There are opportunities for Bahamians to export their knowledge related to hospitality to parts of the Caribbean for "high rates of return", given this country's success in the tourism space, the Caribbean Export Development Agency's (CEDA) Executive Director Deodat Maharaj told Guardian Business yesterday.
Maharaj, who is in town for the 44th Regular Meeting of CARICOM (Caribbean Community) Heads of Government, explained that there are myriad opportunities for Bahamians to export services and not simply focus on export as the movement of goods.
"Think of the expertise you guys have in the tourism sector. There are good opportunities for Bahamians with high rates of return," said Maharaj.
"The Bahamas is an integral part of the Caribbean and there are immense opportunities just in the southern Caribbean."
He said the southern Caribbean could use the kind of tourism expertise Bahamians are able to provide.
Maharaj suggested Bahamians look at Caribbean countries with high growth rates, like Guyana, for investment opportunities.
And while there are opportunities for services exports, he explained that there are also opportunities for the trade of premium products within the region.
"Over the medium to long term there are lot of opportunities for Bahamians in the rest of the Caribbean," said Maharaj.
"You are used to a certain type of economy largely focused on tourism. I do believe there is greater emphasis on accessing the export market, and for us in the Caribbean what we have to recognize is we can't do bulk export like China, India and Nigeria or South Africa.
"So for us it's a premium product in a premium market for a premium price."
Maharaj explained that CEDA has been supporting Bahamian businesses in their bids to export products and services throughout the region.
He added that while attending CARICOM meetings, he plans to expand the conversation on Bahamian exports.
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