NASSAU, BAHAMAS — The manufacturing industry in The Bahamas today is still “quite small”, accounting for just two percent of the country’s gross domestic product (GDP), according to Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson.
Johnson, who brought opening remarks at a webinar yesterday to raise awareness of existing concessions and incentives available to local manufacturers, noted: “Today, the manufacturing industry in The Bahamas is quite small, contributing to about two percent of gross domestic product.
“Most of the activity is concentrated in the country’s capital at 62 percent followed by 28 percent in Grand Bahama and 10 percent in the Family Islands.”
Johnson noted that according to the 2019 Labour Force survey, women account for 38 percent of workers employed in the manufacturing industry.
According to Johnson, many people wrongly associate the word manufacturing only with a factory space. He noted that micro, small and medium-sized enterprises that qualify can access concessions and incentives under the Cottage and Light Industries Act, the Agricultural Manufactories Act and the Industries Encouragement Act.
More than 500 individuals registered for yesterday’s webinar.
It was noted that there are currently 1,011 registered manufacturers under the Cottage and Light Industries Act but fewer than five registrants under the Agricultural Manufactories Act.
