During a meeting with investors in Chicago, Prime Minister Philip “Brave” Davis yesterday touted his administration’s efforts to grow the Bahamian economy and sold the country as a booming destination.
“The Bahamas is rich with opportunities in a diverse range of sectors, and the list of emerging opportunities grows every day,” Davis said at the City Club of Chicago.
Davis told investors that The Bahamas is one of the closest nations to the United States and is strategically positioned as a trans-Atlantic shipment and travel hub for the Americas.
“We are a tax-neutral jurisdiction that openly welcomes investors whose vision for their businesses aligns with our labor market and economic needs,” he said.
“While we are considered a tax-neutral or low-tax region, which can be an appealing prospect for investors, our international record for compliance with international transparency and accountability standards is stellar.
“In fact, in December 2022, we became only the sixth nation in the world to become largely compliant with the Financial Action Task Force’s 40 Recommendations related to compliance with anti-money laundering, counter-terrorism financing, and transparency standards.
“Our resilient external position is bolstered by the second-highest level of foreign exchange reserves among our regional peers, and our national debt management strategies are working – government deficits are on a downward trajectory.
“The Bahamas’ scores of 84.6 in corruption control and 77.4 in political stability, rival those of high-income and developed nations. A governance indicator score of 76.3 further highlights our status as a transparent and responsible nation.
“In essence, when you invest in our safe harbor, you can be sure you are investing in a stable environment with responsible government practices that will give your investments the opportunity to thrive unimpeded.
“From an industry perspective, we are primed for continued expansion.”
Davis also noted his government’s promise to roll out solar energy on the Family Islands, starting a blue carbon credits regime; expanding healthcare throughout the islands and investing in Fintech.
“We intend to be the first country in the world to issue blue carbon credits,” he said.
“The IMF has acknowledged blue carbon as an asset class and has indicated interest in purchasing our blue carbon credits when our registry is activated in 2024.
“We are exploring the best options for tokenizing and leveraging these assets; it’s an exciting time for us and we’re proud to be pioneers.
“We are also working to build a pipeline of talent so that our young people are ready to participate in new blue economy opportunities, including conservation.”
He concluded,”I hope we’ve inspired you to be part of the exciting change and progress in my country.”