The Tribune

By JADE RUSSELL

Tribune Staff Reporter

jrussell@tribunemedia.net

THE Director of Investments at the Bahamas Investment Authority (BIA), Phylicia Hanna-Woods, said that the authority has processed $9 billion in capital investments, generating 15,000 jobs for Bahamians.

“Over the course of the three years for the family of islands, The Bahamas Investment Authority has processed a $9bn worth of investments, capital investments in our country,” Mrs Hanna-Woods said during an Office of The Prime Minister press briefing yesterday. “From those $9bn worth of projects, we have projected that 15,000 jobs will be created for Bahamians.” 

Mrs Hanna-Woods said the 15,000 projected jobs will not only be construction jobs but also permanent jobs that aid in the growth and development of the Bahamian people. Tourism continues to be the main industry for foreign direct investments. 

Since September 2021, the BIA has processed $3.13bn in certificates of registration and $4.08bn in permit applications related to real estate, Mrs Hanna-Woods said. Certificates of registration allow non-Bahamians to register their acquisition of land or condominiums, while permits under the International Persons Landholding Act regulate foreign property ownership in the country. 

Mrs Hanna-Woods added that the $9bn in capital investments will also create entrepreneurial opportunities. The BIA plans to assign project managers to monitor these projects and help developers navigate government procedures. 

When asked about investments outside of tourism, Mrs Hanna-Woods highlighted the $665m Grand Bahama Shipyard transformation project, noting it was part of a recent Heads of Agreement. She also addressed concerns from Grand Bahamians who feel they have not yet seen the benefits of major investment projects, saying she expressed confidence that these projects will positively impact the island’s economy.

“A part of investments is also infrastructural development, making sure that the infrastructure is in place to promote an island. So, we’ve been working very closely with the Department of Aviation to get an understanding of timelines as it relates to the Grand Bahama International Airport, because that helps us with our promotional strategy as well, and even just reporting mechanism in our monitoring and evaluation phase for those projects that are approved currently. So we do work hand in hand to make sure that we promote the islands, such as Grand Bahama which has a great potential,” she said.