The government is seeking to modernize the country's modest agriculture sector in an effort to promote trade and growth in the industry. Ryan Pinder, minister in charge of trade and manufacturing, recently attended the 20th meeting of the CARIFORUM Council of Ministers in the Dominican Republic. He told Guardian Business that The Bahamas has missed out on opportunities for technical and financial assistance in the areas of trade and economic development. Pinder admitted that undertaking projects like these will cost millions of dollars, but he emphasized that it's necessary in order for the country to be active participants in agriculture and trade.
"Initially, we are going to access some support with doing a comprehensive study and strategy on what we need as a country. That in turn will be used for a variety of grant applications," Pinder explained. "We've already spoken to the Caribbean Export Development Association, CARICOM and looking to other organizations for access to funding." Pinder, who is also the minister of financial services, said the government is also committed to providing infrastructure for trade in agriculture. That infrastructure includes testing labs, a standards bureau and a number of other initiatives to be implemented throughout The Bahamas.
Pinder said last week's meetings dealt with the adoption of a joint Caribbean and European Union Partnership Strategy that can be undertaken by both regions as it leads to a framework for dealing with crime, climate change and economic development. "We also had a series of meetings with respect to the European Development Fund (EDF) programming, which is connected to the Economic Partnership Agreement (EPA). Historically because of The Bahamas' lack of engagement in the region, we have not accessed technical assistance that we would otherwise be entitled to which I think has restricted us in a number of ways when it comes to our economic development," said Pinder.
This comes weeks after Pinder revealed to Guardian Business the plans to form a business council with the Dominican Republic to bolster trade between the two nations. Faced with low trade figures and minimal manufacturing, The Bahamas will invite members of the private sector to sit on the Joint Business Development Council in an effort to forge ties. The commitment from the Dominican Republic comes as top government officials visited the country on a formal delegation last month. High up on the agenda was the elimination of rampant poaching by Dominicans in Bahamian waters. In fact, Pinder believes the two countries can actually develop trade relations where The Bahamas exports its fish to the Dominican for mutual gain.
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