Prime Minister Dr. Hubert Minnis is hoping to spur the growth of boutique, eco-friendly hotels on the Family Islands through the granting of Crown land and the delivery of incentives for those that use and promote local products.
Minnis said those Bahamians who use the opportunity to invest in small hotel properties, create an eco-friendly environment and sell only Bahamian-grown foods, will have their developments incentivized.
The prime minister said he has instructed the Bahamas Investment Authority (BIA) to review areas reserved for Bahamian investment and to "advance investment in its promotions".
"Over the course of this budget year, the Bahamas Investment Authority will be working on an update of the National Investment Policy to reflect new niche markets and to review areas reserved for Bahamians," he said.
"My government is committed to ensuring that the Bahamas Investment
Authority (BIA) functions as a true one-stop shop in order to make The Bahamas more competitive."
Minnis insisted that The Bahamas needs to "attract high quality investments" that will promote economic growth and job creation. The prime minister said he is especially interested in the development of boutique resorts owned and operated by Bahamians and international partners.
"Crown land will be provided to Bahamians to facilitate boutique bed and breakfast hotel developments," he said.
"My government will encourage these new developments to remain eco-friendly and embark on complete solarization of such properties. Those bed and breakfast properties that sell only Bahamian-grown foods will be further incentivized."
Minnis added that the BIA is working to implement a new electronic system that will facilitate the submission of applications online, "enabling investors the ability to view their application status online".
"We will better ensure that local suppliers benefit from foreign direct investment," he said.
"BIA will ensure that transparent and open processes exist to increase local partnerships."
The prime minister ensured, as he had on the general election campaign trail, that his government's processes will be carried out free from political interference.

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