A top business leader is convinced The Bahamas must follow China’s results-oriented approach to stay one step ahead of the Caribbean competition.
Tanya Wright, President of The Bahamas Chamber of Commerce, said a “transfer of skills” from the world’s new powerhouse economy would help business in The Bahamas diversify and flourish.
“In strengthening relations with the People’s Republic of China, The Bahamas could benefit from skills and technological know-how that the Chinese have to offer, rather than limiting the benefit to importing cheap clothing imports,” said Ms Wright. She said further that although resources and industries outside of tourism and banking are thin, she suggested The Bahamas could learn to improvise. “If you don’t have the resources you can build the resources,” she advocated. She added that countries that have nearly depleted natural resources are using technology to substitute them.
Ms Wright said The Ba-hamas has the financial backing to diversity its industries, although she said this comes with a price. “There is a feeling of privilege that we enjoy as a result of the success of our economy. But that also brings a certain level of complacency.” She also said there are countries lined up to offer their technical know-how. “We just need to be results-oriented as the Chinese and other groups are,” Ms Wright said. She believes we can “create the conditions” to sustain industries that traditionally were not given serious consideration. A country such as The Bahamas that is replete with sunshine should be a major investor in solar energy. “I wondered why there is such a huge solar energy industry in [a place like] China which has severe winters, in comparison to places like The Bahamas which has sunshine all year.
“For us to have not fully invested in solar energy just emphasises that complacency.” She said this was evident in other areas as well, such as agriculture. Ms Wright also said if a country such as China could sustain a population of over a billion people using its resources, it should be relatively easy for The Bahamas with a population of 300,000 to be better able to sustain itself.
By: BARRY WILLIAMS, The Nassau Guardian
