Deputy Prime Minister and Minister
of Foreign Affairs the Hon. Brent Symonette met with Oxford Business
Group representatives for ?The Report: Bahamas 2009? to give an insight
into the Bahamian economy in the face of a global recession.
?The Bahamian economy has felt the effects of the global financial
crisis, with tourism and revenues from excise duties decreasing in
recent months,? Mr. Symonette said.
In an interview in The
Report: Bahamas 2009, published by Oxford Business Group (OBG), the
highly acclaimed global publishing, research and consultancy firm, Mr.
Symonette said there have been many layoffs across the tourism industry
and that government services will be impacted by the reduced revenues
collected from excise taxes.
Despite the downturn, he
described economic indicators as stable and told OBG that foreign
reserves are high. Additionally, he said in the 2009 fiscal year, the
government plans projects in Grand Bahama and in Nassau, among other
major capital investments.
Mr. Symonette also told OBG that The
Bahamas hopes to better its relations with The People?s Republic of
China particularly with regard to improving trade relations, investment
and tourism links.
?Our largest investors in The Bahamas
have a Chinese base and our relations with China are very important. It
is certainly a growing power in the world so we need to position Grand
Bahama as an international shipping port, a transhipment facility, and
promote our financial services to China.?
The Report: The
Bahamas 2009 will have an international distribution of 41,000 based on
OBG?s existing subscriber base, and will be a complex guide to the many
facets of The Bahamas, including its macroeconomics, infrastructure,
political landscape, banking and sectoral developments. Also with a
separate focus on the Grand Bahama economy, it will be the most
comprehensive intelligence review produced on the country.
Twenty-six per cent of its subscribers are in Europe, 24 per cent in
Asia, 21 per cent in the Middle East and GCC countries, 19 per cent in
North America, and six per cent in Africa. Twenty-seven per cent are
financial institutions, 22 per cent in industry, 17 per cent in IT and
telecommunications, 15 per cent in energy, and 15 per cent in real
estate and construction.
The 180-page publication will
contain the most extensive, independent and accurate intelligence
available, and is produced by a team of OBG analysts based in Nassau
for six months, who will conduct some 100 interviews with leading
political and economic figures.
With sector overviews and analyses
supported by a series of exclusive interviews with important political
and business figures, it will provide an independent and authoritative
look at The Bahamas economy.
Oxford Business Group (OBG) is a
global publishing, research and consultancy firm, which publishes
economic and political intelligence on the markets of The Caribbean,
Asia, Eastern Europe, the Middle East, North and South Africa. Through
its range of print and online products, OBG offers comprehensive and
accurate analysis of political, macroeconomic and sectoral
developments, including banking, capital markets, energy,
infrastructure, industry and insurance.
Written by a team of
seasoned analysts, based on the ground for six months, the critically
acclaimed series of economic, political and business reports have
become the leading source of intelligence on the rapidly developing
countries in the regions they cover. OBG?s online economic briefings
provide up-to-date in-depth analysis on the issues that matter for
thousands of subscribers worldwide. OBG?s consultancy arm offers
tailor-made market intelligence and advice to firms currently operating
in these markets and those looking to enter them.
Photo:
Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent
Symonette poses with representatives of the Oxford Business Group, a
global publishing, research and consultancy firm that will feature The
Bahamas economy in its 2009 Report. Pictured at the Ministry of Foreign
Affairs in the Goodman?s Bay Corporate Centre are country director for
The Bahamas, Laura Herrero; Minister Symonette; and editorial manager,
Steven Dijkhuizen.