The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A former Chamber of Commerce chairman says “ridiculous bureaucratic processes” must cease if the Bahamas is to encourage entrepreneurship, with small business development this nation’s “low hanging fruit”.

Chester Cooper, the BAF Financial chief executive, told the fourth annual Eleuthera Business Outlook conference about the “horrific process” required to obtain a Business License.

“A small business can spend their entire working capital whilst they endure hurdle after hurdle with the bureaucracy,” Mr Cooper said.

“Small business is the engine that drives the economy. They hire people, so why should we slow them down? This is low hanging fruit. The ridiculous bureaucratic process must stop if we are going to encourage entrepreneurship.”

Mr Cooper stressed that if it becomes easier for the Bahamian private sector to do business, that will drive economic growth.

He added that improvements in this nation’s ‘ease of doing business’ ranking can be realised with the right focus.

“I am of the view that we haven’t necessarily gotten worse, but others like Jamaica have, in fact, taken specific action to improve,” Mr Cooper said.

“By standing still, we are surpassed by our competitors. So we’re effectively moving backwards. I am optimistic and resolute that we can see improvements with the right focused attention.”

Mr Cooper said that while a resolution to the Baha Mar impasse is “critical”, approvals and support for other investment projects must be increased.

“I am convinced that we can offer a buffer against the impact of Baha Mar,” he added, pointing out that the BAF Group had hired 50 persons last year.

Mr Cooper said that if 40 companies could do the same, that would be 2,000 jobs created - the same number lost after Baha Mar went into receivership.

“With the onslaught of international agencies like the OECD, and potential pressure related to leaks like ‘Panama Papers’, it is critical that we look ahead beyond tourism and financial services with new potential industries,” he added.

“It goes without saying that we must invest in the real sectors of the economy either directly or indirectly.

“With respect to technology we must accelerate the efficient deployment of the four factors through the innovative use of technology, in order to create competitive advantages on the world stage.”

Mr Cooper continued: “This requires sufficient investment in appropriate technology that will allow us also to access larger markets outside of the Bahamas.

“We must also do more to ensure there is adequate Internet bandwidth capacity to accommodate business and growth, not just in New Providence but in Eleuthera, Exuma and across the Bahamas.”

Mr Cooper said improving the ‘ease of doing business’ was not just a government problem, adding: “Many of the solutions rest at the feet of the private sector and can be driven by us.”