NASSAU, The Bahamas — Prime Minister and Minister of Finance the Hon. Philip Davis said in just three years, this government administration secured over $10 billion in investments, creating thousands of permanent jobs for Bahamians.
“We have the expansion of existing resorts as we see with the recent announcements of major developments from Atlantis and Baha Mar, as well as the upcoming partnership between Ocean Club and the Four Seasons to build dozens of private residences on Paradise Island in association with major developmental partners,” the Prime Minister said at the 6th Annual National Conclave of Chambers of Commerce in The Bahamas on Friday, October 4, 2024.
He said, “The Grand Bahama Shipyard is set to reclaim its spot as the top hemispheric transhipment hub and largest cruise ship repair facility in the world.”
“In five years, we anticipate some 1200 employees will benefit from gainful employment at the Shipyard, the majority of whom will be full-time Bahamian workers. Once fully up and running, the Shipyard is expected to provide a total economic output of $350 million.”
The Prime Minister explained that small and medium-sized businesses are growing across the nation. “And, employment numbers have stayed below double digits for consecutive years – a statistic that many thought impossible given the many years that it has hovered above double digits.”
He also noted that the government has mobilized unprecedented infrastructure projects across the archipelago, including the construction and restoration of 14 Family Island airports, extensive roadway improvements, clinic renovations, and upgrades to water purification and distribution systems – in both New Providence and the Family Islands.
“Of course, we have two new hospitals on the way, and we are making major investments in education and national security.
“We are ensuring that we are putting resources into economic development, healthcare, education, and national security as the pillars of national development.
“These are the primary areas that must be our focus if we are to sustain and accelerate our progress.”
The Prime Minister said a major component of this administration’s approach is ensuring that growth is widespread beyond the bounds of New Providence.
He explained that strategic private and public investments have given rise to a resurgence of the Family Islands.
He said just last month, 10 new ambulances joined the nation’s fleet, with five more to follow. “These emergency vehicles will be deployed across the country, so that when accidents do happen, they don’t lead to needless loss of life.
“Mind you, Family Island development isn’t only about improving infrastructure. It’s also about empowering residents to make change in their own communities.
“For this reason, we have increased the operation capital for local government by 10 per cent. With these extra funds, district councils can make headway on important projects on their islands.”
The Prime Minister also said the ongoing digitization of government services has streamlined once time-consuming bureaucratic processes.
“This has not only enhanced access and efficiency for individuals, but it has also improved the ease of doing business.
“We recognize that the government has a central role to play in creating an enabling environment for private ventures.”
He said, “In addition to digitization, reliable electricity and seamless land registration also contribute to the ease of doing business.”
The Prime Minister said this government administration’s comprehensive energy and land reforms take this into account.
He said, “Once fully enacted, modernized conveyancing and a twenty-first century power grid powered by solar and LNG for cheaper, more reliable energy, will provide the stability and security Bahamian businesses need to thrive.”
