Toronto, Canada-March 31st- Reflecting on the ties between The Bahamas and Canada that date back decades, Prime Minister the Rt. Hon. Hubert Ingraham told 250 members of the prestigious Toronto Board of Trade that “We are repositioning our financial services sector in partnership with the private sector to produce a new strategic framework for financial services.
“We expect to adopt new securities legislation and regulations in the very near future so as to fully modernise our securities industry and to prepare the way for The Bahamas to become an IOSCO A-signatory country.”
He said that “The Bahamian economy is emerging from a two-year downturn precipitated by the wider global financial crisis and deep recession.” And that “This recovery is underpinned by modest growth in the global economy.”
The Prime Minister told the members of the Toronto Trade Board “our recovery is largely reflected in improvements in the key tourism sector and by accelerated infrastructural developments undertaken by the Government.”
He noted that “These infrastructural works have included the $400 million redevelopment of our principal airport, the largest public sector project undertaken ever in The Bahamas, funded in its entirety by non-government guaranteed bond and repayable from User Fees, the creation by a public/private sector company of a new $70 million cargo port just outside the City of Nassau and the $200 million road and public utility upgrade currently ongoing in The Bahamas.”
The Prime Minister stated “The Government of The Bahamas sees itself as a facilitator of business” and explained, “We are engaged in a continuing process of reforming our legislative and regulatory frameworks.”
During the hour-long luncheon the Prime Minister articulated, “Within the past year we have enacted a new Business License Act which has streamlined the process of doing business in the country. And we have enacted new domestic and international insurance legislation to modernise our laws.”
The Prime Minister further explained that “so as to bolster our tourism sector, which is at the heart of our economy, we have further incentivized the development of specialty restaurants, entertainment facilities and other leisure amenities in designated tourism districts by making available to Bahamians and international persons duty-free and other tax concessions. We are particularly interested to expand leisure activities available to both residents and visitors to our islands.”
The Prime Minister went on to reveal that “A critical and cutting-edge catalyst in this regard is multi-million dollar programme launched, in a consultancy with the Government of Singapore, to implement a comprehensive, fully integrated, 24/7 e-government services platform beginning in July of this year.”
Canada is a world leader in renewable energy and the Prime Minister invited this country’s leading businessmen to seek out similar ventures in The Bahamas. “We are conscious of the leadership Canada is providing in important segments of the green industries, in particular waste to energy enterprises. The Bahamas would welcome Canadian business investing in this area as well as in recycling opportunities that exist in The Bahamas.”
“Many other opportunities exist not least of which involve greenhouse winter vegetable production in The Bahamas for sale in Canadian markets with the reverse production during the summer months.”
Also making presentations at the luncheon were Minister of State in the Ministry of Finance Zhivargo Laing, the Attorney-General John Delaney and the Minister of Tourism and Aviation Senator the Hon. Vincent Vanderpool-Wallace. The Prime Minister and his delegation, return to the capital on Thursday afternoon.
Bahamas Information Services
