Bahamas Investment Authority
“Eco-friendly growth is key to The Bahamas.”
The Bahamas Investment Authority (BIA) was established to cut red tape and lay out the red carpet for investors. According to David Davis, Director, “We are open for business, we are investor-friendly, and we want investors to bring in clean money that is invested intelligently.”
Among key projects currently underway in The Bahamas is the mixed-use Ginn resort project on Grand Bahama, which has involved creating new infrastructure on reclaimed land as well as a major marina. “Over a 15- to 20-year period the project is estimated to have a build out of USD 3 billion,” Davis explains. He adds, “Ginn is crucial for resurrecting the economy of Grand Bahama.”
Other significant mixed-use projects in the works are Cherokee Sound-Winding Bay on Abaco, which will include a Marriott resort, and the Bakers Bay project on Abaco, a USD 2 billion initiative that has been carefully scrutinized concerning its environmental impact. “Eco-friendly growth is key to The Bahamas,” Davis says.
The BIA has recently been stepping up its efforts to promote The Bahamas abroad. Concerning targeted sectors, Davis explains, “We will always be involved in tourism, but banking, insurance, high-end assembly, manufacturing, and basically any activity that has added value, is environmentally sustainable, and can create employment, is welcome in The Bahamas.”
FNM Party
“The Bahamas is a melting pot – just like the US.”
The Free National Movement (FNM) was elected to govern The Bahamas in 2007. Its National Chairman, Johnley W. Ferguson, explains that the nation’s 26 inhabited islands all need modern infrastructure and services.
Previously there was a separation between the Family Islands – formerly known as the Out Islands – and the more built-up New Providence and Grand Bahama. Yet today the government and Bahamians feel more unified.
Ferguson pinpoints Grand Bahama, Abaco, Exuma, Mayaguna, Inagua, Long Island and Crooked Island as areas that are growing well. And the privatization of the Bahamas Telecommunications Company (BTC), facing completion by the end of the year, will set the standard for the privatization of other utilities.
“For investors that come here,” he says, “whether they be second home buyers or investors for major developments, it is important they know the government works very hard to ensure they get the high standards of infrastructure and amenities they need.” He adds that the FNM is open to working with anyone who has the best interests of The Bahamas at heart.
Tourism remains the backbone of the economy, and there is special warmth for visitors from the United States. According to Ferguson, “We as Bahamians feel very close to Florida because of its proximity and to New York because so many of our visitors arrive from there.”
He adds, “People travel from all over the world to enjoy The Bahamas – especially our Family Islands – and we work to make their time here enjoyable by offering infrastructure to meet their needs. Tourism is the key to our economy and we work very hard to make sure that it keeps moving forward.” He recommends investors choose The Bahamas for its unbeatable combination of the best sun, sand, and Bahamian spirit.
