The Bahamas Light Industry Development Council (BLIDC) is seeking to become an official regulator for those under the Industries Encouragement Act. Following its first official meeting with Financial Services Minister Ryan Pinder, who has responsibility for trade and manufacturing, industry leaders want to take their organization to the next level. Manufacturers are growing increasingly organized in recent months in anticipation of value-added tax (VAT) and accession to the World Trade Organization (WTO) next year.
Kevin Simmons, a well-known manufacturer and president of the BLIDC, said becoming a recognized regulator is the most effective way to ensure council integrity. Members of the BLIDC are envisioning a similar standing to other recognized organizations, such as the Bahamian Contractors Association (BCA), the Bahamas Financial Services Board (BFSB) and the Bahamas Real Estate Association (BREA). "That is our main thrust going forward," he told Guardian Business. "It is time to aggressively pursue it.
That is how we'll become cohesive. We will police ourselves and assist the government in furthering the interests of industry." The BLIDC is already well on its way. Manufacturers have formed a board of directors and begun taking dues from its members. Pinder told Guardian Business that the government is taking the organization "very seriously" and he encourages industry players to formally join ranks. Simmons felt the government has been particularly sensitive and attune to the issues facing industry.
He said that BLIDC would play an important role in maintaining the integrity of its members and weeding out those with "unscrupulous practices". Now that members have met with Pinder, the next step, he said, is to research and disseminate some of the major issues facing manufacturers, such as VAT and WTO. "We will complete a condensed document and begin preliminary discussions with government," he told Guardian Business. "The next stop is the Ministry of Finance. The executive committee would like to meet with Michael Halkitis, the state minister of finance."
Earlier this month, the revamped BLIDC met for the first time in years at the Lutheran Church of Nassau. "We do have a problem," said Geoff Knowles, the operations manager at Aquapure, one of the largest water producers in the country. "We can't wait for politicians to make all of the decisions for us. We have to be part of the process and we have less than two years to do it. We are in crisis mode right now." Manufacturers have grown increasingly uneasy with the implementation of VAT and WTO by sometime next year. Higher operating costs, such as exorbitant electricity costs, have also made it difficult for local industry to compete against outside forces.
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