The Tribune

PRIME Minister Perry Christie encouraged investors and delegates at the 16th Annual International African American Hotel Ownership and Investment Summit to use the “enormous opportunities” for partnership with the Bahamas and take advantage of the growing minority travel markets in the United States, Canada, Latin America, Africa, Asia, India and the Middle East.

Mr Christie said: “The importance of investments and ensuring consideration at the highest level, are underscored by the fact that investments have been placed within the portfolio of the Prime Minister. I have also appointed a Minister of State for Investments who is a former president of the Bahamas Chamber of Commerce. The Investment Authority which is located within the Prime Minister’s Office will promote, co-ordinate and expedite investment proposals. Our proactive and world renowned Ministry of Tourism, led by a knowledgeable and visionary minister, is poised to further broaden our horizons of growth in both traditional and emerging markets.

“I have also created a Ministry of Financial Services and Trade dedicated exclusively to the growth of this sector as the second pillar of our economy. This ministry is led by an expert in international financial services, taxation and trade. We are moving resolutely to offer new products in financial services sector that will consolidate the Bahamas’ position as a leading international financial centre.

“This same ministry has been given the charge of expanding trade with the United States our leading trade partner, as well as on a global scale in the growing markets of the Americas, Asia, Africa, Europe and the Middle East.”

Placing priority on growing the Bahamian economy primarily through the expansion of the hotel and travel industry, the nation’s leader invited “movers and shakers” in hospitality to invest in the Bahamas, where he said they will not only realise a good return on investments, but also create thousands of new jobs, entrepreneurial, partnership and business opportunities.

“The Bahamas is not only the closest offshore neighbour of the United States, but we are closest as consistently dependable allies, close to you in kinship as sons and daughters of the African diaspora, shared ideals and aspirations. Our fortunes and our destinies are tied together.

“So we invite you to forge a strong partnership with us that could change the economics and social landscape of our people. From Grand Bahama in the north to Inagua in the south, with Nassau and our numerous islands of unparalleled natural beauty in between, you will discover a broad variety of good opportunities to invest in businesses, second homes, resort and real estate development, among other profitable ventures,” he added.

While the Bahamian economy has been buffeted by the adverse effects of the international economic recession, Mr Christie said that the fundamentals of the Bahamian economy remain sound.

“The Bahamas stands out as a jurisdiction of choice for international investors. Future economic growth is being enhanced by modern infrastructure together with the underpinnings of progressive political, economic, social, educational and legal policies.

“Over 50 per cent of our country’s gross domestic product is related to tourism, which employs over half of the workforce. New investments in hotel, resorts and other developments range from billion-dollar mega projects on New Providence to distinctive boutique resorts in the Family Islands. Currently, the Baha Mar $2.5 billion Cable Beach project in Nassau, which is the largest single phase resort ever undertaken in the Caribbean, is making remarkable progress. It will comprise of five major hotel brands, the largest convention and casino facilities in the region and other compelling attractions. Targeted completion and opening is scheduled for 2014. The project is being funded with Chinese capital.

“Phase I of the upscale Albany residential/golf resort and marina in New Providence has been completed. Partners in this project with international developer Joe Lewis are renowned golfers Tiger Woods and Ernie Ellis. Tiger Woods is a typical example of black American sports figures, stars and celebrities who are investing in projects and second homes in various Islands of the Bahamas. Other islands of the Bahamas are attracting significant developers like the recently announced partnership between Genting, the Asian conglomerate and world’s largest casino resort operator and Cuban American Gerado Capo in the residential resort/marina/casino project at Bimini.

“To support these projects, the $400 million world class Sir Lynden Pindling International Airport in Nassau with expanded US Customs/international preclearance facilities is progressing nicely. The US terminal is already completed and in operation. The International Terminal will be completed and opened by November and the Domestic Terminal will be completed next year. Similarly, improvements are being undertaken at Bimini Airport, harbour and the quaint township to facilitate the tasteful, unique and integrated development at that island.”

Noting that there is at present a largely unfilled demand for small and medium size, three and four star hotels in the Bahamas, Mr Christie said that he particularly wants to invite members of the National Association of Black Hotel Owners, Operators and Developers (NABHOOD) and others to partner with Bahamians in embracing this opportunity.

“We are also creating bold new opportunities for NABHOOD and other African American professionals, businessmen, celebrities and sports figures to participate in major ethnic, cultural, nature, religious, medical and sports tourism initiatives. The Ministry of Tourism with participation of other relevant government agencies, will aggressively roll out these plans, and partner with the private sector in these new and lucrative enterprises.

Mr Christie added: “Before I conclude my remarks, permit me to say a few appropriate words about our financial services and incentives which are available to investors. The Bahamas has carved out a special niche as a leading offshore financial centre, favoured by Canadian, Swiss, US banks and a growing number of financial institutions from various other major financial jurisdictions.

“The Bahamas has around 250 licensed banks and trust companies, some 60 institutions licensed to provide fund administration and around 90 to provide broker-dealer and investment advisory services. “Among the many advantages of investing in the Bahamas is its attractive tax structure. No taxes are levied on personal income, capital gains, corporate earnings, sales, inheritance or dividends. Investors are able to freely repatriate earnings and profits. The country maintains healthy foreign currency reserves, a good credit rating and manageable national debt. A broad range of liberal financial concessions and incentives are offered by the government to hotel and many industrial developers.”