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PM: The Bahamas would welcome Canadian investment in waste-to-energy initiatives

RECYCLING, waste-to-energy initiatives and greenhouse agriculture exports are key sectors where Canadian direct investment can flourish locally, Prime Minister Hubert Ingraham said.

Mr Ingraham’s comments came as he addressed a crowd of Canadian business people at a luncheon in Calgary, Alberta.

“We are conscious of the leadership Canada is providing in important segments of the green industries, in particular waste-to-energy enterprises. The Bahamas would welcome Canadian business investing in this area as well as in recycling opportunities that exist in the Bahamas.

“Many other opportunities exist, not least of which involve greenhouse winter vegetable production in the Bahamas for sale in Canadian markets with the reverse production during the summer months,” the nation’s chief said to the gathering at the Petroleum Club.

He revealed how a current partnership between Bahamians and Canadians may lead to growth in the local forestry industry.

“Additionally, other initiatives now under way have also created opportunities for Canadian/Bahamian business cooperation in forestry-related industries. An agreement concluded with the Canadian company Lindar, for example, is helping us with the development of sustainable industries that enhance and improve outdoor recreational infrastructure (boardwalks, benches, decks, gazebos).”

The nation’s chief added that his government is “repositioning our financial services sector in partnership with the private sector to produce a new strategic framework for financial services”.

He added: “We expect to adopt new securities regulations in the very near future so as to fully modernise our securities industry and to prepare the way for The Bahamas to become an International Organization of Securities Commissions (IOSCO) A-signatory country.”

Mr Ingraham also touched on the current infrastructure investments that would be attractive to potential investors.

“Infrastructural works have included the redevelopment of our principal airport, the largest public sector project undertaken ever in the Bahamas and the creation of a new cargo port just outside the city of Nassau.

“So as to bolster our tourism sector, which is at the heart of our economy, we have further incentivised the development of restaurants, entertainment facilities and other tourism amenities by making available duty-free and other tax concessions. We are particularly interested to expand leisure activities available to both residents and visitors to our islands.

“The convergence of our policy, legislative and Infrastructural advances provide, I believe, a cluster of business opportunities for Canadian business and individuals in the tourism, second-home, financial services sectors of The Bahamas.

“It is our fervent hope that Canadian business will help to deepen the ties between our countries and participate even more in the Bahamian economy,” he said.

Mr Ingraham and a delegation of Cabinet ministers are attending a meeting of the Ministers of Finance of the Americas and the Inter-American Development Bank in Canada. The trip is a trade and investment promotion tour aimed at increasing Canadian investment and tourists in the Bahamas.

 

Bahamas Tribune



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