Prime Minister Christie continues to talk a good game
but fails to put his administration in a position to honour promises he freely
makes or support the image he falsely projects. During his address last
week to the 2015 Caribbean Investment Summit in London, England, Prime Minister
Perry Christie urged foreign investors to seriously consider the Caribbean
region as he laid out the verbal ‘red carpet’ for investors boasting, “The
climate is indeed ripe for inward investment in the Caribbean.” He asserted
that Caribbean countries have spared no effort to allay any fears or concerns
of foreign investors relative to investment incentives, political stability,
fiscal reforms and the redress of social ills among others. Finally, the Prime
Minister contended that all potential Caribbean investors could rest assured
and be encouraged that investment in our region would be “ably demonstrated
through dialogue and good will.”
We believe that the promotion of our region is a good
thing. Mr. Christie, however, is in an exceptionally weak position in
attempting to serve as the investment spokesman for the Caribbean region;
especially on the heel of him questioning the mental health of one of the
largest investors in the region because they had a difference of opinion on the
stalled Baha Mar development. Furthermore, the Minister of Foreign Affairs and
Immigration, Fred Mitchell claimed that Mr. Izmirilian disrespected the Office
of the Prime Minister and should be expelled from the country. Subsequent to
these remarks, the Minister of Labour and National Insurance, Shane Gibson
suggested that investors seeking to do business in The Bahamas should undergo a
psychological evaluation. We can only surmise that these comments by the Prime
Minister and two senior Cabinet Ministers were strategic political maneuvers aimed
at discrediting Mr. Izmirilian in his capacity as an individual foreign
investor. Nevertheless, the broader implications of these remarks could only
serve to give pause and raise concerns among potential investors seeking to
conduct business in The Bahamas.
The Free National Movement has cautioned both the
government, the Investor and the Chinese construction conglomerate to end their
inflammatory dialogue in the press and pursue an out of court resolution, as
the world is watching how this situation unfolds.
Prime Minister Christie must exercise leadership at
home as oppose to posturing as a regional leader; who is clearly not leading by
example. On the heal of this visit to London Mr. Christie once again
promised the people of Grand Bahama hundreds of millions of dollars of
investment over the next few months. However, he failed to reveal that
the projected expansion he is referencing is the same project that was on the
drawing board for more than five years and has very little to do with present government
efforts.
The Free National Movement challenges the government
to work with the private sector and civil society to cultivate an economic and
investment climate in The Bahamas that would make us both attractive and very
competitive globally. Toward this end we propose the following:
1.Set up and publish a clear outline of
requirements that investors must meet if they are to receive approvals to do
business in the Bahamas. These should be rules-based and not based on who
the middle person may be or some other subjective requirements.
2.Honour the established timelines for
answering investors’ questions and granting approvals once requirements are
met.
3.The government should more vigorously
promote the types of developments that we desire to take place throughout the
Bahamas so that our marketing efforts would be targeted to attract investors
interested in such areas.
4.Legislation, policies and programmes
should be introduced to facilitate the diversification of the economy
5.Every effort would be made to ensure
that this is a well-regulated jurisdiction that is still considered low tax for
potential investors and second homeowners. What is the status of the
National Investment Act that the FNM began drafting while in office?
6.Government should move swiftly to
reduce the cost of energy through implementing the renewable agenda and
liberalizing the energy sector. The high cost of energy is a drag on economic
growth and development.
7.No efforts should be spared to create a
world-class workforce that would make the introduction of a wide range of
businesses possible in this market
8.The government should ease the burden
of accessing capital locally and internationally so that entrepreneurs and
investors may fund start-ups and expansion
9.We renew the call made since 1992 to
establish an Ombudsman and Government should also expand the Consumer
protection infrastructure so as to facilitate transparency in business and
protection of consumers.
10.The Government should be work collaboratively to
modernize the labour legislation to protect workers; and strengthen labour
relations so as to promote open communications with all stakeholders and foster
productivity to the benefit of all
The Bahamas has the ability to be a blue chip
investment destination but require capable leadership that is creative,
energetic and forward looking. The Christie-Davis led administration is
not such a leadership.
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