Visit follows recent Grand Bahama Chamber of Commerce meeting

In the latest of a series of intelligence gathering exercises, Financial Services Minister Ryan Pinder recently met with the Abaco Chamber of Commerce to discuss the group’s concerns and present challenges.

The meeting follows the Minister’s earlier trip to Grand Bahama where he also visited that island’s Chamber of Commerce to learn more about the issues businesses face there.

In Abaco, Mr. Pinder met with representatives from the Abaco manufacturing industry, who now report that their yearly returns have been significantly impacted due to the absence of accessibility to concessions on goods.

One of the issues discussed was the lengthy renewal process for customs duty exemption permits that has led to many manufacturers paying duty on items that are eligible for exemptions. They resort to paying the duties in an effort to meet the market demand. The manufacturers are now suggesting a restructuring of the application process for permit renewals to assist with receiving permits in a timely manner.

Mr. Pinder expressed his Ministry’s continued commitment to the growth of economic opportunity throughout The Bahamas. He also explained that the recent amendments to the Industries Encouragement Act reflected the new administration’s commitment to increasing opportunities for economic diversification for manufacturers in The Bahamas without imposing a tax burden.

Mr. Pinder will return to Marsh Harbour on September 10, 2012, accompanied by a technical delegation, to engage in separate discussions with various manufacturers regarding industry concerns. At that time, the delegation will also explore the potential for reviewing the application process for permit renewals. They will also seek to provide assistance with creating awareness on the importance of supporting Bahamian-made products.