Posted by: travadmin on Jan 17, 2003 – 02:11 PM
business Despite the “less than rosy” picture that the global economy presents, the Progressive Liberal Party Government has recently approved an array of new resort development projects that will pump “fresh blood” into the tourism sector and provide increased employment and entrepreneurial opportunities for Bahamians.
By TAMARA McKENZIE
Nassau Guardian Staff Reporter
Despite the “less than rosy” picture that the global economy presents, the Progressive Liberal Party Government has recently approved an array of new resort development projects that will pump “fresh blood” into the tourism sector and provide increased employment and entrepreneurial opportunities for Bahamians.
“In addition, there are many hundreds of millions of investment dollars represented by pending applications before The Bahamas Investment Authority and the National Economic Council,” according to Prime Minister Perry Christie.
Mr Christie was speaking on Monday at the Radisson Cable Beach Resort, where he opened the 12th Annual Bahamas Business Outlook Conference, 2003, held under the theme: ‘The Bahamas, 30 years and Global’.
This year’s conference, with its diverse grouping of business veterans and entrepreneurs, reviewed the progress that The Bahamas has made in the 30 years since achieving nationhood, as well as the realities which currently face the region and the world.
The Prime Minister said that the government has intensified its attention to such development proposals and is also in the process of introducing new administrative measures designed to reduce the time that it takes to efficiently process good, solid, credible and legitimate development throughout the government bureaucracy.
“Simply put, the wheels of the government are still moving too slowly and inefficiently in this regard. We can ill-afford to frustrate potential investors, particularly at a time like this,” said the Prime Minster, who further stated that increased emphasis has therefore been placed on the reduction of red tape and the elimination of bottlenecks and institutional lethargy. “I am satisfied that the fruits of these initiatives will soon be evident and will meet with universal satisfaction,” he said.
The Prime Minister said that because of the strong linkage between political stability and economic progress over the last 30 years, The Bahamas has been able to develop not only as a stable democracy, but also as a prosperous economy. He said that despite several oil crises in the 1980’s, the stagflation conditions in the global economy, in addition to the Gulf War crisis, the Bahamian economy adjusted carefully to adverse conditions, indicating that the country is fully capable of prudently managing its economy.
Mr Christie said that The Bahamas is the only independent country in the hemisphere with a population of a quarter million or more, outside the North American giants, which has succeeded in avoiding recourse to the International Monetary Fund (IMF) and other international agencies for balance of payments support at some point.
The Bahamas can sustain its past achievements as a nation and can build a better Bahamas on its solid foundation, he said.
“Undoubtedly it will take hard work and commitment to do these things, but I believe that as a nation, we have the necessary resolve and commitment,” the Prime Minister said.
The immediate problems for The Bahamas in the economic domain, Mr Christie stated, relate to ensuring the future of the financial services sector, encouraging additional investment in tourism, developing other international services and diversifying the economy through the growth of new businesses in new sectors.
The government is deeply cognizant of the issues involved and is working as rapidly as possible to ensure that all remaining features of the required regulatory environment are in place, he noted.
With “regards to the tourism sector, once the global political and economic environment stabilizes with the removal of the immediate threat of war in the Middle East and the defeat of international terrorism, it is expected that further substantial inflows of productive capital investment into the tourism sector will occur,” said Prime Minister Christie.