The Deputy Minister and Minister of Tourism, Investments and Aviation, I. Chester Cooper has announced that the government will execute heads of agreements this month for more than $1billion of new investments in major touristic developments. It is understood that these projects are slated for Paradise Island and Cable Beach. Mr. Cooper made the announcement while speaking at a Bahamas Business and Investment Forum at the University Club in Washington D.C. organized by The Embassy of The Bahamas headed by Ambassador Wendall Jones. Mr. Cooper said: “In the last three years we have attracted more than $10billion in new foreign direct investments.” 

Mr. Cooper outlined why US investors should do business in The Bahamas, starting with easy access to our country and the stability of our economy and political system.

“We have a stable democracy and a peaceful, hospitable people.  We have visa-free seamless travel from the United States with pre-clearance and TSA pre-check. We have a strong growing economy that has allowed us to build modern infrastructure throughout our archipelago,” he said. 

The deputy prime minister highlighted the more than 20 major airlines that fly to The Bahamas, modern infrastructure, dining and entertainment options that rival anywhere else in the world including well-known hotel brands like Rosewood, Four Season, Montage, Hyatt, SLS, Marriott and many more. 

He pointed out 2023’s record tourism arrivals of 10 million visitors which was an increase of more than 30 percent ahead of 2019 pre-pandemic levels and looked to future growth. “Already this year we are seeing a 15 percent growth in overall arrivals, over the 2023 record.” 

Mr. Cooper highlighted that the government has actively created policies that incentivize projects aimed at reducing carbon footprints and enhancing environmental resilience.  “To support this, we have implemented the National Investment Policy, which is designed to attract investment in alternative energy, green technology, and eco-tourism and carbon credits.  We are also advancing The Bahamas as a digital society, fully embracing smart technology and the digital economy. “

The investments minister noted that The Bahamas known for decades as an important financial centre is heightening its efforts in modern financial business. “We are focused on becoming greater participants in the global FinTech revolution by becoming a hub for digital financial services, and we are inviting technology companies, start-ups, and innovators to take a serious look at what we’ve done with our regulatory environment and forward-thinking policies to support the development of this sector, “he said.  

He also listed progressive legislation benchmarked against international best practice to support the move including, the Digital Assets and Registered Exchange Act, the Longevity and Regenerative Therapies Act, the Climate Change Initiative Act and the Carbon Credit Trading Act and Cannabis Acts. 

Mr. Cooper also noted that The Bahamas is moving to gain mastery of new global technology. “We are already exploring opportunities to integrate AI into our public services and industries to boost efficiency and provide better services. We envision a future where The Bahamas becomes a destination for digital nomads, tech start-ups, and AI developers.” He said, “we have launched an initiative called Innovate242 that focuses on advancing the technology industry including tech hubs, incubation centers and an ecosystem designed to accelerate and support tech entrepreneurs.  At the same time, we are reducing bureaucratic red tape and creating a business environment that is efficient, transparent, and competitive.”

As Aviation Minister, he referred to the 14 airport infrastructure projects underway and labeled them as a good way to develop The Bahamas through Public-private partnerships and focused on the  Family Islands Renaissance Project.

Underscoring what the bottom line is, DPM Cooper said, “we are positioning The Bahamas as a destination where businesses can bring their employees to live and work, either permanently or on a rotational basis.” He added, “we also have an Economic Permanent Residence program where you can invest $1 million or more in real estate and benefit from Economic Permanent Residency. If you’re an expatriate or a global professional, The Bahamas has never been more attractive or ready to accommodate you. “

In a move to encourage more confidence, Mr. Cooper pointed out that “of note, is the keen interest of the US Exim bank and Chairman Reta Jo Lewis in supporting and funding US companies seeking to do business in the Bahamas. “

Congratulating Ambassador Jons, the DPM said, “this forum is a model that other countries in the Caribbean could emulate.” 

The forum included several panels focusing on topics such as “opportunities for global economic partnerships” and the “blue economy and climate resiliency.”

Ambassador Jones in his welcoming remarks noted the embassy’s understanding and goal of positioning The Bahamas for greater investment. “We recognize that public-private partnerships are essential in driving economic development. Collaborating with the private sector can leverage resources and talents to implement sustainable projects that create jobs and sustainable growth.”