The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Opposition’s deputy leader yesterday conceded that Bahamians were unable to fully develop this economy by themselves, adding that anti-Baha Mar rhetoric by several Cabinet minister was “a very serious concern” if it reflected Government policy.

K P Turnquest, reiterating calls for the Baha Mar debate to be “toned down”, questioned whether the comments by Fred Mitchell, minister of foreign affairs and immigration, and Shane Gibson, minister of labour and national insurance, were personal or reflected the Christie administration’s policy.

That was denied by the Prime Minister yesterday, but Mr Turnquest told Tribune Business: “If it is policy, it sends a very serious concern to all of us.

“We are an open economy, dependent to some extent on foreign direct investment, particularly with respect to large developments that provide jobs for many, many Bahamians, and we would not want to give any impression to existing investors, and those we are seeking to attract, that we are somewhat insular or that you can bring your money and have nothing to say.”

Mr Turnquest called for there to be “more maturity” in discussions over the Baha Mar dispute, as the current tone and content of public statements by political leaders benefited no one.

He added that such statements could be negatively interpreted by foreign developers, investors and home owners, plus financial services clients.

“It’s the same investor we’ll have to go to to develop this country,” Mr Turnquest told Tribune Business. “Despite what some people think about us being able to do it on our own, we don’t have the financial resources nor all the technical skills to do it.

“Even when we have these things, you have to have contact networks to make it successful.”

Mr Turnquest said Baha Mar, too, needed international partners to make its development work. He added that these partners not only needed to respect the Bahamas and its laws, “but feel their investment is safe and, if disputes arise, they will be dealt with in a professional matter”.

The FNM’s deputy leader, who is also its finance spokesman, said the Baha Mar dialogue could also negatively impact the financial services industry.

This was especially because the Bahamas was now trying to encourage European and other investors to follow their assets here and become permanent residents, purchasing a home and ensuring they remained out of the reach of their home country tax authorities.

“It is certainly unhelpful to hear the Government speaking in this manner to investors,” Mr Turnquest told Tribune Business. “It cannot make you very comfortable.”