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NASSAU, THE BAHAMAS – Speaking to an investment forum in Washington DC, the Deputy Prime Minister and Minister of Tourism, Investment and Aviation, Mr. Chester Cooper said things are “better in the Bahamas” when it comes to doing business.

“If you want to do business and invest, the Bahamas is better than ever before,” he said as he urged potential investors to take advantage of the opportunities offered by the Government of The Bahamas.

The Deputy Prime Minister thanked the Ambassador of the Bahamas to the United States, His Excellency Wendall Jones for organizing this important event.
“This is a very progressive initiative. Today we are taking a monumental step to forge progressive partnerships for our country’s prosperity:

In other words: we are here to do business. We want to do business with you.”

The Deputy Prime Minister, who was a businessman before entering politics, shared first-hand experiences of doing business in the Bahamas, which he described as “a great place” to do so.

“As an entrepreneur, I quickly mastered a few basic principles: understand your market, create something valuable and then bring your product to market. Now I carry these principles with me in government, as Minister of Tourism,” he said.

According to the minister, it is not terribly difficult to sell a holiday to the Bahamas. He affirmed that the Government is committed to providing the necessary support to ensure that investments are successful, through the one-stop facilitation of the Bahamas Investment Authority.

“We have a strong brand, but God has done most of the work in positioning the islands of the Bahamas.”

He noted that the beauty of the country is incomparable and that it is easily accessible from the main tourist markets: two hours from DC and 27 minutes from Miami.

“However, we still sell it and are constantly working to strengthen that product. I am also Minister of Investments. And when you think about it, it makes sense,” he said.

Many of the reasons why tourists come to the Bahamas are why investors should consider the Bahamas, according to the minister.

He noted the parity of the dollar with the United States, a stable democracy and peaceful, hospitable people. And seamless visa-free travel from the US with pre-clearance and TSA checks.

“We have a booming economy that has allowed us to build modern infrastructure on our archipelago,” the minister said, adding that more direct flights are planned between the Bahamas and the US.

The minister spoke of record numbers in tourism: 10 million visitors arrived in 2023, which was an increase of more than 30 percent compared to pre-pandemic levels in 2019. This year the country is already seeing a growth of 15 percent in total arrivals, compared to the 2023 record.

He then shared recent policy initiatives aimed at making The Bahamas more attractive, reducing its carbon footprint and increasing environmental resilience.

This is achieved through the National Investment Policy, which is designed to attract investment in alternative energy, green technology, ecotourism and carbon credits.

“We are also advancing The Bahamas as a digital society, fully embracing smart technology and the digital economy,” he said.

Another area shared by the Minister is progressive legislation that has been assessed against international best practices, including: Digital Assets and Registered Exchange Act, the Longevity and Regenerative Therapies Act, the Climate Change Initiative Act, the Carbon Credit Trading Act and cannabis measures.

“All innovative pieces of legislation that demonstrate our commitment to innovation and revolutionize our economy, opening new perspectives for our country, in a safe, transparent and well-regulated manner,” he said.

In healthcare, finance, education, financial services and tourism, AI applications are huge and will play a crucial role in shaping the future of the Bahamian economy.

The Minister said another way to invest in The Bahamas is through Public-Private Partnerships (PPPs) which have been critical to the success of many government projects, and remain a key strategy, as with the ongoing infrastructure build .

What is striking is the great interest of the American Exim Bank and chairman Reta Jo Lewis in supporting and financing American companies that want to do business in the Bahamas, he said.

“What I want to say is that we are open for business and we have attracted more than $10 billion in new foreign direct investment in the last three years.

“This includes a $600 million ship repair facility on Grand Bahama Island, which can accommodate the largest ships in the world, and a $600 million cruise port from Carnival Cruise Lines.”

He pointed out that the Family Islands Renaissance Project aims to modernize more than a dozen airports across the country, improve connectivity, boost tourism and create jobs.

“We are building new hospitals and clinics, launching wellness and rejuvenation clinics and will have one of the best healthcare systems in the Caribbean in the coming years,” the minister said.

(BIS photos / Kemuel Stubbs)