The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Democratic National Alliance (DNA) has promised to “revolutionise” the Bahamas’ investment promotions and approvals agencies if elected to office, ranking their performance under the Christie administration as “minus 50 per cent”.

Branville McCartney, in a statement issued last night, pledged to overhaul the Bahamas Investment Authority (BIA) and other agencies, describing the country’s investment climate as “terrible”.

The DNA leader, in what sounded like an election manifesto ‘wish list’, said the party would require such agencies to employ “modern day financial tools”, such as extended letters of credit, letters of intent and export/trade credit paper to boost investment and commerce.

While the Bahamas’ fiscal position looms as one barrier to such innovation, Mr McCartney said: “These tools will be an every day practice in the Bahamas.

“This will allow businesses to streamline their processes, and allow for banks and suppliers alike to make provisions for grace periods until businesses make what is needed to continue their growth while simultaneously paying into the system.

“The DNA will also make it easier for Bahamian businesses to obtain American, Canadian, British, Brazilian and Chinese bank accounts.”

Mr McCartney also promised to “cut the red tape” at the BIA and other investment approvals industries by making the process electronic and more transparent.

“We cannot continue doing business as usual in the Bahamas,” the DNA leader said.

“The investment climate in the Bahamas is terrible. From Freeport to Salina Point, Acklins, no one feels comfortable with the investment regime, how projects are received, processed and brought to execution.

“Simply put, there are too many blind spots and slack leeway for arbitrary rulings.”

Rating the investment agencies’ performance under the Christie administration, Mr McCartney said: “We feel very strongly that on a scale of 0 to 100, the value of the input of these combined agencies is a negative -50 per cent when it comes to spurring investments and economic activity.

“We’re being modest in this regard. Considering the unfinished business with Baha Mar and the consistent problems with spurring both local and foreign investment, this administration is more of a hindrance than a helper.”

Mr McCartney added that the Bahamas needed to “spur investment to generate the taxes we need to run our country”.

While the economy had grown between 2012 and 2014, the DNA leader added that it had not been substantial enough to drive down a 14.8 per cent unemployment rate and increase wealth and property values for Bahamians.

“Additionally, with Bahamians earning less than they were over the last 20 years, no one can truly state with any affirmation that our young people, post-graduation from secondary school, have the access to take their training and education further,” Mr McCartney added.

“What’s needed at this point, you ask? Investment and the opening up of the doors that spur investment. Quite frankly, the DNA will open the doors for credit access, capital access and provide modern day private sector tools and instruments that allow Bahamians to obtain the assistance they need to make their dreams come true.”