The Tribune

By FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

THE BAHAMAS is exploring the commercial and logistical requirements for positioning Freeport as a transshipment hub for Canadian goods destined for Caribbean and Latin American markets, it was revealed yesterday, as it targets Canadian investment across six sectors.

Barry Griffin, chairman of the Bahamas Trade Commission, said the proposal is one of two central propositions being advanced as The Bahamas seeks to broaden its commercial relationship with Canada.

The second is positioning The Bahamas as an international business centre where Canadian companies can establish a presence, access financial and professional services and conduct business across the Caribbean and other international markets.

“Our discussions span agriculture, agribusiness and agro-processing; energy; digital commerce and technology; shipping and logistics; retail; and banking and finance,” said Mr Griffin. “We see opportunities for trade and investment in each of those areas.”

He added that the Freeport proposition is still being examined, with the Trade Commission now looking at what would be required commercially and logistically for Canadian goods to move through The Bahamas into regional markets.

“Freeport has the potential to serve as a transshipment point for Canadian goods destined for the Caribbean and Latin America,” said Mr Griffin.

The Trade Commission's push does not currently involve negotiating a new formal trade agreement with Canada, Mr Griffin said, noting that The Bahamas already benefits from CARIBCAN, which provides preferential access to the Canadian market for eligible goods from this nation and other Caribbean states.

Instead, the immediate focus is on expanding the existing commercial relationship by connecting more Bahamian businesses to Canadian opportunities while demonstrating how The Bahamas can support Canadian companies seeking international growth.

“Our immediate focus is on expanding the commercial relationship we have; connecting more Bahamian businesses to Canadian opportunities and showing Canadian companies how The Bahamas can support their international growth,” said Mr Griffin.

The Commission has identified three areas for follow-up after its recent Toronto discussions. The first is to continue direct engagement between Canadian companies and potential Bahamian private sector partners, with Mr Griffin noting those conversations could advance during Diplomatic Week in October through further bilateral discussions involving Canadian representatives.

The second is examining the commercial and logistical requirements for using The Bahamas, particularly Freeport, as a hub for Canadian goods moving into regional markets.

The third is developing opportunities for Canadian companies to establish operations in The Bahama, and for Bahamian companies to enter or expand in the Canadian market.

However, Mr Griffin cautioned that the initiative remains in its early stages and that the three work areas should not be interpreted as approved projects with firm implementation dates.

“These are workstreams at an early stage, rather than three approved projects with implementation dates,” said Mr Griffin. “The meetings in Canada were the start of a process that we expect to continue through further discussions and trade missions.”

He also declined to identify Canadian companies that may be considering investment or establishing operations in The Bahamas as a result of the discussions.

Mr Griffin said the Commission had “productive meetings” with Canadian trade officials and private sector representatives, and that there was interest in continuing the discussions, but added that it would be premature to publicly characterise individual companies' plans.

The next phase will therefore focus on connecting businesses and institutions, examining specific commercial opportunities and determining which discussions can develop into partnerships.

“We are encouraged by the response, while recognising that these relationships take time to build,” said Mr Griffin.