By NATARIO McKENZIE
Tribune Business Reporter
The private sector was yesterday challenged to become more competitive in an open market economy, although the Deputy Prime Minister conceded that the Government is sensitive to giving Bahamian manufacturers some protection.
K Peter Turnquest, while closing out the National Conclave of Chambers of Commerce, told the business community that while the Government was not about protectionism, it realised it has to provide some safeguards to the manufacturing industry while trying to remain competitive in an open market economy.
“While we are not about protectionism, we are sensitive to the fact that we still have to provide some advantage to the local manufacturing industry as we help them during this transition period, and as we try to achieve our goal of being competitive in an open market concept to the rest of the world,” said Mr Turnquest.
He added: “We have to figure out how we are going to be competitive without all these in-built protections because the world is not stopping progress while we catch up.”We are going to have to figure out how we operate in a free market and become more efficient, just as we as a government have to figure out how to become more efficient in this environment.”
Mr Turnquest said the Government will have to look at establishing a Competitiveness Council, and determine how to drive down costs for Bahamian manufacturers.
“We realise that we have to provide some protection to the local manufacturing industry while trying to be competitive in the open market concept,” he reiterated.
Comments
JohnDoe 6 years, 10 months ago
"Smart talk" may sound impressive when you are in the opposition but you are now the Minister of Finance. All of what you just said above is absolute nonsense talk with no connection to the objective reality of the Bahamian economic context. Beyond silly!
ThisIsOurs 6 years, 10 months ago
"nonsense talk", that's a very good description! it's all he's been doing since they got in. Minnis needs to appoint someone who knows what they're doing in that post. He may not realize how out of his depth KP is.
bcitizen 6 years, 10 months ago
Well give us an efficient, competitive, low corruption, government, reasonable energy prices, access to credit on the international level, not just domestic, reliable basic infrastructure (phone, electricity, water, internet, roads etc.), educated workforce, among many many other things. Then we can maybe just maybe talk about being big boys and competing on an international stage. Pie in the sky without major changes in the Bahamas economy.
JohnDoe 6 years, 10 months ago
Exactly!
sheeprunner12 6 years, 10 months ago
One government red tape ......... and the carpetbaggers and ten-percenters are removed from our inefficient and corrupt civil service ......... things will improve dramatically for our "ease of doing business" ratings AND the growth of the Bahamian private sector .... TALL ORDER
Protectionism and product quality are not always guaranteed to improve any economy
Porcupine 6 years, 10 months ago
What is duty? It is protectionism, plain and simple. Start by eliminating Duty.
TalRussell 6 years, 10 months ago
Comrades! The Deputy Prime Minister Brent and his Minister Finance "KP" has done gone ballsy public to concede that the while his Red Government colleagues are sensitive to giving Bahamalanders -"some protection" - I'm guessing what they really mean during this transition period to a whole new set foreigners of the little that is left of the Bahamaland - that hasn't already been signed over to foreigners - or to Bahamalander's controlled by outside and locally based foreigners.... And the Great Giveaway all commenced on May 10, 2017.... and it could last for up to another 5-years?
ThisIsOurs 6 years, 10 months ago
"Turnquest said the Government will have to look at establishing a Competitiveness Council, and determine how to drive down costs for Bahamian manufacturers."
I don't understand this man, here he goes again, "determine how to", the boys under the dilly tree could give you some quick answers. BPL. BTC...we in trouble at Finance
The_Oracle 6 years, 10 months ago
Hammer the guy all ya want, he has inherited a cluster f&*% which has taken 50 years to create. You want efficiency? Cost competitiveness? Where will the pressure to create it come from? Too many Bahamian businesses are successful in spite of themselves, in spite of their high markups, most needed to combat theft, spoilage, high labour, utility, insurance and debt service costs etc. Sad how we want everything to get better, but want nothing to change. Sad how we want to clean up Bay street, but discard garbage faster there than it can be picked up. Sad how we want Jobs for Bahamians, but love paying the Haitians way less. The IMF wants lower civil service costs, but the last guys piled useless people on right up to the election. How can that work? I am starting to believe Bahamians are willfully ignorant of the harsh realities just over the horizon, which will certainly "reset" the expectations level to zero. Wait til a gallon of milk cost ya B$ 750.00, which you'll pay, cause you won't have access to US$ 9, cause the Government will take every US penny it can take (from tourists) to cover national fuel oil costs. Medicine costs. basic bulk grits imports, debt service.
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