Bahamas seeking to lure foreign investors

The Bahamas government has defended legislation which it says is intended to attract businesses not yet operating in Grand Bahamas and create more opportunities for Grand Bahamians.

Minister of State in the Office of the Prime Minister, Grand Bahama, Kwasi Thompson, said the Commercial Enterprise and the Grand Bahama (Port Area) Extension of Tax Exemptions Bills are needed to strengthen the economy of Grand Bahama.

Exactly what Grand Bahamas needs

“The Commercial Enterprise Bill is exactly what Grand Bahama needs to boost our economy and create more opportunities for Grand Bahamians,” he said, adding it is designed to attract businesses not already operating here including those in international trade, captive insurance, technology and data warehousing.

Tourism isn’t enough

He said tourism alone is not enough and that the commercial environment must be made more attractive for these types of businesses to come to Grand Bahama.

“We in Grand Bahama have been talking about being the leader in technology, arbitration, maritime trade, and captive insurance, and this Bill, for the first time provides an attractive package for businesses that are not here to come and provide opportunities for Bahamians.”

Thompson said that the government intends to make Grand Bahama a technology hub, and the legislation, which was recommended at the recent Technology Summit, makes it easier for technology businesses to come and do business and bring their specially-skilled persons who can train Bahamians.