By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
FREEPORT is ideally poised to promote itself as location for arbitration and alternative dispute resolution according to well-known QC Fred Smith, who argues further that a more liberal immigration policy could “catapult the Bahamas forward” and provide business opportunities across several sectors.
Mr Smith, the Callenders & Co partner, told Tribune Business that Freeport’s economy was in need of alternative industries to promote.
“Given that we are promoting a maritime industry in Freeport, where we have entities such as Hutchison Whampoa, the Container Port, Bradford Marine and the Port Authority being a one-stop shop investment promoter and developer I think that that Freeport is ideally poised to promote itself as a location and a forum for alternative dispute resolution,” he said. “Freeport is like the Venice of the Caribbean. The Port Authority, the government and the judiciary could work together on the laws relating to arbitration, mediation and dispute resolution and create the legal infrastructure which could match the physical and investment infrastructure that exists.
“If the Bar Association and the Immigration Department could work together to allow foreign law firms, foreign arbitration companies and foreign mediation companies to come in and promote Freeport as a centre of investment for dispute resolution I think that you could see a tremendous increase in employment, opportunities for Bahamian lawyers and the support industries,” said Mr Smith.
He argued that a more liberal immigration policy in general could provide more business opportunities across multiple sectors in the county.
“I think that opening the immigration doors generally in the Bahamas, not only liberalising the Bar but having a far more liberal immigration policy would catapult the Bahamas forward and provide so many business opportunities in all industries. The closed shop, restrictive, myopic, xenophobic polices will only continue to devalue the stock of the Bahamas as an investment and business opportunity for foreign direct investment,” said Mr Smith.
He added: “Local entrepreneurs should have opportunities for joint partnerships and joint investments. We should also consider getting rid of exchange control so that the billions of dollars that are available through the foreign currency that exists in the Bahamas with the offshore financial services sector could become available as local investment venture capital at very cheap prices.”
Comments
banker 7 years, 8 months ago
And Freeport needs to copy Cayman Enterprise City that welcomes any knowledge industry venture -- especially software, pharmaceuticals, electronics, data management and research.
Instead we have the Port Authority who's main job is to fleece anyone who wants to set up shop. They cut steaks off potential racehorses and stifle any reasonable business with exorbitant fees.
Freeport should set up as a start-up incubator for foreigners and Bahamians, with a low entry barrier (less than a thousand dollars a month). You need at least 10 - 20 startups to get a viable one that creates a few jobs that last more than a year. However it the doors were thrown open, wonderful things could happen for Grand Bahama. www.CaymanEnterpriseCity.com is the model for Freeport.
RUKiddingMe 7 years, 8 months ago
There was a Canadian gentleman who had build a very successful business in Freeport back in the 1960s - sort of like AID. As soon as the Pindling dynasty was born he was run out of the country. Those stories are abundant - how much faith do you think foreign investment (that doesn't speak Chinese) will put in the Bahamian government this time around?
BMW 7 years, 8 months ago
Makes one think of the farm in Eluethera, supplied milk, ice cream and tons of produce but alass here comes the plp and in a matter of years it was closed.
Well_mudda_take_sic 7 years, 8 months ago
We don't need liberal immigration rules Mr. Smith, but given your Haitian heritage it is no surprise you believe we do. The Haitian Ambassador should be encouraging his own government back in Haiti to assist with the repatriation of all Haitians illegally residing in the Bahamas. If the Haitian Ambassador and his Haitian government want their people looked after and treated humanely, then they themselves should arrange for this to be done at their own cost. The Bahamian people have done more than enough over the past 40 or so years and it has cost us dearly. It is time for Haiti to step up to the plate and bear the cost of looking after its own people, including the costs of their repatriation. It is an absurdity for this Haitian Ambassador to suggest in any way that we are inhumane when it is the inhumane Haitian government that fails to look after its own people, and constantly seeks handouts from others, like Bahamians, that could never be enough in the eyes of the Haitian government. These illegal immigrants should be seen for who and what they are......a problem caused by Haiti, the costs of which should be borne by Haiti and not the Bahamas! The Haitian government or international human rights groups should be bearing the costs of making life less miserable for these illegal immigrants; it is not in our interest to do so from the stand point of deterrence. To make life easy for them at our cost only means many more will come to our shores illegally, and likely with the Haitian government encouraging them to do so. We need to be very mindful of the fact that our sovereignty and culture as Bahamians is a very fragile one, and our economy is equally fragile and under great stress as it is. We are also now experiencing the effects of over-population given our very limited land area. We must resist caving to accusations from the Haitian government and human rights groups that Bahamians are an inhumane people when such persons, especially the human rights activists, are not willing themselves to bear the true costs of this vexing problem. We Bahamians have done all that can be reasonably expected of us over the last 40 plus years and are our economy is now financially crippled. It high time others started doing their part....starting with the Haitian government and the international human rights groups which have for years unfairly and unjustifiably blamed Bahamians for the plight of the Haitians illegally residing in our country!
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