The Tribune

By Annelia Nixon

Tribune Business Reporter

anixon@tribunemedia.net

The Bahamas Trade Commission is aiming to cut out the middleman on 100 percent of this nation’s meat imports in a bid to slash prices for consumers by 20 percent, its chairman revealed yesterday.

Senator Barry Griffin, told the Bahamas Association of Compliance Officers’ (BACO) 25th anniversary celebration that in targeting Latin America as both a source and hub for direct trade on construction supplies, it is also seeking to do the same for food.

He added that much of the food consumed in The Bahamas originates from Latin America, but goes through US-based third party intermediaries such as distributors and importers before it reaches this nation, thus adding to the cost. As a result, the Commission has been working with large producers such as Brazil to import 100 percent of The Bahamas’ meat directly - thus cutting out the middlemen.

“We're also looking at Latin America for food,” Mr Griffin said. “So a lot of people don't know that a lot of food in this country already comes from Latin American countries, but it currently comes through American third party intermediaries. 

“For example, most of the meat we currently consume in The Bahamas right now comes from Brazil, but it's sold through American third parties, and it results in the meat that we consume in this country being about 20 percent more expensive simply because it goes through the United States.

“And so we've been working very closely with Brazil, for example, for us to import meat, in particular, directly from Brazil so that we can get it 100 percent from them. But also the idea is that it will be 20 percent cheaper for Bahamians to consume. 

“And so we're also working closely with countries such as Ecuador and Panama, which is another shipping gateway to Latin America, to get goods. And so Latin America represents one of our most natural commercial corridors, and we are making sure Bahamians are positioned to access it.”

Mr Griffin said the Commission is working with a Bahamian shipping company to provide direct shipments from Panama that would occur every 14 days, creating a link between The Bahamas and Latin America that Bahamian businesses and citizens can use.

In terms of food quality, Mr Griffin said he has assisted many Bahamian retailers and distributors with trade missions to Latin America where they had the opportunity to meet manufacturers, suppliers and developers and get a feel of the quality for themselves.

The Trade Commission has also conducted missions to Africa over the past few years that have “resulted in new private sector partnerships, new sourcing opportunities, government to government co-operation, and the opening of strong channels for Bahamians to pursue business opportunities on the African continent”. Mr Griffin listed countries including Ghana, Nigeria, Angola and Algeria. He noted that Ghana, in particular, has been targeted for construction materials.

“The cost of building in this country is very high, and so one of the things we're doing to help alleviate that cost is to open up new source markets for building supplies and building materials,” Mr Griffin said. “The continent of Africa is a big market for that.

“So we've been working very closely with West Africa, Ghana in particular, to source construction materials from cement, steel, rebar, different types of wood and lumber and all manner of construction materials. And so we've been working very closely with contractors in The Bahamas, developers in The Bahamas, and the Government of The Bahamas so that we can source materials from these countries.

“We're also working very closely with Bahamian shipping and logistics companies, one of whom actually opened a new office in Ghana to help facilitate this trade between The Bahamas and Ghana. And so we've been very busy in Africa.”

Panama, Brazil, and Ecuador are other countries The Bahamas is working with to obtain construction materials. Mr Griffin added that - through trade missions - new export channels and partnerships have also been formed with neighbouring Caribbean countries including Trinidad, Jamaica and Barbados. He said they are working with another shipping company to create a trade route throughout the Caribbean.

“And so we've also had partnerships with major markets such as Canada,” Mr Griffin said. “In February, there was a major trade mission from Canada to The Bahamas, hosted here at Baha Mar. We've had many engagements with the United Kingdom, structured around rum and spirits, but also structured around luxury goods.

“We had a partnership with Paris, and we've also had many engagements with China, one that occurred quite recently in August of this year, in which we're trying to deepen our ties with China for obvious reasons. And so these missions focus on investment, logistics, trade facilitation, financial services and expanding professional opportunities for Bahamians.”

Speaking to visa-free travel opportunities, Mr Griffin said these can open “trade corridors for Bahamians to do more business.” He added that the Davis administration has signed over 21 visa-free travel agreements allowing for Bahamians to travel visa free to about 162 countries and “making The Bahamas have one of the most powerful passports on Earth”.

Mr Griffin stated that compliance officers should also see their skills as an exportable service. “One of the things that I get stuck on here in The Bahamas is that when we talk about trade, we only think about physical products,” he added.

“So we don't trade anything. We don't make anything. People don't realise that we have one of the most educated populations in the region, and our professional services are part of the trade we partake in. Our lawyers, our accountants, our bankers and our compliance officers are all part of the professional services trade that we can offer the world. 

“The kind of work and deals that we do here in The Bahamas aren't common. They're common for us, but our architects and engineers have worked on projects like Baha Mar and Atlantis, and the many gated communities that don't exist in the rest of the Caribbean. Bahamian bankers and lawyers and compliance officers advise clients all over the world that are unheard of in other jurisdictions. You can take this experience and take it to the rest of the world. 

“We have one of the strongest, most sophisticated, compliant communities in this region, trained in financial services, digital assets, insurance, real estate, FinTech, banking, payments, due diligence, international risk frameworks and this your expertise is in global demand.”