NASSAU, BAHAMAS- With Parliament set to reopen on Wednesday, The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) says that the business community is desirous of more “business friendly policies” in the new Parliamentary session which will create a “supportive environment to navigate economic challenges.”
BCCEC Chairperson Khrystle Rutherford-Ferguson in a statement noted, “The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) acknowledges the fact the Parliament is scheduled to reconvene on October 4, 2023. As such, the opening of Parliament provides an opportunity for key policies and legislation to be discussed and decided upon.” Parliament was prorogued on August 12th.
Rutherford-Ferguson added, “The BCCEC is hopeful that we can expect more policies that will positively impact businesses during the reconvening of Parliament. The business community’s desire is for more business- friendly policies which will create a supportive environment to navigate economic challenges. In today’s challenging economy, it is imperative that policies are tabled in the House of Assembly that promote growth and sustainability within the business sector.”
Rutherford-Ferguson noted that the business community is still challenged by legacy issues such as the rising cost to do business, high electricity costs and power outages.
“Another issue facing the business community is the intermittent issues with the operability of the Bahamas Customs system which clears goods – delaying the delivery of goods to its final destination. There is overall frustration with the difficulty in doing business in our country. Further, the business community is also challenged by the strain that recent flooding has been putting on public infrastructure. The disrepair of roads has negatively impacted businesses and their patrons, with flooding impeding access to certain businesses.”
According to Rutherford-Ferguson, the business community believes that business-friendly policies ought to prioritise reducing regulatory hurdles, foster innovation, address skills gap, grow our manufacturing sector and contribute to the on-going strengthening of other more mature sectors.
“This ought to occur while the Government, through legislative policies, create a conducive atmosphere for businesses to flourish,” she noted, adding that a focus on tax reform and incentives, access to capital, and the removal of unnecessary bureaucracy can significantly aid businesses in our quest for growth.
“Collaboration between the Government of The Bahamas and the business community is essential to craft policies that strike a balance between economic development and regulatory responsibility. Ultimately, the BCCEC believes that creating policies which keep the above in mind will determine not only the ability of our businesses to survive but to thrive in the face of economic challenges,”Rutherford-Ferguson concluded.
