Dear Editor,
For decades, The Bahamas has been an import-heavy economy, spending billions each year to bring in products that could, in many cases, be developed right here at home. From food to furniture, cosmetics to construction materials, we import more than we produce—leaving us at the mercy of foreign suppliers, rising costs, and economic uncertainty.
Last week, The Bahamas Chamber of Commerce warned that new U.S. tariffs on Chinese, Mexican, and Canadian imports could drive prices even higher. Since many goods we buy transit through the U.S.A., we can eventually pay for policies we had no part in making. This is exactly why we must rethink our trade strategy and secure better deals for Bahamians. We import nearly everything, export very little while struggling to build wealth at home. Many industries remain underdeveloped, and our local businesses compete at a disadvantage.
If we want lower costs, stronger businesses, and more control over our economic future, we must move from sole importers to innovators. The world is shifting, and nations that produce and trade strategically will lead. The next few years will determine whether The Bahamas becomes a contender in regional trade or stays locked in a cycle of high prices and economic vulnerability.
Why This Moment Is Critical
The Bahamas must adapt or risk falling behind. Key trends include:
– Rising U.S. tariffs making imported goods more expensive, increasing costs for Bahamian consumers.
– Caribbean neighbors like Jamaica and Barbados are investing in manufacturing, agribusiness, and technology, reducing their dependence on imports.
– The global energy crisis is accelerating demand for renewable energy solutions
while E-commerce and digital trade are expanding, offering new opportunities for small nations to compete globally.
While successive governments have made strides in marine aquaculture, renewable energy, and agribusiness, these industries remain too small to drive economic transformation. Now is the time to scale, formalize, and invest heavily in them.
Industry Creation is Key
Economic diversification isn’t just about expanding tourism and finance—it’s about building
entirely new industries that create lasting economic strength.
Here is how The Bahamas can lead the region in industry creation:
1. Marine-Based Industries: More Than Just Fishing
The Bahamas sits on one of the richest marine ecosystems in the world, yet we export raw seafood while importing processed fish at higher prices.
Areas that we can consider:
– Sea Moss & Ocean Farming – The global sea moss industry is projected to reach $2 billion by 2030. The Bahamas should be producing, packaging, and exporting its own premium sea moss products.
– Sustainable Fish Processing & Export – Instead of sending raw seafood abroad for processing and buying it back at higher prices, The Bahamas must invest in local processing plants to strengthen exports, food security, and jobs.
– Sustainable Packaging from Marine Waste – Conch shells, seaweed, and fish byproducts can be transformed into eco-friendly packaging materials, cosmetics, and fertilizers.
– Barbados is already using sargassum seaweed to produce biodegradable packaging—a model we can adopt.
– Lionfish Processing – Lionfish are invasive but can be processed into fillets, fish jerky, pet food, and even leather products.
2. Agricultural & Specialty Food Production
While The Bahamas cannot compete on mass agriculture, we can lead in high-value, specialty
agricultural products.
– Coconut Industry Expansion – Beyond coconut water and oil, coconuts can be turned into:
– Coconut flour (gluten-free baking industry)
– Coconut sugar (natural sweetener alternative)
– Coconut-based activated charcoal (used in air/water filtration and beauty products)
– Cascarilla Bark (Bahama Bark) – Used in tonics, perfumes, herbal remedies, and high-end liquor flavoring.
– Breadfruit & Cassava Processing – Can be turned into flour for gluten-free baking, chips, and starch alternatives.
– Gourmet Pepper Sauce Industry – Bahamian-grown goat peppers and scotch bonnets should be exported as premium sauces.
3. Renewable Energy Manufacturing
– Solar Panel Assembly & Export –While this may take time, The Bahamas can assemble panels locally, reducing costs and creating skilled jobs.
– Battery Storage Solutions – A Bahamas-based battery plant could serve both domestic and Caribbean markets, reducing reliance on fossil fuels.
– Bamboo-Based Products – Bamboo can be used for: Items that can be manufactured by Bahamains.
– Furniture and flooring, Paper and textile, Bamboo charcoal for air purification.
4. The Bahamas Needs a Trade Innovation Fund
One of the biggest barriers to Bahamian industry growth is access to capital. Entrepreneurs with big ideas struggle to get funding, while businesses that could export remain stuck in survival mode.
– A Trade Innovation Fund would provide:
– Startup capital for businesses focused on local production and exports—including manufacturing plants.
– Grants for research and product development using Bahamian natural resources.
– Incentives for manufacturing hubs to turn raw materials into finished goods.
– Support for local farmers and fishers who want to seek training to scale up and
supply international markets.
– How Can We Make Industry Creation a Reality?
– Invest in renewable energy to power new industries affordably—but also provide energy concessions for Bahamian manufacturing plants.
– Provide local tax incentives for industry investment to attract manufacturers.
– Fast-track business approvals for export-focused companies.
– Costa Rica transformed its economy by moving from agriculture to high-tech manufacturing. The Bahamas should consider the same.
– The Bahamas Must Lead, Not Follow. If we fail to take bold action now, we risk:
– Remaining trapped in a high-cost, import-dependent economy.
– Missing out on billions in emerging industries.
– Failing to create sustainable job opportunities for future generations.
This is not just an opportunity, it is an urgent necessity. The time to build is now. If we do not act, others will. The Bahamas must lead, just as we have before.
Signed
Lincoln Deal Jr.
Watch Da Road
