NASSAU, BAHAMAS — Prime Minister Philip Davis stated yesterday that his recent trip to Uganda was aimed at fostering trade relations and collaborating on technical exchange. He emphasized that the Bahamas must continue to forge relations and ensure a seat at the table to contribute to the design of the new world order.
Davis, who addressed the Bahamas Business Outlook Conference yesterday, explained the benefits of the Uganda trip, highlighting his participation in two separate meetings: the Non-Aligned Movement Summit and the G77 + China meeting.
"The benefit for the Bahamas is to continue forging relationships. We must appreciate that the world is at an inflection point. A new world order is now being drawn, and the architects of that are influenced by world powers. If small island developing states are not at the table and part of contributing to the design of that world order, we might find ourselves excluded. Hence, our presence is to ensure that we, particularly small island developing countries like ourselves, are involved in shaping that world order," Davis emphasized.
"Coming out of Uganda and those two meetings, we are forging trade relations. We have identified opportunities for collaboration in various technical exchanges. A critical aspect of the new world order is reshaping the financial architecture and how small island developing states access finance, especially given the existential threat of climate change, which remains the foremost concern engaging countries today," he added.
During his address at the Outlook, Davis acknowledged the need to expand access to capital by facilitating loans and grants for businesses of all sizes, particularly those in targeted industries aligned with national development plans.
"Access to capital remains a significant barrier to starting and growing businesses in our nation," he noted.
"We are embracing digitalization to create faster, more transparent business approval processes so that entrepreneurs can expedite their path to success. Additionally, we have reduced customs duties. However, we recognize that the cost of doing business remains high.
"Therefore, our focus is on comprehensive energy reform, including renewable energy, to provide cleaner, stable, and more affordable power generation for businesses and households alike," he continued, mentioning the recently announced Request for Proposal (RFP) aimed at transforming the country's energy landscape by establishing solar energy microgrids across the Family Islands.
"The cost of doing business and the cost of living have been driven by our reliance on imports, affecting everything from fuel prices to grocery costs. We can lower costs by empowering local farmers and manufacturers to grow and produce more of our food and goods domestically," Davis concluded.
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