BIA Director: 60 percent of investments stem from reinvestment, greater focus on agriculture and manufacturing

NASSAU, BAHAMAS — Current statistics show that 60 percent of investments in the country are the result of reinvestment, according to Bahamas Investment Authority (BIA) director Phylicia Woods-Hanna, noting that while there has been a consistent flow of investment in the tourism sector, the government is looking to increase investment in the areas of agriculture and manufacturing. 

Woods-Hanna, speaking at a weekly press conference at the Office of the Prime Minister, noted that several improvements are being considered for the BIA, including expanding the list of sectors reserved for Bahamian ownership only under the National Investment Policy and implementing an aftercare unit.

“As it relates to the improvements we are trying to make, the implementation of the aftercare unit is important. The aftercare unit is holding the hands of business persons in the Bahamas after they get their approvals, following up to make sure that commitments are met when we execute heads of agreement, and making sure that if there are any impediments to the investment, we can address those impediments. We can also explore opportunities for reinvestment at that time,” Woods-Hanna said.

She added: “At present, the statistics show that about 60 percent of the investments in the country is from reinvestments so we want to make sure we can continue that trend.  What we have seen is that there has been a consistent flow in the area of tourism-related investments. Although we want to continue with that we also want to improve in other areas of investments. Having an efficient process is key to that. We want to improve investment statistics and the inward flow of investments in the area of manufacturing and agriculture in particular.”

The government is also looking to expand the list of sectors reserved for Bahamian ownership only. According to Woods-Hanna, the government is reviewing concessions under acts to see whether it can “close the gaps” particularly in the supply sector. “We are trying to assess the local capacity to revise that list, she noted.