Davis: We must partner with private sector to succeed

PRIME Minister Philip “Brave” Davis speaking at the Bahamas Business Outlook yesterday.

PRIME Minister Philip “Brave” Davis speaking at the Bahamas Business Outlook yesterday.

PRIME Minister Philip “Brave” Davis told business leaders that his administration will play its part in enhancing the country’s macroeconomic environment, but needs partnership with the commercial sector for the country to succeed.

His comments came during remarks at yesterday’s Bahamas Business Outlook.

“With the debt-to- GDP ratio driven up to an unprecedented 100 percent by the previous administration, we have appointed a debt management committee, and already begun to take significant steps to manage the national debt, and enhance our reputation with lenders,” Mr Davis said.

“But what can you do to show investors and lenders that our Bahamas is a place where business is also conducted responsibly? I leave each of you to determine your answer.

“As we seek to diversify the economy, to facilitate and promote growth in the new orange, green and blue sectors, what can you do to support the many Bahamians, especially those in the Family Islands, who continue to struggle with high levels of poverty and unemployment?

“Our ‘Blueprint For Change’ heralds a number of bold measures that our New Day administration will take, from the introduction of a liveable wage, to reducing energy costs, enhancing the ease of business and promoting a number of initiatives to increase growth and improve economic justice and dignity for all Bahamians.

“Have you identified what role your business will play?

“Are you able to look beyond short-term, narrow profit to see the possibilities of broader long-term gain?

“How can you help to drive down the cost of living to support the common wealth and the common good?”

Mr Davis also said there are ways local businesses can ensure their workers have dignity, such as establishing youth-targeted internship programmes, increasing the base salary for entry-level workers, ensuring pay parity in the workplace, or supporting social campaigns.

Mr Davis also touted the achievements of his administration in its first 100 days in office, such as removing COVID-19 curfews, implementing free COVID-19 testing, distributing medical-grade masks, cutting VAT to 10 percent, and increased pension payments for civil servants, among others.


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