2nd April, 2011

PRESS RELEASE FOR IMMEDIATE RELEASE

FORMER BARBADOS PRIME MINISTER DISCUSSES REGIONAL INTERGRATION WITH BAHAMIAN YOUTH

“Removal of trade barriers is essential for the development and advancement of The Bahamian economy, if we intend to be more involved in the global economy”. This sentiment was expressed by Sir Owen Arthur, former Prime Minister and current Leader of the Opposition in Barbados.  
In one of its many initiatives to fulfill its mandate as the Bahamas National Youth Council (BNYC), on the 31st March, 2011, its President, Tyson McKenzie, met with Sir Owen for meeting to discuss ways the Bahamian youth and citizenry at large should prepare themselves for regional integration.

 “The Bahamas can play an integral role in the development of the Caribbean region and the economies of its member states if they understand and maximize their full potential in the ways they can contribute to regional development” – this was one of the profound statements made by Mr. Arthur when he was asked about his knowledge of The Bahamas’ movement towards regional integration and full inclusion of its economy into the Caribbean Single Market and Economy (CSME).

 It was further noted by Mr. Arthur that the Bahamian people do have legitimate concerns, such as fiscal issue, labour mobility and social dislocation, with regards to the reservations of the involvement into the CSME. He noted that when he was Prime Minister and was a guest speaker at a town forum in The Bahamas, Bahamians expressed a fear of the influx of Caribbean nationals to their country. 

However, he urged that if The Bahamas intends to increase its presence in international organizations and/or agreement it must first allow itself to see if its economy is prepared to handle the demands of other economies when it liberalizes its barriers for open trade.  

“The Bahamas is moving backwards with reference to signing onto these international arrangements and agreements”, said Mr. Arthur. “It should work the other way around, The Bahamas should first explore the means of liberalizing its economy with its own brothers and sisters who have their true interest at heart”. By doing this, The Bahamas is preparing itself for the international integration with other countries and better and more substantial involvement in international organizations such as the WTO, EPA and others”.

 When asked what other ways the Bahamian economy can benefit from integrating its economy into the CSME, Mr. Arthur also mentioned that the Bahamian economy can also benefit from the rights of establishment. It was mentioned that the Bahamian economy has a struggling agriculture industry and it should be moving towards diversification. Noting that The Bahamas depends heavily on tourism industry and customs as a main sources of revenue, when integrated into certain international trading agreements, like the WTO, this  would result in the removal of tariffs and barriers for the free movements of goods and services.  

With that in mind, he stated that if we (The Bahamas), allow for businesses who specialize in areas of agriculture to establish themselves in our country, we can have assistance from them by being members of the corporate conglomerate to develop the industry to its full potential. Thus, by this means and more, The Bahamas can move and should move aggressively towards the diversification of its economy.  
Nonetheless, the issues of youth of The Bahamas and the region were certainly not avoided. Mr. McKenzie noted that young Bahamians believe that they too should have the benefit of free tertiary level education just as their Caribbean brothers and sisters in countries such as Barbados, Jamaica and Trinidad & Tobago.  

Mr. McKenzie mentioned that on average, a Bahamian young person can spend almost $2,000 per term to further enhance their educational development. Mr. McKenzie mentioned to Mr. Arthur that the BNYC took a firm position against the Bahamian Government suspending the Government Guaranteed Loan.  

Astonished by this statement, Mr. Arthur stated that the youth of The Bahamas and indeed the region should be seen as an investment to the further development of the country and by extension the region. Mr. McKenzie noted and agreed that considering the Bahamian economy is not fully recovered, now is the time that the Bahamian government should see the investment in human capital as a mechanism of ensuring that the entire Bahamian citizenry is prepared for globalization.  

In ending, Mr. Arthur mentioned that as future leaders, we must keep in touch. By reading the Plan of Action of the Bahamas National Youth Council, he commended Mr. McKenzie on its accomplishments and its aggressive approach for youth development. The organization he noted has a promising future and it should continue to advocate for youth, the nation and indeed, the region.