Categorized | National News

PLP WARNS FOREIGN INVESTORS–Promises to repeal New Commercial Bill

The Progressive Liberal Party (PLP) has out rightly rejected the Commercial Enterprises Bill calling it “fundamentally flawed, fundamentally wrong and fundamentally ill- conceived”.

In a press statement, Leader of the Opposition, Philip Davis said that the bill when the party returns to office it will be repealed.

“The PLP is fundamentally opposed to the Commercial Enterprises Bill.

“It did not support it in the House. It will not support it in the Senate.  It will take its case on the road to the Bahamian people.

“When we come to office we will repeal it and those who accept its benefits ought to think carefully before accepting the benefits of this legislation,” Mr. Davis said.

Calling the bill an unnecessary intervention for attracting Foreign Direct Investment, Mr. Davis said that the party has its suspicions of why such a bill was tabled.

“During the debate in the House, nothing was advanced to justify the intervention of this bill. All that was said to justify the policy of the Government can be achieved by improving management protocols and the efficiency of the public administration,” Mr. Davis said.

Making specific reference to zoning ordinances within the bill, Mr. Davis said , that in itself presents a conflict of interest.

“We are also suspicious of the creation of “specified enterprise zones”.

“Such a designation of land will no doubt enhance its value. We know who the land barons are in this country. They hold too much of the wealth of the country as it stands. This will only further enrich them at the expense of the public at large.

“For example, if the city of Nassau is designated as such, who is more likely to benefit.


“No doubt Brent Symonette, who is the mover of this Bill and a major land owner in the city of Nassau, in New Providence and in The Bahamas,” Mr. Davis said.


The bill which has an investment threshold of $250,000, that will allow for automatic work permits, “does nothing for Bahamians” according to Mr. Davis.


“It will undercut the progress that Bahamians have made in this country under the PLP after 1967 and Majority Rule. It threatens the jobs of young professionals in this country.


“This Bill does nothing for Bahamians and is simple pandering to a privileged minority and foreign interests, while squeezing the economic way of life for many Bahamians,” Mr. Davis lamented.


“Economic development and liberalization should not come at the expense or detriment of the Bahamian people,” he said.

Written by Jones Bahamas

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