Speaking Notes FNM “Mass Rally for Progress” Prime Minister Hubert Ingraham Party Leader 19 March 2011

Fellow Bahamians, Fellow FNMs:

There are more of us than there are of them!

We are meeting at the beginning of the celebrations to mark the 40th anniversary of our great Free National Movement. 

I wanted us to meet tonight so that I could report to you on a number of matters including the future of BTC and the partnership we are entering into with a telecommunications heavy-weight to realize the promise of less expensive, better and expanded telecommunications services for The Bahamas.

And, I want to report that we are moving past the worst economic crisis in generations.    

Even as we express gratitude for our blessings as a nation and as a party I ask you to keep in your prayers and thoughts the people of Japan.  They are going through a series of almost unimaginable crisis brought on by one of the most devastating earthquakes in that country’s modern history.

Rally for Progress:

FNMs:

It’s so good to be back and to begin here with you at Clifford Park. 

I was thinking on my way here, that if you want to know the difference between us and them all you need to do is speak to:

• the 13,000 Bahamians who receive medicine for their high blood pressure, diabetes, cancer, heart condition or depression; or
• the 26,655 persons who received unemployment benefits totalling some $30.3 million since 2009, or
• the 773 who are now receiving the unemployment benefit, or
• the 26,912 NIB pensioners who began to receive a pension increase since September last year; or
• the NIB pensioners are now guaranteed an increase, by law, equal to the increase in the cost of living, every two years; or
• the 28,229 who are receiving $11.2 million monthly in pension payments and those who are now receiving higher sickness, maternity and unemployment benefit payments and the widows and widowers who will get two pension payments – their own and a portion of their survivors pension. 

Chat with:

• the hundreds of Bahamians who received Grants of up to $10,000 to study abroad; or 
• the thousands of students who benefitted from the $100 million education loan scheme;
• the people whose lights were turned on because of the FNM social assistance programme; or
• the 2,500 young persons who were given temporary employment at the height of the recession.

These are just some of the tens of thousands of Bahamians from whom you may receive testaments to our work.

And, if you want to see the difference between the FNM and the PLP here in New Providence all you have to do is to look around - anywhere and everywhere.  Look at Government office accommodations, the new Treasury Building, the Supreme Court, the Hanzard Building; the roadsides; our public open spaces, our beaches.  Oh yea, look at Saunders Beach and the 6 legged roundabout on Thompson Boulevard.    

And, we ain’t finished with Saunders Beach yet; there is more to come!

Soon you will be able to look at a new state-of-the-art port at Arawak Cay; moving the old cargo port from downtown.  Freeing up that space downtown will help in the revitalization of the historic City of Nassau.  They promised both a new port and to revitalize Nassau.  They did neither.  The FNM is delivering both.

They promised a mini-cruise ship docking at Arawak Cay.  That reminds me of that song” “my gal friend promised to give me some of that ring, ting, thing, all she do is promising”.  For our part we are facilitating a new fast ferry terminal that will serve Bahamians and tourists alike.

And, at long last after many decades the eyesore that is the old Customs Building on Arawak Cay will come done.

And just as we taking that building down, we will make the case to the Bahamian people why the PLP’s plans to come back to office must be stopped, reviewed and cancelled!

FNMs:

You ever notice how much they like to talk about me and how little time they talk themselves? 

But I ain’t gonna spend much time talking about them, for they are yesterday’s news.  We are preparing for the promise of tomorrow by meeting today’s challenges.

 

 

Moving in a New Direction:

We have come through very difficult times and there are still many challenges ahead.  But, despite the most severe economic crisis in generations, we have come through the worst and recovery is on the way.

Through God’s grace, hard work and discipline we are making progress.  The Bahamas is moving in the right direction.

Our programme of transforming and renewing the country’s infrastructure will improve the quality of life of every Bahamian.  It will ensure our place as the leading tourism destinations in this region and one of the most liveable countries in the Caribbean.

When residents and tourists travel along the new Gateway Road from LPIA to a revitalized City of Nassau, and a cleaner and greener and more pristine New Providence – it will feel even more like “It’s Better in The Bahamas”.

When you walk through what will be a brand new LPIA, when you walk through the new Straw Market and National Stadium, and as you drive around New Providence, it will feel and look different.

In transforming LPIA into the best airports in the Caribbean we are using Bahamian talent to design and build it.  75% of the workers were Bahamian. Unlike under the PLP when the old US Departure terminal was built 70% of the workers were Brazilians! 

See they like to talk Bahamian, but they do not like to act to benefit Bahamians.  On their watch, they engaged foreigners to manage the airport; appointed foreign Chief Justices and foreign Justices of the Court of Appeal; appointed foreigners to be Directors of Legal Affairs and overwhelmingly, they appointed foreigners as Directors of Public Works.

They even appointed a foreign architectural firm, Edward & Kelcey of North Kendal Drive, Dade County, Miami Florida, to plan an extension and renovation of the Marsh Harbour Airport Terminal!

It took the FNM coming to Government to appoint competent, trained Bahamians to be Chief Justice, to join other international jurists as Justices of the Court of Appeal and to serve as Director of Legal Affairs and as Director of Public Works.   

We, your FNM Government, caused Bahamian architects, engineers and quantity surveyors to be engaged for the development and construction projects at LPIA, at Arawak Cay, the Supreme court, the Magistrate court, the new school in Freeport, and the new administrative office complexes in Abaco and Grand Bahama.   

When during their most recent term in office 2 vacancies occurred on the Court of Appeal, they could have used the opportunity to appoint qualified and competent Bahamians.  Mr. Christie did not.  He chose to leave the posts vacant.

They’re still suffering from looking in the mirror and instead of seeing themselves they see us.  Well we will buy them some seeing eye glasses so that they can recognize themselves.

When The Bahamas accesses funding  for a project from an international lending institution, we must bid the job internationally. 

That is why, when the PLP Government accessed funding from the CDB for the airport in Exuma and the dock in South Andros, foreign contractors bidded and won the jobs.

At other times, while in office they engaged foreign contractors when the job was not connected to an international lending institution.  The Prince George, Governor’s Harbour and Exuma Docks and the US Departure Terminal are examples. 

At no time ever has Bahamian professional firms and construction companies had more public sector engagement than under the FNM!

We want the best for Bahamians; when circumstances require us to go foreign, we go, BUT we ensure that every opportunity is made available to involve Bahamians.  That’s why the architects and planners of the US Departure Terminal joint ventured with a Bahamian firm; same thing for the contractor and that is why some 18 Bahamian sub-contractors were engaged on the construction of the new US Departure Terminal. 

That is also why we got the China Construction Company to agree to double the value of work to be put to bid to Bahamian contractors and independent entrepreneurs – double from $200 million to $400 million - at the Baha Mar project. 

Incidentally, you know the PLP in the house voted against the Airport Gateway Road Project because they said Chinese would work on it.  Well, did you know the China State Construction Company, the contractor for the works, has a PLP lawyer, indeed, the Leader of the Opposition in the Senate, Senator Alyson Maynard-Gibson!

Already, infrastructure work has begun on the new Bay Street diversion of Bay St. to accommodate the Baha Mar development.  Who’s doing that work?  Bahamians!  Work has commenced on the new Baha Mar Commercial Village.   Who are the contractors?  Bahamians, that’s who!  Who do you think caused that?  FNMs that’s who!

And that is why the expansion of the Princess Margaret Hospital is being done with both Bahamian and a foreign firm headed by a Bahamian architect/planner residing in the United States.  And the Government’s Project manager for the Baha Mar Project and the Airport Gateway Road is a Bahamian engineer whose principal business place is Orlando, Florida.

Fellow Bahamians:

Your Government is all about you; increasing opportunities for you, supporting your ambitions and helping you to do the necessary to fulfil your dreams and aspirations.

And I say this honestly to the workers at BTC.  We have got your back.  That is why we negotiated two more years of mobile monopoly to ensure your jobs are protected for the next 2 years – even though that will mean less benefit to the rest of us for a short while.  We don’t just talk and promise; we act to protect your interest and the interest of all Bahamians.

We value and honour all that is Bahamian.

That’s why the new LPIA will boast not only Bahamian stores, art work and craft.  A million dollars has also been invested to showcase the art work of twelve Bahamians in the new US Departure Terminal.   This is how a caring Government performs; this is how a responsible and accountable Government works and this is how we show case our country with great pride in all that is good in us.

I am so excited that soon our new straw market, designed and constructed by Bahamians, will provide fit and proper setting for the display of excellent quality straw products and other authentic Bahamian crafts made by talented Bahamians. 

 

FNMs, Fellow Bahamians:

We began to privatize the communications sector when we were last in office.  That is why we have Cable Bahamas, private radio stations, private operated TV stations, internet providers and a second licence for fixed line telephone.  That is what made it possible for Bahamians all over The Bahamas to have cable TV service and to be able to watch Channel 13 – Acklins, Crooked Island, Mayaguana, South Andros and Mangrove Cay are the latest to be connected.

You remember that we made it so that you can buy telephones and related equipment from Bahamian-owned private companies.  Before the FNM you had to but them from Batelco.  You know how this has impacted your choices and the price you pay for your choice in telephone, cell, etc.

A New Partnership for BTC

Unlike Perry Christie who says he always wanted to be Prime Minister; I had no such dream or hope.  That position was not within my contemplation as a boy.  By the Grace of God and with your support I am now for the third time, the Head of your Government.  I only want for you what is best for you. And, I do my best for you.  And I work for you 24/7.

I love and care for you very much- even more than I can say.  My deeds speak louder than my words for a romanticist I am not!

My dedication to serving you and doing what is in your best interest is why I and my party are committed to fulfilling our election promise to you to complete the privatization of BTC. 

A modern 21st century Bahamas needs a cutting-edge telecommunications sector with high speed internet service, better and less expensive cellular service, reliability and more affordable rates on other services.  We need this for Bahamian consumers and businesses, and international travellers and business people coming to the country.

Fourteen (14) years ago the FNM promised to privatize BTC.   God willing, we will make good on that promise next month.  We are creating a dynamic new partnership with an international company that has the considerable resources needed to invest in ever new telecommunications networks.

Those that oppose us keep saying that they want to keep BTC for Bahamians.

Well let’s be clear about something.  BTC is not going anywhere! Following privatization BTC will be mainly run by Bahamians, serve mainly the Bahamian public, it's employees will be almost all Bahamians, and it will seek to remain the communications provider of choice for Bahamians, even when full competition arrives. 

At privatization the Government will maintain a 49 percent stake and veto power in a number of matters to protect the interests of the Bahamian people. 

But just as the FNM ended the state monopoly on the broadcast media, the days of government control and domination of the telecommunications industry are over.  And you know it.  You no longer need BTC to talk to your children, family members or friends who are abroad.  You can do that through your computers. 

Shortly after privatization and before the end of this year, the Government will make 9% of its shares available for sale to the Bahamian people.  In time we propose to increase that percentage up to 25%.  We will have regulations in place to ensure that these shares are widely-owned and not concentrated in the hands of a few shareholders; public officers and BTC employees would be able to pay for a part of their shares by salary deductions!

I am aware that there are a lot of half truths and distortions about the partnership we are entering by privatizing BTC.  These distortions are of concern to some people.  I want to say that we have listened to and heard your concerns.  We do not dismiss what you say.  We are acting to protect the interest of the majority of Bahamians and to ensure that BTC maintains its value – for it owner, the Government, its employees and indeed the Bahamian people. 

One day the PLP will tell us why they were privatizing BTC and agreeing to sell 49% of BTC to foreigners with management control whose lawyer was the PLP Deputy Leader Philip “Lil Brave” Davis.  Mr. Christie told us that one of his regrets is not privatizing BTC.  Now he says he’ll revisit the deal.  Well, you wait for that! 

Let me address some questions that have been raised so as to assure you that your Government is acting in your very best interest.

1.    DO NOT SELL BTC TO FOREIGNERS, SELL IT TO BAHAMIANS

We are privatizing BTC by selling some of the Government’s  shares to both a foreign strategic partner (51%) and over time to Bahamians (25%) while the Government will retain some shares on behalf of all the Bahamian people (24%).  The strategic partner is necessary to boost BTC’s competitiveness in an open market and thereby protect and enhance the value of the shares held by Bahamians and the Government. 

Also, communications is a critical driver of services economies like ours. We need the strongest possible communications entity to support tourism and financial services. Most similar countries in the Region and elsewhere, with whom we compete, recognize this! That is why they have all privatized there telecommunications companies.  And, that is why they all have strategic partners and major telecoms companies operate their telecommunications.

 

2.    BTC IS OUR BIRTHRIGHT

BTC is a business incorporated by the Parliament of The Bahamas on the watch of the UBP.  It came into being long after many Bahamians were born. It was created to provide telecommunication services to the country.  We sell more land to foreigners on an annual basis than the value of BTC and land is a natural holding of the nation.  Our birthright is The Bahamas; and we are protecting that!

3.    WHY SELL A PROFITABLE ASSET?

We are not selling a profitable asset, we are taking on a partnership to help us maintain and grow the value of our asset in a changing operating environment.  BTC is not going anywhere!

It will continue to be run mainly by Bahamians, it will continue to serve mainly Bahamian customers, and it will continue to seek to be the service provider of choice for Bahamians, even following the introduction of full competition.

4.    CABLE AND WIRELESS IS A BAD COMPANY

Cable & Wireless operates profitably in 35 countries around the world, offering superior service in many of them.  Like any company with a 100 year history, it has had its difficulty, especially where it was a monopoly not facing competition.  Faced with competition, it has had to change and receives positive testimonials for customers throughout the region.  BTC has had a similar experience of a bad history.  It changed in many ways.  For the future, the change BTC needs to compete requires a strategic partner that has been there and done that.

5.    WHAT DOES CABLE AND WIRELESS BRING TO THE TABLE?

 

Ø Instant experience and competing in an open telecommunications market

Ø Vast financial resources to backup BTC’s balance sheet

Ø Scaled up and global sourcing to reduce BTC’s cost

Ø Scale in terms of customer base to ensure that price reductions can be sustained through volume sales

Ø Business savvy to improve attractiveness to commercial and residential customers

Ø Size to ensure earlier access to latest technology

Ø Familiarity with the region and its culture

Ø Distribution savvy to increase business and employment opportunities for Bahamians

Ø Independence from political interference so BTC can truly operate like a company.

 

6.    CABLE AND WIRELESS CONSPIRED TO PUT THEIR PEOPLE IN PLACE AT URCA

URCA’s hiring’s have been their own decisions as an independent operator.  We do not agree with, nor do we support URCA engaging a foreign person for the Human Resources post.  We have told them so.  And the Minister of Immigration has advised accordingly.   The Government’s negotiations with Cable and Wireless were independent of URCA and remained and remains uninfluenced by URCA.  The Government negotiated with Cable and Wireless from start to finish.   URCA’s assessment of the partnership is based on published laws and rules and is about ensuring that competition is not stifled and that consumers benefit.  With or without URCA, the Government maintains the view that privatizing BTC and partnering with Cable and Wireless promotes competition and will better serve BTC’s consumers.

The engagement of the head of URCA was done well before there was any contact with Cable and Wireless, and was the result of a competitive search, managed by independent search professionals.  As in financial services and other industries, it is perfectly normal, today, in fact almost essential, for regulators to have worked for major companies in the industry.

7.    WHY SELL 51%, WHY NOT 49% OR LESS?

We could not attract and did not attract any international telecommunications operation to buy less than 51% of BTC.  If we could have, we would have.  After all, that was our original intent.

A strategic partner today wants the certainty that he can control those business decisions that impacts upon profitability regard being had to the level of investments he makes.  Purchasing 51% does this.  Having a partner who owns 51% ensures that he is fully vested and will work to ensure that the company succeeds because any losses will be 51% to his account.  This is important when facing fierce competition.

As we have experienced in earlier attempts to privatize BTC, large credible partners were not interested in minority ownership of BTC.

8.    SELLING BTC SHOWS NO CONFIDENCE IN BAHAMIANS

Privatizing BTC and taking on a strategic partner shows absolute care and concern and vision for the future of The Bahamian people by improving pricing for customers, improving available products and modernizing the Bahamian economy for greater growth and development.  It is also allows for direct ownership of up to 25% of the company by Bahamians something not done in the history of The Bahamas before and not proposed in any deal before.  Bahamians will continue to be the managers, technicians and service people predominantly in the privatized BTC and will be able to lend their expertise all over the world.

9.    BTC HAS BETTER TECHNOLOGY THAN CABLE AND WIERELESS

This is not so.  What a major entity like Cable and Wireless can do far better is:  a) acquire technology much cheaper, enabling them to pass-on the savings in the form of lower prices to consumers; b) do far more with the same technology, because it has a far larger and broader business and customer base, and c) service it’s infrastructure better, thereby providing superior service to customers.

10.                       WHAT IS IT THAT CABLE AND WIRELESS WILL DO?

 

• Bundling (TV, Mobile and Fixed line) services for SMEs
• Server services for commercial businesses
• ICT services for today’s global businesses
• Teleconferencing services
• I-Phone services
• Mobile TV
• Fastest Internet Services
• Offer these at competitive prices to consumers.

11.                       INGRAHAM SAID HE WOULD NEVER SELL TO CABLE AND WIRELESS

Companies change.  And CWC has changed for the better.  I am now satisfied that this partnership will be good for The Bahamas.  Yes there was a time when I believed that only the Government should own telecommunications.  Circumstances change.  And as circumstances changed, I changed.  Since I couldn’t find any major telecommunications company to but less than 51%, I accepted that reality. 

12.                       FNM SAID IT WOULD ONLY SELL 49%, WHY THE CHANGE?

When said in the 1990s, the global environment was different and BTC was a more attractive company.  Technology and global economic conditions have changed to require greater enticement for today’s strategic partner.  Government included important veto provisions to safeguard against some decisions that are sensitive to Bahamians.

13.                       HOW MUCH WILL WE REALLY GET FOR THE SALE?

$210 Million plus $7 million in stamp taxes. And we need the money.  We have had to borrow a lot of money to keep all public servants employed and to maintain the level of public services being provided.

BTC will be treated as a private company.  And it will pay its own way in taxes.  It will pay the Government $3 out of every $100 it collects or charges to customers; it will pay property taxes on all its properties, from which it is currently exempt, it will not benefit from exemption from taxes on capital imports, which will be considerable as the company builds-out it’s new infrastructure, and broadens it’s range of services to the Bahamian market and it will pay Business Licence Fees like other private companies.  And, it will pay dividends regularly to all its shareholders including the prospective Bahamian individual shareholders and the Government.

FNMs, Fellow Bahamians:

This is a good deal for The Bahamas and Bahamians.

Cable Bahamas will soon compete with BTC in the provision of hard-line telephone service and BTC will soon compete with Cable Bahamas in the provision of Cable TV service.   

BTC shares will be a good buy for you.  So I tell you now, when the shares are offered for sale buy some for yourself and for your children.  Papa will be buying some for his 2 grand boys and little grand daughter.

Take my advice on this.  It’s the same advice I gave you when I encouraged you to buy shares in Cable Bahamas back in 1993.  And look at Cable Bahamas today – a majority Bahamian-owned company; shares bought at a $1 in 1993 are today selling for as much as $12.  And, it will be the major competitor to BTC for your telephone and internet business.    

If the PLP had their way, BTC would have been sold off to a company called Bluewater that had no experience in telecommunications.  The company wasn’t even traded on the stock market. 

We still aren’t exactly sure who had their hands in that Bluewater pot or who the real players were behind a deal that would have purchased BTC on credit and with a 5 year monopoly on cell phone service and 6 years monopoly on cell phone service. 

Vision Without Action is Hallucination:

In many ways the impact of the worldwide economic crisis was worse for us because the PLP refused to act in better economic times to upgrade the country’s infrastructure.  They stopped progress.  They stopped the plans to move the country forward.  They even cancelled most of their own promises.

Indeed, their determination to stop, cancel and review the New Providence Road Improvement Project in 2002 has caused you, the Bahamian people, tens of millions of dollars. 

I apologise to our many citizens and residents who are being inconvenienced by the ongoing New Providence Road Improvement Project.  I know very well the annoyance of diversion after diversion and delay after delay.  Please know that when these works are completed moving around our island by motor vehicle or indeed as pedestrians will be better.  We are giving this project focused attention so as to ensure that it is completed as expeditiously as possible.

I truly regret that we are still now engaged in these major road works.  We planned this extensive road and infrastructure upgrade in the 1990s.  We got a loan from the IDB to fund the works in 2001.  We engaged a contractor and construction got underway.  Shortly after we lost the election the contractor became insolvent.  An audit showed that the work they had performed up to that date was good value for money – so we lost nothing.

But the new Government chose to stop the project.  Rather than enforcing the performance bond which the company had been required to put in place and continuing the project with the next most suitable bidding company, they chose to terminate the contract.  You know what they call it –stop, review and cancel! When we began these road works in 2001 the price of oil was $18-$24 a barrel.  When we restarted the project in 2007, the price of oil was $65 - $70 a barrel.  Today it’s over $100 a barrel. As a result the price for the 19 corridor enhancement project has sky-rocketed since 2001.

If they had continued the job as they ought to have in 2002 – in good economic times - we would have been completed for $50 million plus less that it will cost you, the tax payers of The Bahamas today.  And, you would have been enjoying good roads on Robinson Road and Prince Charles Drive, 4 lanes on East Street north of Soldier Road to Robinson Road and the work on Blue Hill, Market Street, Marathon, and Abundant Life would have been completed, as would have been other road works. And Marathon, Sea Breeze, Fox Hill, Elizabeth, St. Anne’s and Yamacraw Constituencies would be enjoying clear water and good water pressure. And we would have had enhanced open green spaces and associated recreational facilities as we have now at Saunders Beach and will soon have at Big Pond. 

They couldn’t even finish things they started.  It is the FNM that concluded Baha Mar.  It is the FNM that is bringing the dream of Baha Mar to a reality.

They do a lot of dreaming.  What they can’t do is deliver.  You know, even the cave man dreamt about going to the moon! 

For our part, the FNM usually has to start, improve and fix projects the Opposition can’t move from dream to reality, from talk to action. 

Mr. Christie said “as Prime Minister” that he could see a new National Stadium; in his mind that is.  And that’s exactly where it stayed during his time in office -- in his mind.

Most things stay in Perry Christie’s mind because he can’t make up his mind or follow through on promises.  It isn’t quite true that he is usually late-again in making decisions.  Most of the time, he never makes a decision.  I guess that is why he left those 2 vacancies on the Court of Appeal.  He could not decide whom to appoint.  The mind is a terrible thing to waste! 

 

The Opposition likes to daydream and talk about vision.  Mr. Christie believes that if he sees something in his mind and keeps talking about it, magically, the work will get done.  That’s why he was able to dream and talk about the needs of the people of Farm Road and Centreville, yet failed to spend the $100,000 the FNM Government made available for MPs to spend in their Constituencies. That $100,000 would have greatly benefitted the residents of Farm Road and Centreville.

 

But who can forget Mr. Christie and his party’s greatest phantom promise of billions and billions of dollars of resort and anchor projects which never materialized.  Last night he blamed me for GINN going south in Grand Bahama – like he blamed me when Baha Mar didn’t have the means for their project.  And I guess the failed development on Rose Island and the other billion dollar projects in his head that failed will all be laid at my feet.   Reminds me of the song: “Talking fool is a serious thing”.

Some of their :projects” turned from dreams to nightmares while most of them collapsed or faded away.  The few that remained became reality because of the FNM.  None of them were completed on the Opposition’s watch, not one!

 

The Opposition Dashed Our Hopes & Provided Little Help:

Remember back in 2002 when they promised help and hope.  Well we know what happened.  They delivered very little help and destroyed hope.  Now they are promising the same thing again.  We’ve already been down that road.

They promised the help of National Health Insurance.  It never came.  No longer do any of the 13,000 Bahamian beneficiaries of our Prescription Drug Benefit Programme have to make the choice between medicine and paying their food or electricity bill.

They played with the hopes of straw vendors for a new Straw Market.  The help never came.  After years of broken promises from them a new Straw Market will open this year – designed and constructed on our watch. 

They held out great promise and hope of increased social assistance for the poorest and most vulnerable in our society.  While they talked about compassion, the help never came. 

In this term, the FNM brought hope and help by increasing every major category of social assistance including assistance for food, housing, funeral expenses, school uniforms, and many others.

It ain’t the man who says it; it’s the man who does it, for as he said: “If you do it unto the least amongst you, you do it for me.”

We introduced an unemployment benefit and we introduced a training and retraining programme to enable thousands of citizens to learn the skills that would ease their re-entry to the job market.

They also promised hope to our athletes and sportsmen and women.  As usual the hope never came.  Even worse, they stopped The Bahamas Games.

They promised to develop a fully-equipped, state-of-the-art National Training Centre for athletic and sporting development.  It never happened. 

The FNM is facilitating the building of a new National Stadium which will be the centrepiece of a world class athletic complex at the Queen Elizabeth Sports Centre. 

We are building the new athletic complex, spending in excess of $50 million dollars on related infrastructure work (roads, utilities), parking and landscape for the new National Stadium.  Our athletes deserve nothing less.  We are building the Stadium for the enjoyment of Bahamians and to promote sports tourism.  We are building it to help make the dreams and aspirations of thousands of young Bahamians become reality.  We are also supporting our student-athletes with increased scholarship funding.

 

The new athletic complex will host an even bigger and better Bahamas Games as well as international sporting events.  This is what Bahamian pride is all about.  This is vision turned into action.  It’s not the hallucination of those who talk about pie in the sky but who do nothing.  

 

And we are assisting our youth through the SelfStarter Programme with grants of up to $5,000 to start their own business.

 

FNM is Building a Shareholding Society:

 

Those who oppose us never tire of talking about their dreams of empowering Bahamians.  They never move beyond the dream. They dream; we act so that you can own a greater share of the national economy. 

The FNM continues to building an opportunity and shareholding society,  We are building on what we did in our previous terms.

It was the FNM that required the then Freeport Power Company, now the Grand Bahama Power Company, to make available a percentage of shares for residents of Grand Bahama and company employees. 

 

It was us, the FNM that made 49 percent of the shares of the Bank of The Bahamas available to the Bahamian public. Today more than several thousand Bahamians own shares in the Bank of The Bahamas.  The shares originally sold for $2 are now valued at more than $9 per share.

 

When the funding for the second Paradise Island Bridge was done through Treasury Bonds, the FNM encouraged the general public to acquire Bonds.  Today, some 1,429 individuals hold these long term investment bonds which have proven to be some of the better investment opportunities for many citizens with moderate and higher incomes.

 

Since returning to office in 2007 we have continued our efforts at empowering Bahamians to become shareholders in our economy. 

When Heineken sought approval to acquire Commonwealth Brewery, we made our approval conditional on their making 25% of the shares in the company available to the Bahamian people. 

 

They also talked about revitalising the city of Nassau and they talked about building a new cargo port in south west New Providence.   Of course, that’s all they did – talk.

They couldn’t build a port and then they got angry that we would not build the port they wanted where they wanted it.

Well we are building a port and we are moving cargo shipping from downtown Nassau and we are taking the opportunity to increase the Bahamian ownership in shipping in this country.

 

The ownership of cargo ports in New Providence has been in a small number of families’ hands since time immemorial including the Kelly’s, the Symonette’s, the Farrington’s and the Bethel’s.  It’s been a very profitable business for those families.  Now I seek to make it profitable for you too.

 

That is why the Government has entered into a joint venture with those family businesses and with a number of other Bahamian families and companies who have in more recent times become engaged in shipping  – the Moskos, Tennyson Wells, the Lightbourne’s, the Taylors, the Curling’s and the members of the Mailboat Association. (some 14 in all) - in the construction, management and operation of the new port at Arawak Cay. 

 

We provided the land and we and the private sector are providing the financing required for the construction.  The private sector companies will initially own 40% of the new Arawak Cay Port and the Government 40% and initially 20% will be made available to the Bahamian public.

 

By November of this year the Government and the private companies will each reduce their holdings by 10% in order to make them available to you, the public.  The shares will be offered at the same price we each paid plus expenses for the share offering.  If you ever heard about a good deal, this is a good one indeed!

 

Eventually 70 percent of the shares at the port will be held between the government and individual shareholders.

 

As I told with regard to BTC, when these shares become available, I recommend to you to buy some.  They will be a sound investment.  Ownership of shares in the Port will make you owners of a bigger portion of the Bahamian economy.  And it will cause you to share in what the present owners of shipping on Bay Street enjoyed for generations.

 

I don’t have time tonight to tell you about our plans for land reform and helping Bahamians to get clear and proper title to certain land.  But already this is in train.  In due course I will talk to the Bahamian people in detail about the FNMs plans to empower additional thousands of Bahamians to secure their dreams through land ownership.  We began this initiative during out earlier terms in office.  We made progress but much is left to do.

 

We are Distinctly Different:

As I have always said, and I repeat again, we are different, distinctly different from the PLP.  Back in 2005, when 1200 people were laid off from the Royal Oasis in Grand Bahama, Perry Christie and the PLP promised all manner of hope and help.  Well, you know what they got from that side – misery and heartache.  It was the FNM which had to finally settle outstanding monies promised to Royal Oasis workers by our predecessors but never paid.

Two weeks ago, when 200 people were laid off from Our Lucaya, your FNM Government immediately mobilized to bring tangible hope and help in terms of jobs, retraining,  apprenticeships, social assistance and with other parties, spiritual and financial counselling.

This was all done as a part of a one-stop-shop that included applying for the new unemployment benefit assistance.  I want to publicly thank the Minister of Labour and Social Development, Dion Foulkes and his team as well as many others who rushed to the aid of the former employees of Our Lucaya.

In office the PLP abandoned the Royal Oasis workers.  Now in 2011 they popped into Grand Bahama offering plenty talk, but no action when Our Lucaya workers lost their jobs.  Perry Christie talked plenty to the press as he usually does.  But he didn’t find time to go down and talk to those laid off workers.

Last night Mr. Christie said the election will be about jobs and crime.  I like that.  And don’t forget Mr. Christie, it will also be about leadership.

People of The Bahamas know what they can get when they are tired of what they got! 

FNMs, we will prevail!

Closing:

FNMs:

Those people in that other party like to blame me and the FNM for just about every bad thing that happens in the country.  But they never give us credit for any of the good things.

They blamed us for the economic crisis that hit just about every country in the world including The Bahamas. 

I told you once before -- they are a “provokeful” people.  But don’t let them provoke you.  They are desperate and they will say and do all manner of things.   Desperate people say and do desperate things.

They can’t run on their record and they can’t run against our record.  So they will seek to tear us done. They will try to deny our accomplishments. 

The good we do, they say is theirs –LPIA, Baha Mar, the Straw Market, the National Stadium – name it, according to them it’s all theirs.  They are BOLD FACED PEOPLE!

So dismal was their record in office that they have convinced themselves and are seeking to convince you that what the FNM has accomplished over the last four years is mostly a result of what they had in their mind.

 

They are promoting fear and even unrest.  We also have a better vision than they do for The Bahamas. 

We deliver what we promise. 

So hold your heads high, FNMs.

Register to Vote.  Don’t delay!

In this our 40th year, the FNM and The Bahamas are on the right track.  We are moving in a new direction.   With God’s help and that of The Bahamian people, our shared future and that of future generations will be better and brighter. 

March on Bahamaland!