The government is encouraging Bahamian investors to take advantage of incentives being offered to those willing to take part in the redevelopment of downtown Nassau.
The acts under which the incentives are offered have existed for years, but have not been exploited to the extent envisioned.
Under The Hotels Encouragement Act, any person constructing, renovating or refurbishing a hotel is eligible to apply for duty-free concessions.
Persons developing entertainment facilities, nightclubs, restaurants or shops in a tourist area may also apply under an amendment to the Act.
Under The City of Nassau Revitalisation Act, any owner of property in the City of Nassau is eligible to apply for permission to import a variety of materials duty-free.
Khaalis Rolle, Minister of State for Investments in the Office of the Prime Minister, said those who take advantage of these incentives will create advantages for themselves, while helping boost the economy.
“The downturn in the economy exposed some of the flaws in the wider society – we now have heavy unemployment that translates to high crime.”
He said: “I want to ensure business owners that you have a friend in the Christie administration.