The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Prime Minister says artificial intelligence (AI) can lower barriers to entry, expand opportunity and reshape small economies such as The Bahamas.

Framing the shift as an “AI tsunami” during his address at the RF Economic Outlook, Philip Davis KC said embracing the emerging technology could help level the playing field for entrepreneurs, reduce the capital required to start businesses and create new pathways to growth. However, he warned that failing to prepare the workforce could leave many at risk of being “swept away”.

“To survive and to thrive, we must get ready to ‘ride the wave’, because if we move quickly we can harness the power of this technology to create tremendous change,” said Mr Davis.

“Anyone who has spent time interacting with AI, and listening or reading about recent developments, will be aware of the new potential we have to transform what is possible for small countries like ours.”

Mr Davis said that as new technologies reduce the capital investment required for many businesses, barriers to entry are falling, creating opportunities for Bahamians who may previously have been locked out by cost, connections or “gatekeepers”.

However, he warned that the rapid pace of change also carries implications for employment and stressed that policymakers must ensure the benefits of AI do not flow disproportionately to those who already have access.

“On the other side of this great opportunity sits a very real threat for those who are unprepared. While some people are harnessing AI to expand what is possible, many others are watching this transformation unfold from the other side of the digital divide,” said Mr Davis.

“They are not yet participants in this era. And they are understandably worried about their jobs and their futures. We must work hard to make sure that the benefits of this new technology do not flow disproportionately to those who already have access, education and capital.”

Mr Davis said The Bahamas must move deliberately to equip its people with the skills needed to adapt, arguing that preparation - not fear - should guide the national response.

He urged collaboration between government, the private sector and educators to ensure Bahamians are positioned not only to withstand the shift, but to thrive in a technology-driven economy.

“It need not be that emerging technologies perpetuate or even deepen existing disparities.  We can be intentional about building the future we want; we can work hard to make sure that instead of being left out or left behind, Bahamians are able to access and leverage the technology to level up,” said Mr Davis. “My friends, the AI tsunami is here. Let’s work together to prepare our people to thrive.”