By TAMARA McKENZIE, Guardian Political Editor

tamara@nasguard.com

The Free National Movement (FNM) welcomes and encourages foreign investment, and this includes the purchase of land by non-Bahamians, said Prime Minister Hurbert Ingraham on Wednesday night. He added, however, that the FNM is against the sale of crown or government land to foreigners for large scale non-productive purposes, such as the development of private-gated residential enclaves.

"The FNM is not opposed to private-gated residential enclaves, but we don't believe they ought to be developed on crown land purchased from the government at concessionary rates," said Ingraham while addressing Grand Bahamians at a thank you rally in the nation's second city, earlier this week.

Throughout the election campaign, Ingraham, who was Opposition leader at the time, accused the Progressive Liberal Party of "misusing" the Land Act left in place by the FNM to encourage foreign developers of gated residential communities to market Bahamian real estate on the international market. At the time, Ingraham claimed that the PLP used the International Persons Landholdings Act as the "carrot" for "fabled" anchor projects, which were really "massive up-scale developments for foreigners." On one occasion, Ingraham claimed that foreign land sales during the FNM's nine-and-a-half year watch amounted to $605million, but during the PLP's one term in office, land sales skyrocketed to $1billion.

And because he wanted to send a "clear signal to the investment community - local or international - when it comes to its position on the sale of land to non-Bahamians,

Ingraham promised that his party would not restrict the right of any private landowner to sell his land "freely." He explained that if the sale of land is in respect to a private residence, a permanent residence or an established lot or property size, no prior permission is required. But, if the purchase is in respect of commercial usage, approval of the government is required.

In the meantime, the newly elected Prime Minister said his government is reviewing the many deals and contracts that the former government "rushed" to conclusion in their final days and weeks in office. He said the FNM will ensure that in each case, the interests of The Bahamas is protected, whether it be the sale of BTC, the sale of the Royal Oasis in Grand Bahama, the deal to keep the Isle of Capri Casino at Lucaya operational, or the sale of crown land in Mayaguana or elsewhere.