The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

MINISTER of Financial Services Ryan Pinder said that while the Grand Bahama manufacturing industry was ‘still challenged’, he was optimistic the island could be a ‘robust industrial capital of the Bahamas’ if the necessary policies to facilitate enhanced trade and industry growth are implemented.

Pinder, who recently met with several manufacturing firms on Grand Bahama, told Tribune Business that he was optimistic there was a chance for significant growth and expansion in the island’s manufacturing industry. “It is in a state that is, I would say, stagnant. It is in a position however that means we can come away with a sense of optimism because if we address certain issues from a government policy point of view there is discussion of expansion, increased trade and new manufacturers coming. It’s still challenged, there are still issues that need to be addressed such as high electricty rates and market access issues, anti-dumping issues which are all part of our strategic plan. With an effective government on the trade and industry agenda we feel very optimistic that that you can see significant growth and new industry in Grand Bahamas which can only increase employment opportunities. We believe that it can be a robust industrial capital of the Bahamas,” said Mr Pinder.

Mr Pinder added: “Industry in Grand Bahama is very mature and in that regard the vast majority of employment in these industrial operations are generally Bahamians which is very encouraging. If we can create polices for enhanced trade and expand industry growth, certainly that should reciprocate more employment opportunities.”

The government recently abolished the restrictions placed on Industries Encouragement Act incentives by the Ingraham administration which had amended the Act during the 2010-2011 Budget process. The Christie government has abolished the five-year incentives term limit and 10 per cent import duty rate. As a result, the Industries Encouragement Act regime has been returned to its pre-2010/2011 Budget state, a move welcomed by many in the manufacturing industry.