The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

MINISTER of State for Investments Khaalis Rolle said the Government was moving on its plans to revamp the Bahamas Investment Authority into a “vibrant investment promotion vehicle”, telling Tribune Business that an economic development approach was critical to the survivability of small and medium enterprises.

Speaking with Tribune Business yesterday Mr Rolle noted that the revamp of the BIA was a part of the overall project to establish an economic development unit in the Office of the Prime Minister.

The Government signed a $450,000 technical cooperation agreement earlier this year with the Inter-American Development Bank (IDB) to bring the unit on stream.

As to the progress of that initiative thus far Mr Rolle said: “It’s going well. We had a meeting with the IDB on Friday and that was to discuss the appointment of the consultant and putting the agenda in place and schedule of activities. I think we have a meeting with the consultant shortly.”

The unit is expected to greatly assist in developing a roadmap to maximise foreign direct investment (FDI) opportunities.

In 2012, The Bahamas received an estimated 27 per cent of the FDI in the Western Hemisphere. The revamp of the BIA is to better align foreign direct investment (FDI) and Bahamian proposals with the National Economic Development Strategy, and give it a “rational” basis upon which to grant investment incentives.

Mr Rolle added: “We want the BIA to be a vibrant investment promotion vehicle. It’s very important. We wont be able to become the country we want to become if we don’t have an economic development approach to things. Small businesses will never be able to survive.”