The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday urged the Government to unveil more “business friendly” policies and legislation when Parliament reconvenes this Wednesday.

Krystle Rutherford-Ferguson, in a statement, said: “The BCCEC is hopeful that we can expect more policies that will positively impact businesses during the reconvening of Parliament. The business community’s desire is for more business-friendly policies which will create a supportive environment to navigate economic challenges.

“In today’s challenging economy, it is imperative that policies are tabled in the House of Assembly that promote growth and sustainability within the business sector.”

Mrs Rutherford-Ferguson said the business community’s “frustration” over how commerce is conducted in The Bahamas has been exacerbated by high electricity costs and frequent outages; inadequate public infrastructure; and issues with the Bahamas Customs declaration portal.

She said: “We should not forget that businesses are still challenged by legacy issues such as the rising cost to do business, high electricity costs and power outages. Another issue facing the business community is the intermittent issues with the operability of the Bahamas Customs system which clears goods, delaying the delivery of goods to its final destination.

“There is overall frustration with the difficulty in doing business in our country. Further, the business community is also challenged by the strain that recent flooding has been putting on public infrastructure. The disrepair of roads has negatively impacted businesses and their patrons, with flooding impeding access to certain businesses.”

Mrs Rutherford-Ferguson called for initiatives that focus on tax reform and incentives, plus capital access and the ease of conducting business, and encouraged further collaboration with the Government to ensure continued economic growth and development.

She said: “The BCCEC believes that business-friendly policies ought to prioritise reducing regulatory hurdles, foster innovation, address skills gaps, grow our manufacturing sector and contribute to the ongoing strengthening of other more mature sectors. This ought to occur while the Government, through legislative policies, creates a conducive atmosphere for businesses to flourish.

“A focus on tax reform and incentives, access to capital and the removal of unnecessary bureaucracy can significantly aid businesses in our quest for growth. Collaboration between the Government of The Bahamas and the business community is essential to craft policies that strike a balance between economic development and regulatory responsibility.”