Bahamas Report March 2008

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THE BAHAMAS

The Bahamas Tourist Office / Greg Johnston / Julian Bajzert

SPECIAL ADVERTISING SECTION

The Bahamas — Still booming Sustainable projects are continuing to come on stream for the island paradise.

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country built on a thriving tourism industry, the Bahamas has made significant strides into diversification in the last decade. With government estimates putting foreign direct investment in the last 15 years at around the U.S.$8-10 billion mark, the paradise archipelago continues to be one of the most successful economies in the Caribbean. As he approaches the end of his first year in office, Prime Minister Hubert Alexander Ingraham remains committed to keeping the Bahamas attractive for investment, and creating jobs for the Bahamian people. Deputy Prime Minister Brent Symonette says, “The Free National Movement’s policy is that government should not

optic cable installed to link the nation in 2005-6, means that today, BTC can provide the whole gamut of telecoms services on each of its major islands. Leon Williams, BTC’s president and CEO says, “When you look at the major conference centers in the Caribbean right now, one would certainly be the Atlantis, one of the mega developments currently under construction in the Bahamas. From an occupancy and size level, it has all that is required. As a telecommunications provider for the Atlantis, we are hoping to provide ubiquitous GSM coverage there very shortly and have spent more than U.S.$5 million on this already. When

Brent Symonette, Deputy Prime Minister

be in business. Investors here feel confident and safe. They know they can take their investment back in U.S. dollars and it is for this reason we have a high GDP. Tourism, and our second economic pillar, financial services, have provided some high-end jobs. We have been fortunate in being able to make sure the Bahamians hold those jobs.” It is hoped that double-digit unemployment figures are in the past. Zhivargo Laing, Minister of State for Finance notes, “Essentially, the Bahamas’ economic model hasn’t changed in 60 years and it is unlikely to change in the future. Much of our focus is therefore on finetuning the advantages we have, enhancing the tourism and financial services sectors. Given our investment track record, we want to ensure international investments have the kind of integration and synergies with local investments that allow greater retention of foreign reserves, thus spreading the generated wealth throughout the islands.” Fiscal prudence is a significant focus of this administration, Laing says. “We recognize there is a need for us to manage the fiscal affairs of the country so that we can continue to give ourselves a kind of security cushion in the face of a dynamic world—one that will allow us to respond better to any external shocks.” The government’s desire to distance itself from entities that might better function as private businesses is best exemplified in telecommunications and power. The Bahamas Zhivargo Laing, Minister of State for Finance

Telecommunications Company Ltd. (BTC) celebrated its most successful year in 2007, with revenues reaching a record U.S.$327.4 million, showing that its customer-focused approach is paying off. Five years’ worth of solid investment, that includes a U.S.$60 million submarine fiber

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