The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The private sector needs to see real ease of business improvements "now", the Chamber of Commerce's chairman saying yesterday: "We don't have time to waste."

Michael Maura told Tribune Business that results were especially needed at "the interface" between the government and business community on permits and approvals, in a bid to reduce expense and boost efficiency through the wider use of technology.

Expressing concerns at "the level of possible economic contraction", Mr Maura said The Bahamas was faced with numerous headwinds apart from the VAT rate hike to 12 percent. He explained that these included the 52 percent year-over-year increase in global oil prices; the escalating trade war between the US and its major partners; and "uncertainty" regarding The Bahamas' accession to full World Trade Organisation (WTO) membership.

"A lot of forces are coming together," he told this newspaper. "That said, we can't sit down and complain. The government has taken a position on our annual deficits, and they're working to address it to get us into a balanced budget position.

"That being the case, we need to be viewed by the government as partners, and the private sector needs to work with the government in support of innovation and investment possibilities.

Mr Maura said particular emphasis must be placed on The Bahamas' "ease of doing business", a key area targeted for major improvement by both the government and private sector in order to boost the country's economic competitiveness and attractions for both domestic and foreign investors.

"We appreciate and applaud the government's position on the "ease of business", but we need to see more tangible results, especially at the government-private sector interface," the Chamber chairman said.

"We need to see less expense, more electronic use. Those are things that, respectfully, need to happen now. We don't have time to waste. We're asking the government to work with the private sector right down to the WTO negotiations.