It was a dilemma that the Minister of Financial Services and Investments Vincent Peet admitted when he addressed dozens of delegates attending the Margaret McDonald Policy Management and Administration Centre’s fifth annual conference on Wednesday at the Sandals Royal Bahamian Resort.
To date, the government has approved $11.2 billion worth of investment projects, most notably of which are for the GINN property in Grand Bahama, the billion dollar Kerzner, Baha Mar and I-Group Mayaguana developments and the multi-million dollar properties in Rum Cay, Eleuthera, Abaco, Chub Cay and the Berry Islands.
“The ultimate success of the transformation of The Bahamian economy as a direct result of domestic and foreign investments alluded to earlier can only be fully realized if a similar transformation takes place within each individual,” said Minister Peet.
“To conquer the challenges of implementing mega developments requires an individual to change his way of thinking. This change must begin in the home where a restructuring exercise must take place.”
He theorized that our development as a people can only take place when a conscious effort is made by sheer determination and perseverance and not by mere evolution.
In order to tackle the challenges the government, he vowed, will continue to ensure that the labour force, which consists of just under 180,000 workers is motivated and productive.
The Apprenticeship Programme was developed in conjunction with Kerzner and Baha Mar investors to address the need to produce a readily available and skilled workforce for the slew of mega developments that will come on line over the next few years.
To date, 140 Bahamians have successfully completed the programme.
“As a matter of fact, as a part of every Heads of Agreement executed by the government, provision is made for investors to train Bahamians to work during the construction phase of those developments and to be employed full time upon completion of those developments,” he said.
Just last week, the government signed a loan agreement with the Inter American Development Bank for substantial changes in the educational system, an ultimate transformation in the national curriculum, restructuring of the Bahamas Technical and Vocational Institute and increased capacity in pre-schools and special education programmes.
“The recent announcement by Baha Mar developers to invite Bahamian artists to sell their paintings to them for future distribution throughout their establishment is an example of how local entrepreneurs and mega developers can profit from a symbiotic relationship.
“Other examples are the GINN company’s commitment to establish a private foundation for the re-development of the neighbourhood of West End Grand Bahama and the Bahamian developers of Eleuthera Properties Ltd. who have already concluded a ten week business development seminar for adults to prepare Bahamians to operate small and medium sized businesses to promote our number one industry, tourism.”
Minister Peet has already reported that 430 investment projects were submitted during the period May 2002 to May 2006. Of that number, the National Economic Council has approved 229 of them. The government anticipates that construction will begin on a substantial number of these projects within the next 12 – 18 months.
By: Tameka Lundy, The Bahama Journal
