But trade experts have said market trends would force The Bahamas to compete on a global level.
"There may be some initial resistance from the existing businesses community," said Tanya Wright, President of The Bahamas Chamber of Commerce.
Further she said business and trade opportunities with China would "invariably introduce the element of competition" which a protectionist business environment has not prepared them for.
"We need to look at these opportunities from an international standpoint. What our local businessmen and businesswomen need to realise is that doing business in The Bahamas means you need to compete internationally," Mrs Wright said, adding that there has been a cocooned competitive environment for too long. Because of this it is difficult for Bahamians to envision themselves servicing a global consumer market. "The consumer has a better understanding of economies of scale, and they are prepared now to look offshore more readily," she said.
Foreign trade policy could also mean a less heavily regulated and protected business environment, according to Mrs Wright. Even without trade opportunities with China, The Bahamas could still move toward liberalisation if it decides to join blocs such as WTO, she said.
By: Barry Williams, The Nassau Guardian
