Government’s investment regime revamp to bring ‘brand new approach’ to investment facilitation

NASSAU, BAHAMAS — The government is moving ahead with its plans to fully revamp the country’s investment regime, according to Acting Financial Secretary Marlon Johnson, who said the ‘brand new approach’ will facilitate both local and foreign investment in the country.

Johnson said: “We had an RFP for Investment Bahamas which is a significant recommendation of the Economic Recovery Committee (ERC). We’re looking at taking the current investment authority and using industry best practices to create a proper investment entity to help both domestic and foreign investors accelerate investment plans.

“The initial RFP has concluded and we are going through I think six or seven substantive responses,” he said.

“The government has already given us the mandate to go ahead with that. Once that is done you will see a brand  new approach to investment facilitation for both domestic and international investments.”

A full revamp of the country’s investment regime to speed up approvals and business expansion is among the 163 recommendations submitted by the government-appointed Economic Recovery Committee (ERC).

The ERC was appointed and charged by the prime minister to provide actionable recommendations to address the economic impact of the COVID-19 pandemic on The Bahamas. The committee was co-chaired by Acting Financial Secretary Marlon Johnson and financial services veteran Kenwood Kerr.

State Minister for Finance Kwasi Thompson noted that the government has been acting on several of the ERC’s recommendations.

“The government has already been putting in place some of the recommendations from the ERC. For example, there is the BEATS program that we will be providing more assistance to financially to promote that,” said Thompson.

The program was launched last October and allows visitors to work and study across the country for up to a year.

Thompson added: “There is also the national digital platform. The government has been going forward with that. The national infrastructure fund was also a part of the committee’s recommendations and we are proceeding along those lines as well which is huge for capital spending and development.”