FREEPORT – Encouraging Bahamians to prepare themselves to take advantage of the onslaught of new developments taking place in this country, Financial Services and Investment Minister the Honourable Vincent Peet, said the country’s economic future is as bright as it ever been.
Mr. Peet’s comments came as he addressed a graduating class of fifty persons that participated in the Bahamas Agricultural and Industrial Corporation sponsored Handicraft Straw Training Program. The graduation ceremony took place on Thursday evening at Workers House, Freeport.
Pointing out that developments in The Bahamas are for Bahamians, Mr. Peet advised that over 400 applications totaling over $20 billion are in the pipeline for islands throughout The Bahamas.
He said that the International Development Bank (IDB) in a recent report pegged the current investment value at $18 billion but that was based of figures from an earlier date.
The Financial Services Minister noted that while more than $20 billion worth of investment is forecasted, that the Government have already approved some $9 billion in applications which have already started throughout the country.
In his remarks Minister Peet applauded the efforts of BAIC executives and staff saying that they are more focused at ensuring that we produce, train and develop small business persons who are prepared to take part in an expanding economy throughout The Bahamas.
He told graduates that they are learning a trade, a craft and skills that they could take with them wherever they go and that they could become independent over a time.
We have come to celebrate this evening, celebrate the work of one of the most effective and productive government agency, BAIC, which have been moving throughout this country, island by island training Bahamians and preparing them for the future and to become economically independent,” he said.
Pointing out that we are some thirty-three years into our Independence, Mr. Peet said Bahamians are still not economically dependent yet.
“As part of the Christie’s Administration thrust, this Government’s thrust is to spend as long as we have to spend to create the environment and the atmosphere to create economically independent Bahamians so that Bahamians who want to work, who can learn a trade, who want to put their hands to wheel and who want to be the best they want to be in their country, will be given the opportunity to benefit from a growing economy throughout The Bahamas.
That is why Prime Minister Christie created the Domestic Investment Board and put that into my Ministry of Financial Service and Investment, to give focused attention to providing opportunities for Bahamian domestic investment,” he said.
Admitting that it will take a while for the impact of this Board to sink in, the Financial Services Minister said he believes they have Bahamian specialists in finance, business and economics who can make this work.
He said that have gone outside of the public sector and brought into the Ministry “two of our finest sons,” Mr. Paul Major who once headed the Development Bank, BAIC, Bahamasair, a large commercial bank, and who has a lot of experience in financial banking matter.
Likewise he said his Ministry brought in Mr. Don Demeritte, another experience Bahamian financier, “two Bahamian Consultants who understand our economy, understand our culture, understand the Government’s vision and policy and who along with the team in my Ministry have been working for the past seven to eight months in preparing the ground work to ensure that we can produce as many Bahamian business persons as possible.”
Minister Peet noted that the Government through his Ministry has provided concessions and incentives to make Bahamians businesses grow and to encourage startup businesses.
He feels that one of the biggest failures over the time why Bahamian business persons have not been as successful as they should be is because they never got the encouragement or the incentives or the assistance that they needed.
Businesses just do not start! There need to be a business plan, there needs to be funding, there needs to be follow-through and there needs to be market, a market for what you do.
And so, BAIC and the Development Bank were intended to produce and create the environment for business growth. We have not always done it in a way that we would want and we have not always been successful.
But what we are now doing under the Domestic Investment Board is we are putting in place, we are trying to refine what has not worked in the past under BAIC or Development Bank.
And, we have under the umbrella of the Domestic Investment Board four government agencies whose job it is to streamline, to provide the facility and the know how and expertise to ensure that Bahamian business persons who want to get into business are given a shot, the best shot of getting into business, the best shot of succeeding at business while in business, and the best shot at sustaining the business and growing the business,” he said.
Minister Peet also informed of various agencies associated with the Domestic Investment Board. They include the Bahamas Development Bank, BAIC, Venture Capital Fund and the Government Guaranteed Loan facility.
He said that it is his Ministry’s plan to reduce the red tape that has in a way retarded the growth of Bahamian business. He also said that it is their goal to give Bahamians wanting to get into business the “red carpet” treatment.
The same treatment we give the foreign investor we are now giving Bahamians investors. That is important because it also gives those young persons, like those JA’s (Junior Achievers) and others in high school who believe in business, who are given an early start, it makes your future even brighter because it tells you that there are facilities the government will provide to ensure that once you get a business with a good idea that business will be encouraged to grow,” he said.
He also told graduates that the idea of bringing BAIC to the people and ensuring that they are given a second, third or fourth trade or profession is what the government is totally committed to.
We believe that as we develop the entire Bahamas, and we know that there are challenges that you are now going through in Grand Bahama, but you do not stand still when there are challenges! You prepare for the time when you will overcome those challenges,” said.
Minister Peet then drew his audience attention to the $5 billion investment by the Ginn Company at West End, and informed that there is another application before his Ministry which will entail another major development for east Grand Bahama. He told the graduates and Bahamians everywhere to prepare for those developments as they come on stream.
Focusing on the current robust economic growth of the country, Mr. Peet said that there are those who might not want to believe, but that was their problem.
He said we have in this Bahamas right now the level of economic growth and developments that are absorbing and will absorb as many vendors, shell vendors, straw vendors, craft venders as we could produce in many of the islands.
He touched on the massive touristic developments in Rum Cay, Berry Islands, Mayaguana, New Providence, Abaco, Eleuthera and more.
Telling graduates not to feel stuck in one place Mr. Peet said these developments which are taking place throughout the country are Bahamians everywhere.
