The Tribune

By RASHAD ROLLE

THE government is encouraging Bahamian investors to take advantage of incentives being offered to those willing to take part in the redevelopment of downtown Nassau.

The acts under which the incentives are offered have existed for years, but have not been exploited to the extent envisioned.

To spur increased interest, the Bahamas Investment Authority held a seminar at the British Colonial Hilton Hotel yesterday in conjunction with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

The two acts discussed were the City of Nassau Revitalisation Act and the Hotels Encouragement Act.

Under The Hotels Encouragement Act, any person constructing, renovating or refurbishing a hotel is eligible to apply for duty-free concessions.

Persons developing entertainment facilities, nightclubs, restaurants or shops in a tourist area may also apply under an amendment to the Act.

Under The City of Nassau Revitalisation Act, any owner of property in the City of Nassau is eligible to apply for permission to import a variety of materials duty-free.

Among the speakers was Khaalis Rolle, Minister of State for Investments in the Office of the Prime Minister, who said those who take advantage of these incentives will create advantages for themselves, while helping boost the economy.

"In a difficult economy," he said, "there are two things that need to happen in order to get it to where it needs to be: investment confidence and consumer confidence.

"This will focus primarily on investment confidence. What we are doing will assist business owners and turn this economy around.

"The incentives being offered lower the cost of investing, and for an investor that makes a lot of sense. The Bahamas doesn't have the luxury of just trudging along as we have been doing.

"The downturn in the economy exposed some of the flaws in the wider society - we now have heavy unemployment that translates to high crime."

The minister assured investors that they are valuable to the government.

He said: "I want to ensure business owners that you have a friend in the Christie administration.

"Everything we do, I certainly will ensure that the business community is kept at the forefront as we get you back on your feet."

Mr Rolle said the government will continue to host seminars to inform business owners and potential entrepreneurs of government incentives that have been created to help establish or expand businesses.