers have stayed below double digits for consecutive years – a statistic that many thought impossible given the many years that it has hovered above double digits.
Meanwhile, the government has mobilised unprecedented infrastructure projects across our archipelago, including the construction and restoration of fourteen Family Island airports, extensive roadway improvements, clinic renovations, and upgrades to water purification and distribution systems – in both New Providence and the Family Islands.
Of course, we have two new hospitals on the way, and we are making major investments in education and national security.
We are ensuring that we are putting resources into economic development, healthcare, education, and national security as the pillars of national development.
These are the primary areas that must be our focus if we are to sustain and accelerate our progress.
A major component of our approach is ensuring that growth is widespread – beyond the bounds of New Providence.
Strategic private and public investments have given rise to a resurgence of our Family Islands. One which has never been seen before in the history of our Bahamas.
This, of course, is only the beginning – the journey from concept, to construction, and finally, to full operation will take time.
But already, Family Islanders are benefitting from this administration’s bold approach to inclusive development.
Just last month, ten new ambulances joined the nation’s fleet, with five more to follow. These emergency vehicles will be deployed across the country, so that when accidents do happen, they don’t lead to needless loss of life.
Mind you, family island development isn’t only about improving infrastructure. It’s also about empowering residents to make change in their own communities.
For this reason, we’ve increased the operation capital for local government by ten percent. With these extra funds, district councils can make headway on important projects on their islands.
Meanwhile, the ongoing digitisation of government services has streamlined once time-consuming bureaucratic processes.
This has not only enhanced access and efficiency for individuals, but it has also improved the ease of doing business.
We recognise that government has a central role to play in creating an enabling environment for private ventures.
In addition to digitisation, reliable electricity and seamless land registration also contribute to the ease of doing business.
Our comprehensive energy and land reforms take this into account.
Once fully enacted, modernised conveyancing and a twenty-first century power grid powered by solar and LNG for cheaper, more reliable energy, will provide the stability and security Bahamian businesses need to thrive.
As we continue to seek out novel strategies to support local commerce, know that we welcome your input, and remain committed to your success.
Future-proofing our economy doesn’t mean forgetting where we came from.
This government recognises the importance of modernising our oldest industries, and so we are investing in agriculture and fisheries – the economic mainstay of so many out islands.
Our sustainable food growth grant is now in its second round, and two new container farms were recently deployed to North Andros and Eleuthera, with more soon to come. These efforts align with our wider vision for food security in The Bahamas, where healthy eating and a healthy economy go hand in hand.
Looking ahead, we must not be afraid of broadening our approach and venturing out. There are many things that should have been done years ago that are finally being done, and many new things that have emerged in recent times that we must capitalise on.
We must be brave in our pursuit of innovation and exploration. Our leaders – both in government and in the private sector – must explore new frontiers, new models, and new ways of thinking.
As Prime Minister, I am not shying away from this moment. They call me “brave” for a reason.
Some may criticise me for it, but without courage and an open mind, I wouldn’t be where I am today.
My administration is boldly advancing first-time legislation to regulate emerging industries, from cannabis and digital assets to the empowerment of the orange economy through modern intellectual property laws.
Economic diversification will be key to the long-term vitality of the Bahamian economy.
Diversified economies enjoy greater stability, which is critical for the success of small businesses. The Bahamas Development Bank’s Family Island grant has been a worthwhile resource to small businesses throughout the family of islands, as have the programmes of the Small Business Development Centre.
Economic diversification is also important for long-term growth, as a greater variety of industries gives rise to more jobs, increased capacity, and enhanced resilience. This is especially important for small island developing states, like ours, which tend to be disproportionately impacted by shocks to the global economy.
In addition to establishing the groundwork for new industries to flourish, we’ve also diversified our tourism product to stay competitive and foster innovation.
We’ve actively promoted productive niches, be it sports, eco, or heritage tourism.
Bahamian culture will continue to be at the heart of our new tourism model, supported by the same local and international campaigns which have propelled tourist arrivals 15% above last year’s record-setting levels.
Needless to say, our wide-ranging efforts to invigorate the Bahamian economy have seen great success, and we’re just getting started.
We’ve balanced considered spending with fiscal responsibility, which alongside increased tax compliance and improved government fiscal health, has brought the economy back from the brink, and then some.
We’ve sailed out of the storm and into calm waters, and soon our country will see the first budgetary surplus in its independent history.
It is an ambitious goal, but it is one worth boldly pursuing for the sake of our economic prospects.
We must all do our part to keep the momentum going.
The public and private sectors will need to work together to drive economic progress.
The BCCEC and Family Island Chambers have a fundamental role to play in this regard. Your insights and advocacy are key to shaping fit-for-purpose policies that solve our most pressing problems, which include making progress on many of the significant impediments to doing business in The Bahamas today.
Community-driven solutions will be key in this new age of inclusive economic development.
We want to hear from you and we want to work with you every step of the way.
In closing, I wish you all an exciting and productive Conclave. I look forward to witnessing the ideas and strategies that emerge.
Together, we can build an economy that works for all Bahamians, no matter where they live.
Thank you, and may God bless you all.