“The investor community has continued to recognize The Bahamas is a best-in-class destination for business”
Ministry of Finance to announce new changes that simplify the business license process even further
NASSAU, BAHAMAS — The government has reassured the investor community that it has taken concrete steps to improve the procurement process and address deficiencies that impede the ease of doing business.
Minister of State for Finance Kwasi Thompson, in a statement in which he addressed the findings of the 2021 US Investment Climate Report, noted that the new provisions of the country’s procurement legislation will be implemented on September 1.
“While the Ministry of Finance acknowledges the 2021 Investment Climate report issued by the US State Department, the investor community can be reassured that this government has not only taken concrete steps to improve the process, but the new Public Procurement Act, 2021, is now a standard bearer of modern, progressive procurement standards,” the statement noted.
“This government has taken firm steps to address the deficiencies that impede the ease of doing business in the country. The fiscal reforms taking place to increase transparency, accountability and the ease of doing business are not the only areas of advancement.
“The report acknowledges the government’s INVESTBahamas project that will cut through the burdensome bureaucracy that places an unnecessary drag on investment decisions.
“The report also acknowledges the government’s successful digital transformation efforts and its work to reduce the cost of electricity, to streamline business license applications and expand provisional business licenses. In fact, the Ministry of Finance will shortly announce new changes that simplify the business license process even further.”
The Investment Climate Report noted the government’s efforts to pass additional key pieces of legislation such as the Public Debt Management Act, 2021; the Public Finance Management Act, 2021; the Statistics Act, 2021; and the Public Procurement Act (2020).
Thompson noted: “Even with the shortfalls, the investor community has continued to recognize The Bahamas is a best-in-class destination for business. Despite the global pandemic, The Bahamas proved to be the global leader among Small Island Developing States for inward investment, doubling the quantum of the second place counterpart nation.”
The US Department of State’s Investment Climate statements “provide country-specific information on the business climates of more than 170 countries and economies” and are prepared by embassy officers in those countries as analyses for potential investment by US businesses.
The 2021 Investment Climate statement on The Bahamas has outlined several challenges to investment in The Bahamas, pointing out issues such as a lack of transparency in government procurement, high labor costs and inefficient approvals processes as continuing pain points to doing business in The Bahamas.
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