NASSAU, BAHAMAS — The Bahamas is positioning itself as a leader in global business partnerships, according to Prime Minister Philip Davis KC, MP, who delivered the opening address at the 2024 Commonwealth Business Forum in Samoa.
The forum, part of the Commonwealth Heads of Government Meeting (CHOGM), brought together leaders and industry experts to tackle issues like access to finance, trade, and sustainable innovation under the theme “One Resilient Common Future: Transforming Our Common Wealth.”
In his remarks, Prime Minister Davis emphasized how The Bahamas stands to benefit from these international discussions, highlighting the nation’s growing role as a hub for global business partnerships. He underscored that by strengthening ties with key Commonwealth partners, The Bahamas is creating economic opportunities that support local industries, drive job creation, and foster innovation.
“The Commonwealth is more than just a network of nations; it is an economic powerhouse that can drive meaningful benefits for our people. Our focus on blended finance and strategic partnerships has already led to significant projects and new business ventures that are creating jobs and diversifying our economy,” said Prime Minister Davis. “When we advocate for fairer trade practices and easier access to finance at forums like this, we are directly supporting Bahamian businesses and ensuring that our economy remains resilient and competitive.”
Prime Minister Davis spoke of the success The Bahamas has achieved by positioning itself as a strategic partner within the Commonwealth. Earlier this year, Nassau played host to the Afreximbank’s General Meeting and the AfriCaribbean Trade and Investment Forum, bringing over 7,000 delegates to The Bahamas. This landmark event facilitated new trade connections, enabling local entrepreneurs to tap into African markets, and positioning The Bahamas as a gateway between the Caribbean and Africa. According to Prime Minister Davis, the partnerships forged during this forum have already opened doors for Bahamian businesses, and he reaffirmed the government’s commitment to fostering more such opportunities.
The Prime Minister also highlighted innovative financial solutions that have been piloted in The Bahamas, such as the Pan African Payments and Settlements System (PAPSS). Developed by Afreximbank, PAPSS simplifies and reduces the cost of cross-border transactions, making it easier for Bahamian exporters and small businesses to engage in trade with partners across Africa and the Caribbean. “By streamlining transactions and removing barriers, systems like PAPSS make it easier for our local businesses to expand into new markets, boosting exports and creating opportunities for growth,” he said.
Addressing the broader theme of the forum, Prime Minister Davis emphasized that the resilience of the Commonwealth lies in its ability to unite around shared values and mutual goals. He called for bold action to address pressing issues such as climate change and economic inequalities, which disproportionately affect small island states like The Bahamas. “The challenges we face—rising seas, stronger storms, and economic volatility—are not distant threats. They are realities that impact the daily lives of our citizens,” Davis stated. “But through cooperation, innovation, and shared resolve, we can create solutions that build resilience and drive sustainable development.”
He also spoke of the Bridgetown Financing Agenda, led by Barbados, which seeks to reform the global financial system to better accommodate nations burdened by high debt. Prime Minister Davis reaffirmed The Bahamas’ support for this agenda, highlighting that such reforms are essential to ensuring that small and vulnerable economies can access the resources they need to thrive. “We stand behind initiatives that promote fairer financial systems because they directly affect our ability to fund infrastructure projects, healthcare, education, and other critical services for Bahamians.”
The Prime Minister’s speech underscored the importance of these international engagements as diplomatic exercises and as opportunities to advance The Bahamas’ economic interests. He concluded by reaffirming the government’s commitment to leveraging global partnerships for the benefit of Bahamian families, businesses, and communities.
“As we engage on the world stage, our aim is clear: to bring back opportunities that uplift our people and our economy,” said Prime Minister Davis. “We will continue to build bridges, forge new alliances, and champion initiatives that ensure The Bahamas remains at the forefront of innovation, trade, and sustainable development.”
The Commonwealth Business Forum at CHOGM 2024 is set to continue over the next few days, with discussions focusing on key areas such as finance, trade, and digital transformation. Prime Minister Davis’ participation underscores The Bahamas’ strategic approach to international engagement, ensuring that Bahamian businesses remain competitive and well-positioned in the global economy.
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