The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas is moving to develop its first National Export Strategy, the Trade Commission’s chairman said yesterday, with Cabinet approving a consultation document that will guide an initiative aimed at increasing this nation’s international competitiveness.

Speaking in Parliament, Senator Barry Griffin, announced that the Davis administrations’s approval clears the way for nationak and international consultation with stakeholders across multiple sectors. He said the process will involve the private sector, creative industries, professional services providers, entrepreneurs and international partners as the Government seeks to shape a long-term strategy for boosting exports.

The initiative will also receive grant funding support from the Inter-American Development Bank (IDB), providing resources to help develop and implement the national export framework.

“This historic initiative will also be supported by grant funding from the Inter-American Development Bank, ensuring that this strategy is backed not only by vision but by resources,” said Mr Griffin.

He said the strategy will represent the first time The Bahamas develops a single national document outlining the country’s export priorities, including which industries it intends to promote internationally and the markets where trade missions and partnerships will be directed.

The document will also identify sectors where the Government intends to focus investment and research to strengthen export competitiveness. Services exports are expected to form a major pillar of the strategy.

Mr Griffin noted that Bahamian professionals already export services informally, pointing to lawyers providing legal expertise, bankers offering financial services and local architects and engineers contributing to major development projects internationally.

He added that the strategy aims to build on that foundation by helping these professionals expand their reach further into international markets. At the same time, the initiative will seek to formally incorporate creative industries into The Bahamas’ export framework.

“And, similarly, now we must also recognise the export potential of our creative industries. Our musicians. Our filmmakers. Our designers. Our storytellers. The next chapter of Bahamian exports will include not only goods and professional services,” said Mr Griffin.

He said the “orange economy” represents an emerging economic opportunity for The Bahamas as global demand grows for cultural and creative content.

Mr Griffin said the Davis administration intends to work closely with the creative sector, including collaboration with the Creative and Performing Arts School (CAPAS) and the Orange Economy Unit, to develop policies that support the international export of Bahamian cultural and creative products.

He added that the consultations now being launched will help shape the final National Export Strategy, which is expected to outline the country’s long-term approach to trade promotion and export growth.