Stronger emphasis on Bahamian ownership in tourism needed

Fri, Mar 30th 2012, 06:55 AM

The Free National Movement's Carmichael candidate, Darron Cash, thinks the Bahamian economy is recovering well from what has been described as the "Great Recession".
Cash shared with Guardian Business that the country's economic recovery is reflected in what he is calling investor confidence from both the domestic and international communities.
In this week's edition of My Ten Cents, Cash noted that while The Bahamas' economy should be in good standing over the next five to 10 years, there still needs to be a stronger emphasis on encouraging Bahamian ownership.
He pointed out that it is through increased Bahamian ownership that the economy will expand.
The FNM candidate stressed the importance of the country's tourism product but recommended that it be diversified in order to maintain its competitive edge against other touristic destinations.
One area Cash suggested tourism stakeholders need to focus on is creating opportunities for Bahamian entertainers.
"There are many ways for us to improve our tourism product and I think therein are the opportunities for Bahamians to provide new avenues for ownership. Specifically, there has been an agelong concern that there is more that can be done to expand the opportunities there are for Bahamian entertainers," according to Cash.
"There are many ways for us to expand the number of things tourists do when they come to our shores and I think there is no question at what the Ministry of Tourism has been doing by way of promoting the Family Islands."
In addition to strengthening the country's tourism product, Cash encouraged Bahamians to take advantage of entrepreneurial-based projects provided by the government such as the self starter and jump start programs.
He said now is the time for them to take advantage of these opportunities, as the job market becomes even more competitive.
While he is encouraged by the fact that most businesses in The Bahamas are considered to be small and medium-sized businesses (SMEs), he shared with Guardian Business that many of them still fail due to a lack of financial and technical support.
As chairman of the Bahamas Development Bank, Cash noted that many businesses have been significantly funded by the bank.
However, he admits the challenges that SMEs face don't always boil down to finances.
"The key point for us to remember is that the greatest challenge for SMEs is not always on the financial side, but on the technical side. Very often it is about the marketing, the operational and financial weaknesses that have to be addressed to make sure that the people who bring fantastic ideas to the table also have the support to bring those ideas to fruition," said Cash.

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