The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Attorney General yesterday pledged to “enforce” Heads of Agreement commitments requiring foreign investors to use Bahamian products, professionals and artisans for their projects.

Ryan Pinder, speaking during the Senate debate on the Speech from the Throne, reiterated many of the policy and legislative pledges announced by the Governor-General in setting out the newly-elected Davis administration’s agenda.

Promising to amend the Hotels Encouragement Act to provide greater incentives for Bahamian-owned and joint venture properties, such as boutique hotels and other tourism offerings, he added that future investment deals with foreign developers and resorts will seek to foster increased local input and involvement.

This policy thrust, Mr Pinder said, would benefit the creative industries, agri-business and consumables industries, with the Government moving to “ensure that such provisions are complied with”.

“We will not only negotiate these provisions but, unlike prior governments, we will ensure they are enforced for the greater good of Bahamians,” he added. In reality, this initiative continues what was begun under the former Minnis administration, which had moved to secure a commitment from hotels that 40 percent of their food needs be sourced locally.

Turning to financial services, Mr Pinder criticised the previous administration of failing to pursue a “parallel track” where The Bahamas was both compliant with international best practices and regulatory standards and developing new products and services to grow the sector.

“Shortly after coming to office we submitted an update to the European Union on our progress on enforcement actions and our regulatory framework in order to pursue the removal of The Bahamas from all of the EU lists,” Mr Pinder said, referring to this nation’s continued presence on the 27-nation bloc’s anti-money laundering blacklist.

“It is also important to note that as we continue to act to be compliant with the international regulatory framework in financial services, we must remain innovative and progressive in our offering......

This will require legislating new product offerings, facilitating the ease of doing business and commercial transactions, working closely with other agencies of the Government in order to ensure that we are viewed as a jurisdiction that people want to live, and do business,” he added.

“This parallel track of lifting up our financial services industry was missing in the last administration. It will be front and centre in this administration. We can be compliant with international best practices and innovate to give our industry a foothold for continued grow.”

Again, the Minnis administration did pass the DARE (Digital Assets and Registered Exchanges) Act through Parliament during its term in office to enable The Bahamas to participate in the blockchain/crypto currency space in a regulated manner.

Mr Pinder, meanwhile, said: “As part of our small business legislative agenda, we have already discussed with The Bahamas Chamber of Commerce and Employers Confederation the drafting of legislation to create tax incentives for small and medium-sized enterprises owned by Bahamians in order to ensure that there is a pathway for growth.

“We are not only committed to a legislative agenda that enhances opportunities for Bahamian businesses within the current economic framework, but we are also committed to legislative initiatives that promote new industries and an enhanced framework for the management and exploitation of government assets, including current government stock holdings and the management of natural resources for the benefit to Bahamians.”

This includes a regulatory framework for the legalisation of “growing, harvesting, production and export of cannabis” and its bi-products along with providing for a “regulatory framework for industrial hemp”. This, too, was contemplated by the former administration, yet it again failed to move forward and enact the necessary legislation.

Mr Pinder added: “We will enact Sovereign Wealth Fund legislation where the economic development and use of natural resources results in revenue that is, in turn, used for the long-term growth and benefit of generations of Bahamians.”