The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT - Even though the Bahamas maritime sector has enjoyed tremendous success, Ian Fair believes that the formation of a maritime association/body comprising all industries would be very beneficial.

He suggested that a possible name "Maritime Bahamas" would be ideal.

While addressing the Grand Bahama Chamber of Commerce, Mr Fair indicated that the maritime industry - the third largest in the country - now is somewhat fragmented and has not been extensively marketed as it should.

He stated that the legal and accounting professions, finance and insurance are very important elements that have contributed to the success of the maritime industry.

The Bahamas' proximity to the US, the tax advantages, and the parity of the Bahamian dollar with the US, are also major advantages, he added.

"All of this has contributed to making the Bahamas one of the most successful maritime entities in the world, but we do not intend to rest on our laurels. Our vision is to have all these maritime industries and organisations join forces and coordinate their approach to the rest of the world. This would bring benefit to all Bahamians," said Mr Fair, chairman of the Grand Bahama Port Authority.

He believes that people achieve more when they work together than when they work alone. "My suggestion is that all our industries... should form an association and create a coordinating body - perhaps under the name 'Maritime Bahamas,' which I feel would be both for their own benefit and more importantly for the benefit of The Bahamas," he explained.

Mr Fair, who also serves as chairman of the Bahamas Maritime Authority (BMA), thinks that such a body would avoid "wasteful duplication" of effort, allowing for the development of better strategies and synergies among industries.

He said shipping has exploded over the past 50 years and remains the most economical, efficient, and environmentally friendly way to transport goods.

Mr Fair stated that 90 per cent of the world trade goes by sea. That, he said, will not change in the near future.

The future of the maritime industry, he said, is secure and presents many opportunities both in the short and long term.

"The Bahamas must be in a position to take advantage of these and we can do this most effectively by government bodies, businesses, and financial institutions, cooperating with one another," Mr Fair said.

He stressed that the Bahamas has the potential to become a major maritime player in the Western Hemisphere.

Mr Fair indicated that one very important aspect is that the maritime field, like the Bahamas' other major industries of finance and tourism, requires no manufacturing capacity or natural mineral resources.

He said it is based on a small but appropriately educated workforce, and is therefore an ideal industry for the country to develop.

Mr Fair noted that the maritime sector is the third largest contributor to the Bahamian economy and rivals the financial services industry in size.

However, he said, it is one those lesser known stories and needs to be promoted to a much larger extent.

"For the maritime sector to bring maximum benefit to the country it must not only attract new businesses and grow existing ones, but it must also provide more employment for Bahamians," Mr Fair.