The Bahamas will stimulate growth by removing unnecessary bureaucracy and improving government processes, according to Prime Minister Hubert Minnis.

The Prime Minister also laid out his “reform and modernisation agenda” and promised those in the business community that he understood their challenges.

Delivering the keynote address at the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) National Conclave yesterday, the Prime Minister said his government would focus on three main areas to improve ease of doing business: business licencing, the investor proposal process and immigration – to address longstanding issues in the way permits are granted, renewed and applied for.

“The leading priority of my administration is economic growth, job creation and wealth creation,” he told delegates at the two-day conference, one of his first public events since being elected last month.

“The Bahamas has been slow to modernise, slow to adapt to change and slow to embrace various technologies. We urgently need to simplify and streamline those processes. Easing the cost and time of doing business will help boost economic growth.’

“Good governance enhances credibility, stability and reliability – all of which are important to investor confidence.”

The new administration intends to incentivise investment in key sectors such as renewable energy, agriculture, fisheries and the cultural industries. It also aims to improve access to capital for Bahamian businesses and develop young entrepreneurs.

Recognising the importance of foreign direct investment (FDI) alongside local investment, Minnis said: “FDI remains essential to The Bahamas. We must attract high quality FDI which creates beneficial leverages with the local economy. The Bahamas is open for business.”

The Prime Minister reassured attendees that he sympathised with their frustrations saying: “Having been in business for many years, I understand your challenges” and adding that they could look forward to a new approach. “It is not business as usual.”

cmorris@dupuch.com