The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government is planning to use the Jamaica Promotions Corporation (JAMPRO) as the model for investments promotions arm it wants to add to the Bahamas Investment Authority (BIA).

Brent Symonette, pictured, minister of financial services, trade and industry and Immigration, revealed that the move is part of an Inter-American Development Bank (IDB) funded initiative while addressing stakeholders at a recent Bahamas Engineers, Architects & Allied Professionals (BEAAP) forum.

“We want to be able to have a promotional arm like JAMPRO to market the Bahamas not just for tourism, or financial services for foreign direct investment,” Mr Symonette said.

He added that the Government was also seeking to develop a “stronger arm” for managing projects and following up on approvals, so that investors do not simply shop their projects around once they have received the necessary approvals.

Mr Symonette also confirmed that the Government is undertaking an audit of its Crown Land holdings to see “how much it owns, who is using it, and we hope to be able to convert that into productive use so that Bahamians can use it.”

He added that the Government has undertaken an assessment of the buildings it owns in New Providence, with that report having been submitted to Cabinet on Tuesday. “There are buildings that the Government owns that can be monetised,” he said.