NASSAU, BAHAMAS — The government has initiated a project that would allow companies within and outside the region to set up shop and manufacture goods primarily for export to North America and for local consumption, according to the Bahamas’ Ambassador to the Food and Agriculture Organization of the United Nations (FAO) Winston Pinnock.
While speaking at the opening ceremony and launch of the Jamaica Manufacturers Exporters Association trade mission 2023, Pinnock said: “The government of The Bahamas through the Prime Minister’s Office has initiated the North Abaco project.”
He explained: “The North Abaco project is essentially one where the government has decided to invite manufacturers within the region and then take it outside the region to set up manufacturing plants, primarily those companies exporting to the US market.
“It is our view that the policies of the government of The Bahamas are very favorable to encouraging food manufacturing by way of its tax incentives. We did a study and found that in the region, we certainly seem to be the most favorable country to import raw materials inputs and have no restrictions on importing raw materials and being an area that is tax-free, no corporate tax, and the rest.”
According to Pinnock, there is significant interest from manufacturing companies looking to set up shop in The Bahamas.
“There are many incentives we have shared with the companies we have met with, and there is a significant need for them to explore the possibility of setting up shop. The premise is to manufacture goods primarily to ship to the North American market and make them available simultaneously for local consumption,” he said.