By NATARIO McKENZIE
Tribune Business Reporter
The Bahamas is well positioned to benefit from anticipated improvement in some of the world’s leading economies, a local investment banker believes.
Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business: “I don’t think I have ever seen things in a more positive light than I see at the moment in terms of positioning for the Bahamas, in terms of the infrastructure we have built over the last several years during the recession, a new hotel like Baha Mar, potential development of the harbour front.
“I think international economies, the ones that really impact us like the US, the UK, Europe; they are really starting to emerge again. I think as much as we were hurt by the recession, I think we are going to benefit from the improvement in those economies. I think we are well positioned for it and I think the global economies are likely to positively impact us going forward.”
Mr Anderson said that “symbolic” of the improved outlook for the Bahamas was the recent announcement that Chinese president, Xi Jinping, had agreed “in principle” to allow the Bahamas to be a country where debts involving international parties can be settled, while also approving this nation as only the third jurisdiction to trade in Chinese denominated currency, the Renminbi (RMB) or yuan.
Mr Anderson said: “It’s like most things we do. It’s like when you build infrastructure; it creates potential. These agreements create potential for businesses doing business in the Bahamas to add value to their business.
“Once that gets set up I think it is up to us to figure out how we take advantage of it. These are symbolic of the improvements we see happening in the Bahamas that are bound to actually help. “
He added: “ There are hurdles and problems, but what we really see happening is the global private sector initiatives really start to make some impact going forward. I believe that over the next couples of years we will really start to see the benefit more broadly in our economy, even though people don’t feel it at the moment.