The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHAMIAN involvement and participation in investment projects “cannot be left to chance”, the chief executive of a $1 billion US-based company yesterday arguing: “We need to be creating businesses and not just projects.”

Fred Perpall, Bahamian head of the Dallas-based Beck Group, a commercial architecture, construction and development firm, told the annual Bahamas Business Outlook conference that there was a need for “structured, transparent and mandated” Bahamian participation on not just government but “all projects” in the country.

Speaking on the topic ‘Brain Gain’, Mr Perpall said there was a significant opportunity for the Bahamas to in-source some of its own talent needs.

“Compared to the region we are not losing a big population. In fact, if we are losing a little bit of our talent, conditions are so good that we are attracting talent from other places,” Mr Perpall added.

“I think when we think about people working in our economy, it’s easy to think of the entry level jobs, the service level jobs, but if you go into any investment bank, any executive office and many technical jobs, we know we have highly skilled imported talent as well. There is much opportunity to in-source some of our own talent back.”

Mr Perpall added that a recent US population survey showed there were roughly 60,000 people living in the United States who identified themselves as Bahamian or of Bahamian descent.

“That’s a lot compared to 370,000 people or so living in the country, but it is a small slice compared to the amount of Caribbean people living in the United States. I think compared to our neighbours we are not losing a large population,” said Mr Perpall.

He added that many countries his firm has worked in insist on local involvement, and questioned whether this was being conveyed to persons looking to invest in the Bahamas.

“It’s is not a spot on negotiation but it is a transparent process in terms of expected participation levels,” said Mr Perpall. “When we bring Bahamians home we are able to stay in the driver’s seat in terms of projects, ownership, control, and achieve the global scale we need and it doesn’t need to be either or.

“We cannot leave to chance participation levels and Bahamian involvement. I think we need structured, transparent and mandated participation - not just on government projects but all projects.

“It’s great to create jobs but we are a place where we need to be creating businesses and not just projects”

Mr Perpall added that the request for the design and construction of the Princess Margaret Hospital’s Critical Care Block required Bahamian involvement and participation.

While noting that the Beck Group was heavily involved, leading the Critical Care Block’s design, Mr Perpall said there was major Bahamian participation with his firm retaining only 19 per cent of the fees as opposed to the typical majority share.