March 28, 2016
CEO of Superwash and a former director of Baha Mar Dionisio D'Aguilar said doing business in The Bahamas is difficult for foreign investors because Bahamians are prejudiced against people from other countries.
"You cannot grow this economy by taxing it and kicking out the foreigners," said D'Aguilar.
He said that the government's formula for economic growth is not working and the proof is in the numbers.
He referred to the one percent growth in the economy, the nearly 16 percent unemployment rate, debt to GDP ratio approaching 70 percent, and the "ease of doing business" metric getting worse every year.
"We have foreign direct investments (FDIs), we have these large projects coming in. The fact that it is so difficult to do business in this country, and the fact that we are so xenophobic and we don't want foreigners, you can't get work permits, and you can't grow the economy," said D'Aguilar.
He insisted that the government has shown no urgency in addressing the problem of economic stagnation. He warned that Bahamians must move away from the thinking of "protecting" things for Bahamians.
"We have to think of how to get Bahamians investing," said D'Aguilar.
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