Family Islands development plan: private sector-led local investment

Sun, Oct 25th 2015, 11:55 PM

According to Prime Minister Perry Christie, business development in the Family Islands must follow resort and hotel development to take full advantage of both public and private investment. Otherwise, he said, the net economic gains to the destination are not fully realized within the larger context of gross domestic product (GDP) growth. In addition, Christie said development initiatives must be private sector-led.

The prime minister was speaking at the ninth Exuma Business Outlook, where he insisted that much more focus by local chambers of commerce, the government and financial institutions must be given to the development of creative financial instruments to provide access to capital, workshops for entrepreneurs, promotion of opportunities for local business development and linkages with educational institutions to facilitate training opportunities.

"The government does and will, of course, continue its efforts to provide stimulus to private sector initiatives within the context of legislation for small business development which includes provisions under the Family Islands Development Encouragement Act and the Hotels Encouragement Act of concessionary arrangements for both Bahamian and foreign investors," he said.

By way of example, Christie said the government would encourage Exumian investors like Allan Smith, the principal of Plainbay Enterprises at Black Point, to move forward with their projects in manageable phases, "with a view to having Bahamians sharing more fully in the tourism economic pie, as owners of such businesses".

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