Categorized | Featured, National News

“Economic Growth Requires Diversity,” Says PM

PM addressing BHTA Annual MeetingPrime Minister Dr. Hubert Minnis during his remarks at the Bahamas Hotel and Tourism Association (BHTA) board of directors and membership meeting yesterday, sparked conversation on diversity in the growth of the economy, when he address the gathering at the British Colonial Hilton.

Speaking to members of various sectors of the tourism industry, Dr. Minnis told the audience that although there are challenges in the growth of an economy, diversity can help with increasing business, especially in the area of tourism.

“We are confronted with the challenge of growing an economy that has been stagnant for many years,” Dr. Minnis said.

“We are in a climate of unprecedented competition in the global and regional marketplace.

“A common lament is that our country is not diversified enough.  While diversification is needed, there is extraordinary diversification that can still be gained within tourism.”

Dr. Minnis further stated that networking can bring about the goal of increasing growth in businesses.

“Tourism is the platform from which we can boost and launch a network of inter-related industries.

“Your organization encompasses a myriad of products including multinational resorts, boutique hotels, and fishing lodges, water sport operations and ground transportation companies.

“As diverse as you are, you all share the common goal of increasing your bottom line and growing your business,” Dr. Minnis stated.

He further stated that his administration is ready to network with the private sector.

“This then must be one of the driving forces behind the master strategic plan which, in collaboration with the private sector, my administration will roll out during this term in office,” he said.

Dr. Minnis in his remarks also noted his government’s position in opening the doors for young persons to establish themselves in their own way, as well as in the tourism sector.

“In tandem with direct foreign investment, we must increase our commitment to encourage and support the development of home-grown businesses.

“We must boost local ownership in the tourism industry to promote sustainability and improve the livelihoods of Bahamians.

“A key economic objective of my government is the development of an incentive framework for entrepreneurship.

“This framework will facilitate local and international access to capital, the formation of joint ventures among private interests’, improvement of business advisory, cultivation of tools to stimulate Bahamian entrepreneurship in tourism.

“We must think boldly and widely about how Bahamians can own, or be involved in, multiple dimensions of tourism,” Dr. Minnis said.

Written by Jones Bahamas

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