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Newsletter Vol.12, No 3.

TBI monthly news in review - April 26, 2018

The Mid-year Budget debate got into full swing during March with Prime Minister Dr Hubert Minnis delivering his contribution to Parliament towards the end of the month. The Prime Minister emphasized the successes of his administration during its first term in office since being elected last May. He said the economy was continuing to grow and that the government would push forward its plans for fiscal reform.


PM strikes new deal over Baha Mar

He also said that the government intends to make provisions in the new budget year for substantial expansion in capital investment.

“Growth-friendly and growth enhancing public investments will need to be a particular priority,” he continued. “We will be fully cognizant, however, of the need to arrange for the fiscally prudent means of financing such investment, including an appropriate role for public-private partnerships.”

“We intend to make provision in the new budget year for substantial expansion in the capital investment of The Bahamas government, to bring our national infrastructure up to standard.”

The new budget year begins July 1, 2018.

In an effort to increase foreign trade and investment, Kwasi Thompson, Minister of State for Grand Bahama, and Edison Sumner, CEO of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), led a delegation of Bahamian public and private sector officials on a trade mission to the Washington DC and Baltimore area of the US last month.

The trade mission explored the promotion of collaborative business links, both at the national and state level in the DC and Maryland area, so as to enhance the prospects for Bahamian trade and investment with the Washington DC area.

This was accomplished through the provision of opportunities for high-level and sector specific dialogue, networking and matchmaking.

The mission focused on financial services; tourism and creative industry; agriculture and fisheries; shipping and logistics; brewing (rum and beer); ICT and real estate. In addition to exchanging information on national foreign investment and tourism opportunities in The Bahamas, industries specific to Grand Bahama such as technology, transshipment and manufacturing/industrial were also highlighted for investor consideration.

The BCCEC also signed Memoranda of Understanding with both the DC and Baltimore Chambers of Commerce, providing the framework for long-term collaborative efforts towards business development and enhanced two-way trade.

One area of the Bahamian economy that is already experiencing growth is tourism, with visitor figures rebounding to pre-recession levels.

Last month, Nassau Airport Development Co (NAD) reported that air arrivals at Nassau’s Lynden Pindling International Airport (LPIA) during December 2017 and January 2018 were the highest in the company’s 11-year history of managing the facility and exceeded pre-recession travel levels for the first time in a decade.

Some 151,454 passengers landed at LPIA in December, 140,314 in January, the largest numbers since the pre-recession holidays of 2007/2008. December’s increase was the highest in a single month, up nearly 15,000 over the second-best year a decade earlier.

Preliminary results for March are even more impressive, up by 24 per cent over 2017 arrivals.

 

For these stories and more visit thebahamasinvestor.com or click on the links below. Subscribe to the RSS service to feed posts directly to your RSS reader or mail application. Also, now find us on facebook or follow us on twitter.

The Bahamas Investor - March News & Press

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Prime Minister Dr Hubert Minnis will address the CEO Summit of the Americas, scheduled for April 12-13, 2018 in Lima, Peru.

Members of FxPro Group paid a courtesy call on Brent Symonette, Minister of Financial Services, Trade & Industry and Immigration at the Ministry March 26, 2018.

Cloud Carib, a provider of managed cloud and ICT services headquartered in The Bahamas, has announced its expansion into Latin America with the opening of a new CaribPod, or data centre, in Ecuador.

The government of The Bahamas intends to make provisions in the new budget year for substantial expansion in capital investment to bring the country’s national infrastructure up to standard.

Nassau Airport Development Co has reported that air arrivals at Nassau’s Lynden Pindling International Airport during December 2017 and January 2018 were the highest in the company’s 11-year history of managing the facility and exceeded pre-recession travel levels for the first time in a decade.

Prime Minister Dr Hubert Minnis addressed Parliament earlier this week during the House of Assembly debate on the Mid-year Budget. Read or download his comments here.

Deputy Prime Minister and Minister of Finance Peter Turnquest recently gave details on the European Union Code of Conduct Group's compliance criteria for jurisdictions, including The Bahamas, to follow. He made the comments during a regular financial services industry briefing last week.

New bridges, new schools, roadworks, and repair and construction of seawalls are among the “critical” projects that the government will focus on in the upcoming year, according to Minister of Public Works Desmond Bannister's contribution to the Mid-Term Budget Debate March 19, 2018.

The developer of One Ocean on Paradise Island says it is targeting early May for completion of Phase 2 of 79-unit, 10-storey residential complex.

Officials of the government of The Bahamas March 14 signed a Heads of Agreement with 4M Harbour Island Ltd for the redevelopment of the Harbour Island Marina.

Prime Minister Dr Hubert Minnis recently toured the PharmaChem Technologies plant on Grand Bahama as the manufacturer proceeds with a $180m expansion project.

The Central Bank of The Bahamas has released its Quarterly Economic Review for the fourth quarter of 2017. Indications are that the domestic economy maintained its mildly positive growth path, supported by an improvement in the tourism sector. Read or download the PDF here.

The government of The Bahamas has issued a statement regarding the Organization for Economic Co-operation and Development’s (OECD) blacklisting of the jurisdiction. Read the government's statement in response here.

Delegates of The Bahamas trade mission to Washington, DC, addressed the DC Chamber of Commerce this week, including representatives from technology and tourism organizations, and a logistic company specializing in free trade zones, among others.

Attorney General and Minister of Legal Affairs Carl Bethel highlighted the importance of international cooperation in the financial sector during the Bahamas Financial Services Board's Bahamas Briefing held at Baha Mar, March 1.

The Central Bank of The Bahamas has announced that the $20,000,000 Initial Public Offering of Bahamas Registered Stock facilitated by the Central Bank on behalf of the government of The Bahamas for value February 23, 2018 was fully subscribed.

During his contribution to the 2017/18 Mid-Year Budget Debate yesterday, Deputy Prime Minister and Minister of Finance Peter Turnquest said that the International Monetary Fund's decision to upgrade its forecast for economic growth in The Bahamas is in line with the brighter economic outlook globally and especially in the US.

A Bahamian delegation led by Minister of State for Grand Bahama Kwasi Thompson is currently on a trade mission to Washington, DC, with the aim of attracting more business and investment to The Bahamas.

Minister of Financial Services, Trade & Industry and Immigration Brent Symonette, says that steps are being taken to grow and sustain the financial services sector. The Minister made the remarks during his opening speech at the 15th annual International Business and Finance Summit.

Related links

For TBI magazine features, resources, news, and archives visit these links:

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News and Press: http://www.thebahamasinvestor.com/news-press/
Past Issues: http://www.thebahamasinvestor.com/archives/
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