DPM: FDI alone cannot power a sustainable economy

DPM: FDI alone cannot power a sustainable economy
Deputy Prime Minister and Minster of Finance K Peter Turnquest

MSMEs contribute 20-30 percent of GDP

NASSAU, BAHAMAS – Micro-small and medium sized (MSME) businesses in The Bahamas contribute between 20-30 percent of this nation’s gross domestic product (GDP), according to Deputy Prime Minister K Peter Turnquest.

Turnquest underscored foreign direct investment alone cannot power a sustainable economy while speaking at a recent signing for $1.3 million in resources from the Inter-American Development Bank (IDB).

The IDB funding will expand the work and reach of the Small Business Development Centre (SBDC)

Turnquest said: “In The Bahamas there are close to 23,000 business licenses issued and it is estimated that MSMES account for 98 percent of that number.

“They hire 47 percent of all employees and they contribute between 20-30 percent of GDP. FDI alone cannot power a sustainable economy. Sustained economic growth must be driven by Bahamian investment and creativity in tandem with strategic foreign investment.”

Turnquest also noted that the SBDC sits at the center of the government’s investment plan for entrepreneurs.

He acknowledged and apologized to those individuals who have been trying to access the SBDC training programme and have experienced delays.

“With this technical cooperation, IDB Labs will provide $600,000 towards a $1.3 million technical cooperation with the Small Business Development Centre in The Bahamas,” added Daniela Carrera Marquis, IDB Bahamas’ country representative, during a signing ceremony at IDB House on East Bay Street.

SBDC Executive Director Davinia Grant said a part of the grant will go towards student-focused initiatives and also towards expanding the number of trainers at the SBDC.