The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Potential revenues from visiting boaters remain relatively “untapped” by the Exuma mainland, a former Chamber of Commerce president on the island estimating that “five times” the current intake could be realised if the segment was served properly.

Speaking at a press conference to announce the eighth annual Exuma Business Outlook, Reginald Smith, a former Exuma Chamber of Commerce president, said that roughly $500,000 was being pumped into George Town annually by boaters moored in Elizabeth Harbour.

“There is probably five times that amount if we really tap into that,” he said. “If we would have one decent marina in Elizabeth Harbour that can attract the power boaters, the 65-150 footers tied up against the mainland, not over against Stocking Island, I think it would make a tremendous difference in the revenues that can be realised from this segment,” said Mr Smith.

“We haven’t begun to scratch the surface of how we can access this. The boaters hold a special place, I think, in George Town in particular. Between now and April of next year we will host some 300-plus sailing yachts in Elizabeth Habour, which is without a doubt one of the best in the world.

“The economy of Exuma depends heavily on this type of traffic. What that does is it pumps into the George Town economy approximately $500,000. It may not sound like a lot, but when it happens consistently every year, businesses come to depend on that. We have not tapped that at all.

“One of the reasons ties back to the issue of getting set up and being able to launch a business that can serve this. Boating is very important to Exuma, probably as important as land-based tourism or anything else.”

Mr Smith said access to financing for persons looking to launch a business was a major challenge on Exuma, and for the Bahamas as a whole.

“There is a desire to create business, a desire to exercise the entrepreneurship inherent in the community, but there is no access to finance,” he added.

“There are no creators of jobs outside of the hotels, certainly not in farming, not in the building industry right now. On the Cays we’re doing OK, and on the mainland we’re dead. We’re stagnant in terms of moving forward on any financial front.

“We need to grow this country, we need to grow our island, but we can’t do it unless there are some changes in access to financing,” said Mr Smith.

The Exuma Business Outlook, under the theme ‘Sustainable Development for Exuma; Finding the right mix of people and strategies’, is set for Wednesday at Sandals Emerald Bay.