The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

AMENDMENTS to the Industries Encouragement Act has boosted manufacturing sector employment, the Minister of Financial Services said yesterday, adding that this was key to the economic development of the country.

Backing up this assertion, Ryan Pinder, during his 2013-2014 Budget communication, read letters from several manufacturers highlighting the impact of the reinstatement of duty-free raw materials/equipment imports.

Bottled water manufacturer, Chelsea’s Choice, said it was able to hire six additional staff due to the removal of the 10 per cent import tariff. Aquapure, another bottled water manufacturer, said it had been able to employ eight workers, import much-needed equipment and remain competitive by maintaining its price

Caribbean Bottling Company, according to Mr Pinder, had been able to hire six additional employees and expand its product offering to include locally-produced water.

“Clearly, the progressive initiatives shortly after coming to office, in restoring the duty concessions to manufacturers, have had a significant positive effect to businesses, to Bahamians and to the economic development of the country,” said Mr Pinder.

He added that the Government was also pursuing the development of new industries. “This has included dialogue with public and private sector stakeholders within the Caribbean region and South America,” he said.

“We are executing feasibility studies and economic analyses to determine the economic viability of these industries. The Ministry of Financial Services continues to actively pursue new opportunities internationally for all industries as we continue to develop a strategic framework that facilitates expansion and development in all sectors. My Ministry remains committed to ensuring economic expansion and promoting growth of industries throughout the Bahamas.”

Mr Pinder said the development of new sources of income was key to economic growth. “As the Government of the Bahamas, we will creatively develop a strategic framework for diversification of our economy,” he added.

“The establishment of a creative industries sector in the Bahamas will be part of this effort, encompassing a multi-agency approach. The Ministry of Financial Services has undergone extensive research on the economic viability of establishing creative industries in the Bahamas.

“Countries such as Jamaica, Trinidad and Barbados have been successful in marketing their creative industries in areas such as music, culinary arts, film, arts and fashion and, currently, economically benefit from the industries.

“The industrial development of a creative industries sector in the Bahamas, and the promotion of other industries, will allow for more job security throughout the Bahamas, progressively putting Bahamians first and promoting Bahamian ownership and entrepreneurship throughout our nation.”

Mr Pinder said the time was now for the Bahamas to develop a more competitive edge that differentiates it from our other Caribbean countries.

“We must commercialise our national treasures and talents for the benefit of our people,” he added.

“As unemployment in the Bahamas continues to be a trend among the youth of our country, the youth continue to play a significant role in the promotion of our culture, both regionally and internationally.

“Marketing creative industries in the Bahamas diversifies our economy and addresses a national issue and empowers our youth. We must leverage unique cultural attributes that will allow us to market ourselves in a uniquely attractive way.”