The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday stressed that the Bahamas cannot simply "talk the talk" on improving the ease of doing business, insisting: "We have to find ways to get this done."

Brent Symonette, minister of financial services, trade and industry and Immigration, while addressing the private sector at a Chamber breakfast, said there were some "low hanging fruits" that could be dealt with very easily.

"We have to get away from the frustrations that the businesses feel," he said. "It's not just talking the talk; we have to find ways to get this done." He described the need to improve the 'ease of doing business' as the Bahamas' "number one priority".

Mr Symonette added that the cost of borrowing was "too high", adding: "We have to find a way that local businesses can pledge their assets here to an offshore bank, so that they can have access to capital and you do not have to mortgage your unborn grandchild. The cost of borrowing is too expensive. We also have to find a way for small businesses to get empowered to get into business."

"BEC is a big problem. That is one that I know we are dealing with. We have to get the cost of electricity down," he added. "If we are going to promote trade we have to decide whether the Government of the Bahamas want to continue along the WTO accession route. Do we need to sign on wholesale to WTO, or do we need to look at some form of protectionism? If BEC is too high people cannot manufacture here, and we are going to lose that industry and have to depend even more heavily on tourism."

Mr Symonette, while addressing questions from the audience, also backed the use of the public-private partnership (PPP) model, while noting that the Minnis administration was reviewing the six deals signed under the former administration just before the general elections.

"There is no question that PPPs are a good way to go," said Mr Symonette, adding that "there is very little money to work with" amid the Government's fiscal crisis.

He added that there were a number of government buildings that have deteriorated and could become PPP projects under a build, own, operate and transfer (BBOT) type of arrangement with the private sector.