Speaking to the lagging technological advancements in certain areas of the region, Prime Minister Philip Davis questioned whether it is time for The Bahamas and the rest of the Caribbean to open themselves up to more competition.
He was the keynote speaker at the CANTO Annual Conference and Trade Exhibition in Miami, Florida earlier this week.
Davis said the region has yet to take full advantage of the digital revolution and has a unique opportunity to create smart cities complete with 5G technology, expanded access to always-on connectivity, and cashless ecosystems.
“At the moment, I see signs of aging infrastructures, some of which are poorly maintained and certainly suffer from underinvestment. Some major corporate actors seem very focused on withdrawing early profits, rather than maximizing long-term investment for long-term rewards. Perhaps the answer lies in increased competition,” he said.
“The relatively small size of our individual markets is one of the factors that has historically given rise to a number of protectionist practices in various jurisdictions. Are we now at the moment when we need to make adjustments, to encourage more competition into the space? Will greater market forces lead to better services and better products for our people?’
“In pursuing our shared Caribbean vision of a connected and empowered people, and to transform lives through digital technologies, The Bahamas is renewing its commitment to leading the region’s efforts on the global stage.”
CANTO is a non-profit association made up of operators, organizations, companies and individuals in the telecommunications sector, with a specific focus on issues that impact the Caribbean region from a global perspective.
Davis said while The Bahamas has made significant advancements, half of the region still suffers from low connectivity.
“So I want to make a request of the Caribbean CEOs and executives sitting here today. Together, let’s create a different and better future for the Caribbean. Slavish attention to the maximization of profits for shareholders will detract from that better future for the Caribbean. To illustrate, The Bahamas is an archipelago and there is no business case to build fiber optic cables to many of our farther flung Family Islands. But there was a social case, a security case, and nation building case,” he said.
“The Bahamas is better today for that investment made yesterday. Broadband penetration in our region is only 50 percent. Let us commit to expanding the penetration of broadband in our region as a matter of social priority. This will assist in true diversification of our economies, as many thousands of new good paying jobs could be created with the deployment of affordable, reliable broadband. Other countries have spent billions to make sure broadband reaches all of their people. My vision is to see our small countries keeping pace.
“My challenge to all of you is work with us, work with policy-makers, to make broadband universal, affordable and reliable for all of our region’s people. Impress upon the decision-makers in your companies the urgency of reducing the digital divide.”
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