Ladies and Gentlemen:
I am very happy for this opportunity to greet Bahamian nationals resident and or studying in and around Toronto.
I understand that some of you have traveled considerable distances to be here this evening and for this and to all of you, I express my thanks and appreciation.
I have come to Toronto from Calgary where I participated in the Annual Meeting of the Inter-America development Bank and I led the first leg of an investment promotional mission, the second leg of which will take place in this city tomorrow.
I am accompanied on this trade and investment promotion mission by a number of my Cabinet Colleagues: Attorney General Sen. The Hon. John Delaney, the Minister of Tourism, Sen. the Hon. Vincent Vanderpool-Wallace and Minister of State for Finance, the Hon. Zhivargo Laing as well as other government officials – from the Bahamas Investment Authority, the Ministry of Tourism and the Bahamas Maritime Authority.
I am also accompanied by a distinguished delegation of private sector representatives from virtually every segment of our economy – hoteliers, attorneys, bankers, and industry. The CEO and Executive Director of the Bahamas Financial Services Board, the President of the Bahamas Real Estate Association, representatives from the Nassau Airport Development Company (NAD), the President of the Bahamas Hotels Association and the CEO of the Nassau Paradise Island Promotion Board, the Executive Director of the Out Island Promotion Board are all a part of my delegation.
We are here to meet with captains of Canadian industry and with bankers and attorneys and investors to advise them of the business and investment opportunities available for Canadians in our country.
As you will be aware, we have a long history of close relations with Canadians and Canadian business persons. They have been dominant in our banking and insurance sectors. In the hotel sector they built the Nassau Beach Hotel in the late 1950s and in the 1990s they renovated and made the British Colonial Hotel new. The Nassau Beach Hotel is about to be demolished to accommodate the $2.6 billion Baha Mar development.
And, in the 1990s they introduced cable television and subsequently, expanded internet services to The Bahamas.
Additionally, Canadians make up an important segment of our second home-owners and indeed of visitors to our many islands.
As some of you are no doubt aware we are presently undergoing major infrastructural development at home. These projects include the massive redevelopment of Nassau’s Lynden Pindling International Airport where we inaugurated a new US Departure Terminal earlier this month. Work has now commenced on the new International Departures Terminal.
We are also undertaking a huge road and infrastructural upgrade in New Providence, the deepening of Nassau Harbour to accommodate the newest and largest luxury cruise ships, the upgrade of our Court buildings in Nassau and the construction of multi million dollar government office complexes in Abaco and Grand Bahama.
Next week, we will privatize BTC and create competition in the sector, investment opportunities for Bahamians to own shares in the new privatized BTC and lower costs for consumers.
And, we are moving to modernize our laws and our modes of doing business. Very importantly we will introduce, beginning in July of this year a significant e-government programme meant to make contact between the business, the general public and the Government more efficient and effective.
So we have an exciting story to tell and we are anxious to get that story out to new potential investors and very particularly to investors from our traditional partners like those in Canada.
I always relish the opportunity to meet with Bahamians abroad so as to keep them up to date on developments at home.
I especially enjoy meeting with young Bahamians abroad – those pursuing higher education and training. It is important for you to know what the Government is doing to ensure that you come home to a welcoming economic environment where you can fulfill your career and personal goals and objectives.