FREEPORT, Grand Bahama, The Bahamas — Through the National Trade Policy and Vision 2040, The Bahamas is paving the way for trade to be inclusive and transformative, driving both local economic growth and foreign partnerships, according to Prime Minister and Minister of Finance, the Hon. Philip Davis.
“We are identifying markets, building capacity, and dismantling the structural barriers that have kept our economy anchored in a narrow space,” added Mr. Davis. “This includes efforts to expand Freeport as a free trade zone, foster export-oriented industries, and strategically reduce tariffs to make Bahamian products more competitive abroad.
“As we look toward Freeport and other emerging trade zones, we see a vision where Bahamian ports become bustling hubs of international commerce, where local businesses and foreign investors alike benefit from our strategic location.
“We envision an economy that is more than resilient; it is adaptive, sustainable, and inclusive, offering prosperity and security for all Bahamians.”
Trade was among the main subjects addressed during Prime Minister Davis’ address at the official opening of the 2024 Diplomatic Week, which got underway at Grand Lucayan resort in Freeport, Grand Bahama on Tuesday, November 5, 2024. Focusing on the theme of this year’s Conference “climate, trade and cultural diplomacy” the Prime Minister pointed out that when it comes to addressing trade, there was a need to be candid. In being forthright Mr. Davis noted that the Bahamas has, for too long, relied on a narrow set of industries to fuel its economy.
While those sectors have served the Bahamas well, Mr. Davis admitted that the time has come to diversify and strengthen the nation’s economic foundations, adding that trade is not just a matter of economic theory, but about creating real, sustainable opportunities that can withstand the storms of global uncertainty.
He pointed out that the Bahamas’ commitment to diversifying trade is not a singular ambition, rather a necessity. The Prime Minister said his office has taken this challenge on with a comprehensive approach, fully aware that a resilient Bahamas must be one that taps into the potential of all its industries and regions.
“This strategy,” he said, “demands intentional efforts to develop our trade policy, empower our entrepreneurs, and streamline systems that invite and retain investment. Our work aims to open new pathways for Bahamian businesses, whether through export, manufacturing, or tech-driven enterprise.
“In this endeavour, we owe a great debt of gratitude to the National Trade Commission, whose dedication and expertise have been instrumental in crafting a trade policy that aligns with our national vision. They have worked tirelessly to evaluate trade agreements, recommend best practices, and advocate for trade policies that put Bahamians first.”
The Prime Minister reminded the Bahamas’ foreign representatives that their role has become crucial. He said the relationships they build and the investments they help secure are integral to diversifying and sustaining building a bridge to a more resilient Bahamas—one where Bahamians can thrive across industries, not just in a select few.
The work of Ambassadors and Diplomats, according to the Prime Minister, ensures that The Bahamas is seen not only as a paradise for visitors, but as a reliable and innovative partner for businesses worldwide.
Mr. Davis added that the future of Bahamian trade must reflect the strength and diversity of the Bahamian people, noting that it is a future in which Bahamian goods, ideas, and services reach global markets, lifting the Bahamian economy from within.
“And it is through our commitment to reform and the work of our trade representatives and the National Trade Commission that we are setting this course,” said Mr. Davis.
“In this spirit, we remain focused on creating an economic environment that does more than sustain—it elevates. We move forward with a deep resolve to build a Bahamas that is open to the world, ready to grow, and prepared to stand shoulder-to-shoulder with the global community.”
