Investments 'over $2.7b, with 4.4m visitors yearly'

By TAMARA McKENZIE Guardian Staff Reporter

In a world of economic turmoil, The Bahamas is experiencing a period of success, confidence, and popularity, Prime Minister Perry Christie told a group of African-American businesspersons on Thursday.

During an afternoon luncheon at the Four Seasons Hotel in Washington, DC, Mr. Christie said that over the last 15 months, The Bahamas has attracted a significant increase in the level of foreign investment, amounting to over $2.7 billion dollars, with 4.4 million visitors per year.

The Prime Minister told the grouping that the list to invest in The Bahamas is long and persuasive, and investors are mainly attracted to The Bahamas due to: Proximity to North and South America; the attractiveness and beauty of the archipelago; political, economic and social stability; safety; a highly-skilled labour force; modern infrastructure, progressive and sound fiscal policies, and a Ministry of Financial Services and Investments created to facilitate and expedite financial services and investments.

The Prime Minister pointed out that the strong linkage between political stability and economic stability has enabled The Bahamas to achieve the level of prosperity that few can match in the region.

"The Bahamas has a virtual cornucopia of benefits and incentives to offer the investor with ideas, capital and a taste for mutual profit in a pleasant and conducive atmosphere," he said, adding there is also freedom from capital gains, duty free zones, the potential to create second homes and hotel and time share resorts.

Mr Christie further informed potential investors that The Bahamas hosts more than 4.4 million visitors per year. Approximately $1.6 million of these visitors he said, enjoy a land-based vacation and the remaining 2.8 million visitors come on cruise ships.

"Throughout all of this, we are committed to the development of sustainable tourism programmes, as The Bahamas has long recognised how important it is to nurture and preserve our natural environment," he said.

Shifting his focus to the Financial Services sector, Prime Minister Christie said The Bahamas has earned a reputation as a leading financial services jurisdiction after more than 60 years of valuable experience.

He said that already, banks and trust companies in The Bahamas have under private management assets in excess of one trillion dollars and Bahamas-based investment funds valued in excess of one hundred billion dollars.

The Prime Minister said that a major task with the Financial Services sector is to ensure the regulatory environment meets international requirements, and the Government is determined to protect its blue chip image.

"Both our immediate and long term objective is to expand and develop business niches to meet multi-faceted global demand. We also have committed in the past three years more than $45 million to ensure that The Bahamas plays its part in the fight against money laundering and terrorism financing," he said.

Mr. Christie concluded that his vision for investment and financial services, as well as tourism, is to grow and diversify these areas of business. He said The Bahamas provides a natural platform for international business with a strategic location, available pool of qualified people, land and business infrastructure.

"Thank you for the opportunity to share some details of what we like to call the best country of its size anywhere in the world. The Bahamas is a safe, stable and profit-making haven for investment and leisure. We are close, familiar and exotic at a time when that combination of attributes is all too rare," he said.

Posted Friday 26 September, 2003