The Tribune

By NATARIO McKENZIE

Tribune Business Reporter 

nmckenzie@tribunemedia.net

ENCOURAGING more Bahamians to pool their resources and invest in commercial activity could reduce the demand for foreign direct investment, a leading accountant has argued.

“I think we tend to see FDI as a panacea. What we really need is more economic activity.

“If we can encourage Bahamians to pool their resources and to start investing in significant commercial activity then it is not as critical as it is made out to be,” said Gowon Bowe, a former Bahamas Chamber of Commerce chairman.

“What we do have in this country is skilled shortages in certain key areas. We have a number of very talented Bahamians but with a population of only 300,000 or so that pool is going to be every limited. There will be a need for trained individuals.

“Bahamians need to become skilled to take on the roles we are bringing in people for at this point in time, as opposed to having this paranoia about who is coming to take advantage in our local economy,” said Mr Bowe, referencing concerns over the Commercial Enterprises Bill (CBE) debated in Parliament on Wednesday.

Finance Minister K Peter Turnquest made a strong push for the bill on Wednesday telling Parliament it would facilitate ease of doing business, and more importantly make The Bahamas attractive to niche high value markets.

The markets outlined in the bill include mutual fund administration, wealth management, computer programming, nano technology, call centres and manufacturing or assembly of manufactures among other niche areas.

PLP Deputy Leader I Chester Cooper during his contribution argued the bill “rolled out the red carpet” for foreigners.

He further criticised the government over its $250,000 threshold of investment. In its current form, Mr Cooper said he could not support the bill. 

Mr Bowe told Tribune Business that Bahamians should become masters of their own fate and embrace competition.

“We should be the masters of our fate and stop having this concern that competing with expat staff is a negative thing. It really is an opportunity for Bahamians to demonstrate their abilities,” he said.