Last Week

 Here is the text in full of the Minster’s address 12 September 2024 and the audio file.  The address took place in Washington D C at the University Club:

It is a privilege to be here once again at the University Club at lunch and to join you at this lunch

I wish thank and congratulate Deputy Prime Minister Chester Cooper and his staff who are the progenitors in our Blue Print for Change of the idea of linking publicly and officially the PLP’s mandate to link foreign affairs with international trade and investment.

Since I have had this job it was my wish that each office overseas would become a centre to attract trade and investment to The Bahamas.

Foreign Affairs is not a quick business.  It has been 13 years since we made the decision as a small island developing state to move beyond our traditional trading partners the US, Canda and the UK, Caricom and the EU to other spheres of interest.

In getting the permission of the Cabinet to do so we argued that there were two sources of surplus capital in the world, as we were looking for opportunities outside of those traditional spheres: the Middle East and the Far East.

We had had substantial success without outreach to China but had never ventured into the Middle East.

We decided that we would approach three countries in the first instance: UAE, Qatar and Saudi Arabia.  They were well known in the west and had had a history of doing business with the west and were considered allies of the west.  Those relationships are only now beginning to bear fruit as a result of the mutual ambitions of those countries with ours.

We have the confluence of interests around renewable energy and climate change.  They have ambitions of improving and increasing their footprints around the world.  It was an easy fit.

Recently there was a 250 million dollar agreement signed which is capital advanced for the improvement of the North Elethera airport. 

We have also just presented credentials to the government of Bahrain in a further outreach to that area.

I like to say that reputation is better than money.

Good will is better than money

Relationships are key

We in The Bahamas are in need of capital but we do not want to give the impression of a country that is simply entering into relationships with our hands in some other nation’s pockets.  Nations have interests and we want to make it clear that relationships are built on trust and mutual interests.

There are some agreements with all of these countries that will further enhance that mutuality.

We are presently discussing an asset protection agreement and a double taxation agreement with the UAE.

We have signed a number of cooperation agreements with both UAE and Qatar

Fortunately as we move around the world, there is still he ah ha factor about The Bahamas.

It looms large in the imagination of many people around the world.  I was once in a meeting with the Tourism Minister of Morrocco

He began the meeting by saying IT’S BETTER IN THE BAHAMAS

I agreed with him.

I have said to all I meet that one pattern of behaviour with The Bahamas is to come and see us and inevitably people fall in love with the place and want to invest.

We have tried to ensure that as much as possible there is a seamless welcome to The Bahamas and that it is an easy place with which you can do business and that we are open for business.  I am sure that you have already heard this morning how we have approved billions of dollars of investments in our country since coming to power in 2021 and there are more on the way.

Just recently a billion plus in Grand Bahama

The results have been good if you ask Chinese, Americans, Jamaicans, Canadiana, British or Germans, the results have been good for them.

Our traditional partners continue to invest and spread the word.

I want to thank Ambassador Wendall Jones then for his work toward ensuring that the news gets out. This is a useful forum both for those interested investing and for those who   have to sell the story of investment in The Bahamas.

It is a good story to tell.  Reminds me of joke my friend Shippen Bright used to say.  His dad used to fly him around in The Bahamas in his private plane as a youngster and he would say as they were getting into the plane, looking up at the azure blue sky: well Ship another lousy Bahama day.

There are 700 islands. 365 are reportedly in Exuma where Chester Cooper represents, so for each there is a unique opportunity.  I know that the idea of a deep water port in Mayaguana is one that is still waiting to get going. There is the idea of agriculture in Andros.  There are expansive opportunities in fishing. There are ready willing and able partners in tourism and other join venture opportunities.

We are a nation of just under 400k but we host 9 million people a year.  That’s no market to sneeze at.

So my view is we are open for business. Our consulates and embassies are the doorway to the trade and commercial opportunities. We welcome all people of goodwill and I thank for this opportunity to reinforce that message today.

End