The Tribune

By NATARIO McKENZIE

Business Reporter

nmckenzie@tribunemedia.net

MORE than $250 million worth of souvenirs and gift items are imported into the Bahamas each year, income the Bahamas Agricultural & Industrial Corporation (BAIC) is determined to keep in the local economy.

Speaking with Tribune Business at the opening of the 15th annual Bahama Arts Festival on Arawak Cay, BAIC chairman Arnold Forbes said these items came from countries such as China, Vietnam and Korea.

“It’s significant, because the money that we make from the tourists on these items, we are sending it right back out,” Mr Forbes said.

“We are washing in and washing out. It’s important that we keep that money circulating in our economy so that we can invest in not only developing our handicraft market, but also other things.

“When you look at $250 million, that’s a whole lot of money being spent to bring goods into the country. If we were to decrease that by $10 million per year it would be significant.

“If we decreased that by $10 million per year over the next 10 years, that’s $100 million that we can keep in our economy; to make our economy better and to support our programmes,” said Mr Forbes.

The BAIC chairman added: “A lot of people don’t realise how much money we spend outside of the Bahamas. Statistics have shown that the Bahamas ranks near the top as one of the biggest contributors in the world to the South Florida economy. We spend billions of dollars in South Florida; we spend over $1 billion in south Florida every year.

“They’re not going to teach us how to feed ourselves and make ourselves better; we have to teach ourselves and to make ourselves better. We have to do it ourselves so that we can keep some of that hard currency in our country.”