NASSAU, BAHAMAS — Prime Minister Philip Davis revealed that his administration has been able to attract some $2 billion worth of investments to the country in just the last eight months, noting that the government will seek to ensure that concessions offered to investors match the level of economic investment in the country.
Davis kicked off the debate on the 2022/2023 fiscal budget today.
He said: “We have approved over $2 billion in new investments in just the last eight months. That’s a lot of new opportunities and revenue coming our way.”
He further noted that it is important to us to attract major, top-quality investments in the Family Islands, as opposed to more Nassau-centric efforts in the past.
Davis also noted that the government is working hard to make sure new investments have a positive and meaningful impact on the community in which they are located.
“We’re looking at past agreements, too, and a new compliance unit within the Bahamas Investment Authority will ensure that promises made to local communities will be kept,” he said.
“This is not an adversarial process; we are just committed to making sure that promises made to Bahamians on paper actually materialize in our communities as real and tangible benefits. In the past, concessions offered to investors have sometimes exceeded the economic benefits of the investment to the country. No more will this be the case,” said Davis.
He continued: “When we evaluate new investments, we are also paying attention not just to direct employment but to spin-off opportunities for Bahamian entrepreneurs. We’re also seeking compliance with transfer of-knowledge programs, which are designed to ensure Bahamians are trained to hold skilled labor positions currently held by foreigners.”
Davis also noted that it is the goal of his administration to ensure that the country moves towards a tax system that is more efficient and more equitable.
“We have already begun ensuring that a greater share of our revenues will come from those who can afford to contribute more, with our Revenue Enhancement Unit, which is particularly focused on increasing the yields on our real property tax,” he said.
