NASSAU, BAHAMAS — The Progressive Liberal Party (PLP) plans to streamline processes to make The Bahamas one of the most business-friendly countries in the world for local and foreign investors, according to Deputy Leader Chester Cooper.
Cooper, while delivering an address at the party’s economic forum, stressed that getting the COVID-19 pandemic under control is key so that immediate focus can be placed on stimulating economic growth.
“Without economic growth, any attempt to increase government revenue would fail, businesses would suffer and unemployment would increase,” said Cooper.
Cooper noted that one of the ways to grow the economy is by lowering the cost of living and doing business.
“The fastest way to do that is by lowering the cost of electricity while moving toward renewable energy. This is low-hanging fruit,” said Cooper.
“The greater amount of energy generated by renewable sources, the more we would reduce our consumption of fossil fuels, reduce imports and retain our foreign exchange reserves. It’s a win-win for the environment, the economy and also BPL (Bahamas Power and Light).”
He noted: “A significant uptick in renewable energy generation could reduce the future capital requirements of BPL to meet future demands.”
According to Cooper, encouraging and facilitating domestic investment and inspiring trust and confidence by investors and the business community are priorities for the PLP.
“To that effect, we plan to revamp and streamline processes, to become one of the most business-friendly countries for local and foreign investors,” said Cooper.
“We’re going to re-establish the Domestic Investment Unit and fast-track domestic investment projects that have been lingering in the pipeline.
“We’re going to engage embassies, consulates and the diaspora to assist in promoting The Bahamas and its open investment climate. We will launch a major tourism investment initiative. We’re going to partner with international organizations for business, cultural, tourism, educational and humanitarian exchanges.”
He also said a Davis-led administration would develop and regulate the medicinal cannabis industry, ensuring that all Bahamians are given full access to development and have a fair opportunity to become owners in this new industry.
“We’re going to implement a competitive, robust ‘Residence by Investment’ program,” Cooper added.
“We’re going to create a model for international infrastructure funds with private-sector participation through public-private partnerships for infrastructure facilities and air and seaports.
“We’re going to provide support for cottage industries and home-based businesses, including crafts, by providing unique opportunities for the average Bahamian.”
According to Cooper, stimulating the economy will include encouraging the Central Bank to grant commercial bank licenses to at least three separate Bahamians or groups of Bahamians.
“We are committed to Bahamianizing the sector with a view to empowerment. We are also committed to finding solutions for the unbanked Family Islands,” said Cooper.
“We’re also going to go back to the National Development Plan, to kick-start much-needed reforms. This will include comprehensive tax reforms to make our systems more equitable, fairer and more progressive.
“All sectors of this country need a long-term plan to kick-start growth and prosperity. No more flying by the seat of our pants. We’re going to leave behind this era of failing to plan and then reacting to crisis.”
1/4 of a year and counting to get 1 building permit number . Something has to make this process faster