PM: Far-reaching structural changes needed for economy

Calling this post-Hurricane Dorian and post-COVID-19 period one of the most challenging periods ever in the history of The Bahamas, Prime Minister Dr. Hubert Minnis said yesterday that The Bahamas must embark on broad, deep and far-reaching structural changes to the economy.

The prime minister was speaking during the Ministry of Financial Services, Trade and Industry and Immigration’s virtual symposium. He said one of those absolutely mandatory structural changes is the full digitization of The Bahamas at every level.

“Many of the bureaucratic roadblocks to the ease of doing business must be bulldozed. We must streamline the process for domestic and foreign investment in a broader range of industries. We are now in one of the most challenging periods ever in the history of The Bahamas, pre- or post-independence,” he said.

“We are being summoned by history and by circumstance to build a new Bahamas, a new commonwealth and potentially one of the most successful small countries in the world.”

The prime minister reiterated one of the points made during one of his recent national addresses, that in the immediate and near-term there will be very difficult days and a long, tough road for Bahamians and The Bahamas.

“But in the medium- to long-term we have it within our grasp, we have it within our power, to fundamentally remake and reshape our Bahamas. In this great and historic ambition we must utilize the full gifts of the Bahamian imagination and those global partners who wish to join us in this new Bahamian enterprise,” he said.

Speaking to the role the financial services sector can play in rebuilding the economy, Minnis said, “As a major pillar of the Bahamas economy, the financial services sector continues to offer tremendous opportunities for our economy. While some industries have been brought to a standstill, the financial services sector has pushed ahead in a number of ways. The industry’s technological innovation has positioned it for recovery in the face of global uncertainty.”

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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