The Tribune

By NEIL HARTNELL

Tribune Business Editor

THE Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman is hoping its upcoming trade mission to Panama will "inspire" Bahamian entrepreneurs to fully realise Freeport's transshipment/distribution hub potential.

Acknowledging that the Bahamas had "not fully taken advantage of the benefits" provided by its second city and the Hawksbill Creek Agreement, Chester Cooper told Tribune Business that the BCCEC's trip, scheduled to take place within the next two months, could spark this nation's private sector to emulate "on a large scale what has been done in Panama".

Disclosing that the BCCEC would invite all of its several hundred-strong membership to accompany it to Panama, Mr Cooper said the organisation was also planning trade missions to Haiti and India during 2012.

The Haiti visit was likely to take place "around September", Mr Cooper said, while the trip to the Asia is intended to coincide with November's India International Trade Fair.

On all three missions the goal is largely the same - to create business opportunities for Bahamian companies, particularly when it comes to the import/export of goods and services, and potential joint venture partnerships with firms from those nations. The strengthening of trade ties, and forging links in other areas - such as education, workforce development and technology/expertise exchange - will also be high priorities.

Explaining that the BCCEC's Trade and Commerce Division was spearheading the three 2012 trade missions, Mr Cooper said it had targeted six-seven countries in total. Other destinations included Brazil, Jamaica and South Florida, and Mr Cooper said those not visited this year would "no doubt be on the list for 2013".

Indicating that the BCCEC was seeking to become more active in creating business opportunities for its members, Mr Cooper added: "The first one will be to Panama in the next 60 days. We're inviting the entire membership to come.

"A lot of small and medium-sized businesses will be looking for new suppliers for products and services, and through the Panama (Colon) Free Trade Zone they will be able to get the type and quantities they need, rather than having to buy trailer loads from China.

"What we're looking to do is pair businesses with their counterparts in all of the places we go. In Panama, the first day might be exploring business opportunities, and the next might be a tour of sorts, going out into the business community," he added.

"With respect to Panama, the main draw will be the Free Trade Zone and for businesses to find new suppliers."

Emphasising the importance of Bahamian companies diversifying supply chains, and sourcing high quality goods at lower prices - benefits that can be passed on to local consumers, Mr Cooper said Panama's success and experiences could also inspire local firms in a different fashion.

With the Panama Canal and Colon Free Trade Zone, that nation has established itself as a regional shipping, trade and distribution hub, characteristics that, the BCCEC chairman said, were shared by Freeport.

"One of the opportunities highlighted in these discussions is the opportunity for Freeport to do, on a large scale, what has been done in Panama," Mr Cooper told Tribune Business.

"The right enterprise structure in Freeport can create a market for goods from China, India and elsewhere to be brought in in bulk and distributed to elsewhere in the region."

This was the model - a regional distribution facility - targeted by south Florida grocery distributor, Associated Grocers, via its $9 million warehouse in the Sea Air Business Park. The project did not take off, though, with Associated Grocers eventually electing to perform the same functions from south Florida.

Its Freeport warehouse is now being leased by Nassau-based businessman, Robert Myers, for his VTrade operation, which is also looking to function as a regional distributor for products sourced from China and Asia. And the World Mart project, headed by the investor group featuring Ken Hutton and Joe Thompson, which is aiming to create a trade/buyers' emporium in Freeport, is also along the lines of the Panama model.

"There are some business persons looking at this and doing it on a smaller scale, but we have not fully taken advantage of the benefits of Freeport," Mr Cooper told Tribune Business. "Maybe entrepreneurs will look at what happens in Panama and be inspired to do it in Freeport."

When it came to Haiti and India, Mr Cooper said the planned upcoming trade missions were designed to build on similar trips undertaken by the BCCEC's predecessor, the Chamber of Commerce, during the mid-part of the last decade.

"I spoke with one of our members today who does business in Haiti as a result of going on the last mission," Mr Cooper added. "As a result of that, this guy's doing a joint venture with a Haitian company, is spending quite a lot of time down there, and is quite excited about it."

And he told Tribune Business: "These missions allow the cross-fertilization of ideas and expansion of the choice of goods to be imported into the Bahamas. There is also the potential for joint ventures on both sides.

"There might be business opportunities discussed in Haiti as a result of this mission, and taking expertise to places like Haiti as a result of this mission."

As for India, Mr Cooper said the BCCEC planned to "follow up" on the Memorandum of Understanding (MoU) signed with its Indian counterpart during the previous trip.

"They have a very large trade fair in November, and are trying to push Indian exports to this region," Mr Cooper added. India is also one of the world's fastest-growing economies, and its educated workforce, technology expertise and growing financial services market are all of interest to the Bahamas.

"There were six or seven places on the agenda of the Trade and Commerce Division, and these three were selected," the BCCEC chairman said.

"Among the other destinations were Brazil, Jamaica and South Florida, and one or two other places. No doubt they'll be on the list for 2013."