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Pm Promises: 'I'Ll Bulldoze Red Tape'

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The prime minister yesterday promised the Bahamian financial services industry that he will "bulldoze bureaucratic roadblocks" impeding the ease of doing business in this nation following the COVID-19 crisis.

Dr Hubert Minnis, pictured, addressing an Internet-based conference attended by more than 350 financial services professionals, reiterated the government's previous pledges to reduce the cost and complexities of conducting commerce in this country although no specific measures were announced.

Also reaffirming his belief that "the full digitisation of The Bahamas at every level is mandatory", he said: "Many of the bureaucratic roadblocks to the ease of doing business must be bulldozed. We must streamline the process for domestic and foreign investment in a broader range of industries.

"As the financial services industry evolves, my government will work to help the sector in its ongoing evolution. This includes: Continuing improvements in the ease of doing business; prioritising a responsive legislative and regulatory agenda; and protecting the reputation of this jurisdiction; even as we are faced with various current challenges."

Comments

proudloudandfnm 1 week, 3 days ago

Oh please don't try to increase ease of doing business anymore!! Every time you idiots try to make it easier all you ever do is make it more difficult. Just please leave it alone already. We know what you're gonna do.... You're gonna go to Marlon and ask him to do it again. He can't, simple to him is rocket science to most....

Just remember KISS...

Keep It Simple Stupid....

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The_Oracle 1 week, 3 days ago

They seem to believe Digitization is an answer unto itself, but it is merely a tool for PEOPLE. It can make things infinitely easier, or more difficult. The direction it takes is borne of the implementation and more specifically, who implements it: Private sector or Government? As to Bulldozing, well, he has actually bulldozed the economy. Totally unnecessarily. Had he been quicker to adapt, adjust, Maybe with better logistical thought patterns, action and reaction.

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Baha10 1 week, 3 days ago

I like this KISS approach:

  1. Repeal Appeasement Financial Legislation of past 20 years.
  2. Grant Passports (excluding right to vote) to Investors of $1mil.+.
  3. Eliminate Govt. Approvals for Real Estate Investments (like Cayman).
  4. Eliminate VAT.
  5. Close Web Shops.
  6. Close BahamasAir.
  7. Privatize Water & Sewerage.
  8. Privatize BPL.
  9. Sell remaining interest in BTC.
  10. Reduce Civil Service by 50%.

Pretty simple, and if we could do this like any “normal” business by 1st June, we “might” be able to retain our sovereignty and avoid the IMF taking over our Economy.

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242wedo 1 week, 2 days ago

This is the smartest thing I've seen written here in weeks. One small correction: - Grant Residency, not Citizenship. But make it a seamless process.

If Government eliminated real estate approvals and freed the market we would see a substantial boom in jobs-creating foreign investment (and correlated tax revenue). It is such an obvious move to make and so easy to implement. Bahamians need to consider that a big reason we see shady characters they like to label foreign devils come here is BECAUSE of the onerous approvals process, not in spite of it. The smart and reputable investor goes where he/she is welcome, and there is plenty of opportunity across the globe to choose from. If we liberalized like Turks or Cayman we would get a much bigger slice of the pie.

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