NASSAU, BAHAMAS — The Bahamas must seek to diversify its tourism product according to a leading financial services executive, suggesting that this nation had missed out on a major opportunity to expand into medical tourism.
David Slatter, Assistant Vice-President of Investment Management Services and Royal Fidelity Bank & Trust while addressing a Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) Power Breakfast at the Margaritaville Resort yesterday noted that this while this nation’s main export is tourism, there is significant opportunity for diversification of the country’s number one industry.
“We are as service-based economy… you can diversify within tourism, whether it is eco-tourism, sport tourism or medical tourism,” said Slatter, who cited the Cayman Islands as an example of a country that has diversified into medical tourism.
“They have what is called Health City. An Indian doctor came to The Bahamas and he wanted to do it here. Now Cayman has it. They have a top-notch medial center and people fly from around the region to get their medical needs handled. They’re now expanding and creating a second location in Cayman.
“Sometimes we cut off our nose to spite our face,” Slatter continued. “We could have diversified into medical tourism.”
Slatter was referring to world-renowned heart surgeon Dr Devi Shetty who founded the low-cost healthcare facility in the Cayman Islands and has outlined plans to make Grand Cayman the capital of medical tourism for the western hemisphere.
Slatter also highlighted the potential for sports tourism in the country noting: “There is no reason why we can’t be a regional hub for sports excellence.”
According to Slatter, The Bahamas has a natural competitive advantage in its geography and environment which should be leveraged.
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