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PM calls for new model in GB

The Prime Minister has called for "a new paradigm in Grand Bahama", saying that the islands of The Bahamas need to reduce their reliance on subsidies from New Providence. 

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TheBahamasInvestor.com
Thursday, January 21, 2016
Thursday, January 21, 2016
Catherine Morris

The Prime Minister has called for “a new paradigm in Grand Bahama”, saying that the islands of The Bahamas need to reduce their reliance on subsidies from New Providence.

Delivering the keynote address at the Bahamas Business Outlook this morning, Prime Minister Perry Christie said growing the country’s economy would require “equity in development” and “balanced growth”.


“A new paradigm will have to exist in Grand Bahama,” he continued. “You have to have a government with the will to sit with the developers and the owners and negotiate that new paradigm.”

The Prime Minister said he would like to see the Family Islands support the growth of the country as a whole by becoming centres of economic activity in their own right. By way of example, he pointed to a number of projects set to begin this year in locations such as Abaco, Deep Water Cay and Sandy Cay.

The Bahamas’ GDP is forecast to grow by 1.5 per cent in the coming year, according to the Ministry of Finance.

Christie said the tourism sector was “in high gear” coming into 2016 and that Grand Bahama in particular was performing well with a 25 per cent increase in visitor arrivals compared with the previous year. He attributed this growth to added airlift and the increasing capacity of cruise ships.

The 25th annual Bahamas Business Outlook took place today at the Melia Nassau resort on New Providence. Additional speakers included chairman of the Bahamas Chamber of Commerce and Employer’s Confederation Gowon Bowe and chairman of the Bahamas Insurance Association Emmanuel Komolafe.

Caribbean’s largest tourism industry and marketing event is due to kick off January 21 at Atlantis Paradise Island. Hosted by the Caribbean Hotel and Tourism Association, Caribbean Travel Marketplace brings together suppliers and industry leaders from and across the region and runs until January 23.

Nassau-based New Providence Income Fund, one of several funds managed by Sterling Financial Group, has been named best fixed income mortgage-backed fund since inception by Acquisitions International, the UK-based magazine publisher.

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