PM: Bahamians need to increase savings
The Bahamas has traditionally been inept at increasing its national savings, Prime Minister Hubert Minnis said yesterday as he addressed the Bahamas Chamber of Commerce and Employers’ Confederation’s National Conclave.
Minnis said his government is focused on increasing this country’s national savings in order to facilitate local investment projects.
“There is a direct relationship between savings and investment,” said Minnis. “Countries that save have more funds to invest. The Bahamas has traditionally had low levels of savings.”
According to Minnis, this country has continually relied on savings in the form of foreign direct investment through foreign, large projects.
He added an increase in national savings would help to facilitate an increase in locally financed investments.
“It is therefore crucial that we take steps to improve household savings and national savings in order to promote sustainable growth,” he said.
Minnis said the country will have to ensure that it attracts high quality foreign direct investment, however, to continue to ensure that its savings remain at an acceptable level and the nation eventually experiences growth. He said his government will ensure that this happens, through good trade and industrial policy.
Minnis said it will be important moving forward for the government and private sector to effectively utilize existing trade agreements and be aggressive in promoting new trade opportunities “so the world understands what we have here”.
According to the prime minister, his government will also address the ease of doing business in the country, which has traditionally received a low rating internationally.