The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas is seeking to avoid “ a race to the bottom effect”on investment incentives, a Cabinet Minister revealing that this issue is being debated as part of the National Development Plan (NDP).

Khaalis Rolle, minister of state for investments, said during his 2015-2016 Budget presentation: “We know that the Bahamas has been extremely successful at attracting FDI. 

“However, the NDP is having conversations about how do we continue to make our country attractive without a race to the bottom effect with respect to incentives.  We know that competitiveness and productivity matters, and we know that an enhanced Bahamas Investment Authority will be crucial to this process.”

Mr Rolle added that the creation of a National Development Plan was “too important to get wrong”.  He said the plan will focus on four key areas, namely the economy, governance, the environment and social policy.

“There are many data gaps and much work to do.  This Government is committed to working with the College of the Bahamas and other entities to address these gaps,” Mr Rolle said. 

“Through this National Development Plan process, we hope to use the data provided by these institutions and the data gathered by Ministries in a much more impactful way to the ordinary citizen.”

A ‘State of the Nation’ report, the first step towards a National Development Plan, and which examines these areas, will be unveiled in July.

“The Bahamas is beginning to have this conversation in order to ‘right the ship’ and ‘direct the course’ for continued, forward, upward, onward movement together,” Mr Rolle said.

“We understand that there are many risks to this project.  This is, of course, a major policy undertaking and a transformative process for the Bahamas.  

“We are aware that some will find every reason not to support this because of politics.  This is too important to get wrong. Our children and grandchildren’s future depends on developing an actionable plan.”