NASSAU, BAHAMAS — Many of the bureaucratic roadblocks to the ease of doing business in The Bahamas “must be bulldozed”, Prime Minister Hubert Minnis stated.
Minnis underscored the need to streamline the process for domestic and foreign investment in a broader range of industries.
The prime minister was addressing the Ministry of Financial Services, Trade & Industry and Immigration’s online symposium noted that in the aftermath of COVID-19 and Hurricane Dorian, the country has no choice but to “embark on broad, deep and far-reaching structural changes” to its economy as well as way business is done at home and abroad.
“By example, the full digitization of The Bahamas at every level is absolutely mandatory,” said Minnis.
“We are now in one of the most challenging periods ever in the history of The Bahamas pre-or post-independence.”
Minnis further noted that as a major pillar of the Bahamian economy, the financial services sector continues to offer tremendous opportunities.
“While some industries have been brought to a standstill, the financial services sector has pushed ahead in a number of ways,” he said.
“The industry’s technological innovation has positioned it for recovery in the face of global uncertainty.”
The prime minister assured industry stakeholders that financial services is one of the primary areas of concern for the Economic Recovery Committee.