The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas Trade Commission intends to expand its National Trade Diversification Programme to Family Islands in 2025.

Senator Barry Griffin, deputy chairman of the Bahamas Trade Commission said the main focus for next year will be working with local industry partners to lower the cost of goods and services in the country.

Speaking to Tribune Business, Mr Griffin said the commission has several “exciting initiatives” slated for 2025, including expanding the National Trade Diversification Programme to Family Island residents and enhancing the local agricultural and fisheries sectors through targeted trade missions and investment forums.

“First and foremost, we intend to expand the National Trade Diversification Programme to include more sectors and bring in many of the Family Islands,” said Mr Griffin.

“Importantly, we also intend to promote transparency and competition in the marketplace. We will also continue our efforts to enhance the local agricultural and fisheries sectors through targeted trade missions and investment forums that will attract new partnerships. Additionally, we plan to roll out a comprehensive plan to streamline trade facilitation and reduce the barriers to entry for local businesses.”

The National Trade Diversification Programme run by the commission introduces local businesses to diverse suppliers across the world and offers assistance and research as it relates to trade products and consumer activity.

Mr Griffin said the diversification programme is “going at full steam” and key sectors, including agriculture and fisheries will be targeted.

He added the commission has been successful in culminating new partnerships with regional and international trade bodies manufacturers and producers which has directly benefited local producers and small businesses and they are looking forward to continuing along this trajectory in the new year.

“Through these partnerships, we’ve secured better access to regional and global markets and have negotiated favourable terms for Bahamian businesses,” said Mr Griffin.

For the local agriculture and fisheries sectors, Mr Griffin said the commission is working to offer them support through improving access to “affordable and high-quality inputs”.

He said the commission has been working with international partners to secure lower prices an offer logistical support for a more efficient distribution system.

“In recent months, we have been working with regional and international partners to secure better prices for essential agricultural and fishing supplies, such as seeds, fertilizers, feed, boxes and storage and fishing gear. By collaborating with suppliers and negotiating directly for bulk orders, we’ve been able to reduce the costs of these inputs, which directly impacts the bottom line for local producers,” said Mr Griffin.

“However, it’s not just about getting cheaper supplies. We’re also focused on ensuring that these savings are passed on to farmers and fishermen. One of the ways we’re doing this is by creating more efficient distribution channels and logistics support, which reduces middleman costs.

“Additionally, we’ve been facilitating partnerships with BAIC and other local cooperatives and associations to ensure that smaller-scale producers are able to access these inputs at the same competitive prices as larger operations.”

He added that during the first quarter the commission will evaluate the process to ensure local farmers and fishermen feel the cost savings.

“In the first quarter of 2025, we will continue to evaluate and refine these processes to make sure the cost savings are felt at the farm and dock levels, with a focus on both short-term relief and long-term sustainability for the agricultural and fisheries sectors,” said Mr Griffin.

Mr Griffin said work is also being done to improve the local manufacturing sector by working with global manufacturers to import the latest technology, equipment and training.

“For both the agriculture and fisheries sectors, modernisation is key to increasing productivity and ensuring that our industries remain competitive on the global stage,” said Mr Griffin.

“We’ve already begun discussions with international equipment manufacturers to secure deals that will allow local farmers and fishermen to access high-quality new and used machinery at competitive prices.”

Additionally, the commission is partnering with the Bahamas Agricultural Industrial Corporation (BAIC) and the Bahamas Agriculture and Marine Science Institute (BAMSI) to push global best practices in training and management.

Mr Griffin said the first training session of 2025 will take place January 28-29 and will focus on the impact of climate change on fishermen and coastal communities.

“We have partnered with an organisation that works closely with fishing communities across the Caribbean,” said Mr Griffin.

“The training will focus on the impact of climate change on fishermen and coastal communities and advice on what can be done to cope. Additionally, attendees will receive a toolkit designed by international law firm Squire Patton Boggs which will provide guidance on international remedies available to Bahamian fishermen.”