PORTFOLIO:
ALTERNATIVE DISPUTE RESOLUTION UNIT (ADR)
Legislation: Arbitration Act 2009
Role: To serve as The Bahamas’ Centre for international arbitration and other alternative dispute resolution (“ADR”) mechanisms. International arbitration is an alternative dispute resolution mechanism that is widely used by Governments and Multi-National Enterprises alike and it is a complement to existing industries.
Integral to both the Economic Plan and the Blueprint’s success, is the availability of effective dispute resolution mechanisms to bolster investor confidence and ensure that The Bahamas is seen as an advantageous jurisdiction.
Goal: To increase foreign direct investment (“FDI”) and increase business activity.
Accomplishments:
• Established Alternative Dispute Resolution Council (the “ADR Council”)
• Represented the Ministry at the International Council for Commercial Arbitration (“ICCA”) Congress 2022 held in Edinburgh, Scotland
Future Endeavors:
• Appointment of Bahamian Members of Court to the Permanent Court of Arbitration (“PCA”)
• Implementation of an improved legislative framework to support ADR
• Develop the Bahamas International Arbitration Centre, initially as a virtual platform and then as a physical location in Freeport, Grand Bahama
Bahamas Bureau of Standards and Quality (BBSQ)
Legislation: Arbitration Act 2009
Role: To advance national development through the facilitation and pro motion of quality services in standardization, metrology, and conformity assessment to protect the consumer, enhance international trade and competitiveness of goods and services. Additionally, serve as the official WTO enquiry point.
International and regional Partners: ISO, COPANT, IEC, CROSQ, UL, ASTM, GEF
Accomplishments:
• Declared 37 national standards
• 8 active Technical Committees with 22 standards under review for national adoption
• Through the 11th EDF: Completed container laboratory outfitting, i.e. cabinetry, balance tables and secondary A/C. Additionally, the consultancy for technical and marketing finalized.
Future Endeavors:
• Procure equipment for Metrology laboratory
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Bahamas National Statistical Institute (BNSI)
Legislation: The Statistics Act, 2021
Role: Formerly known as the Department of Statistics, will modernize the collection, analysis and dis semination of official statistics for the country.
Accomplishments:
• Successful launch of National Census, April 2022
• Transitioning of the Bahamas National Statistical Institute (BNSI) implementation of infrastructure from department, organizational, human resources, IT infrastructure, financial structuring
Future Endeavors:
• National CENSUS 2022 - ongoing
• Tool for Assessing Statistical Capacity (TASC)
• Labour Force Survey, Household Expenditure Survey
• Establish National Statistical Committee (NSC)
Consumer Affairs
Legislation: Price Control Act, 1971 and its Regulation and the Rent Control Act, 1975 and its Regulations
Role: To enforce and monitor stores/businesses to ensure that merchants comply with the law. Inves tigate matters and complaints related to Price Control and rent disputes by consumers. Analyze price controlled items submissions and prepare price control regulatory amendments i.e. gasoline, diesel, bread basket items and price control drugs. Additionally, collect and compile data on price control items and ensure consumer education.
Accomplishments:
• Completed training exercise with the Customs Department for calculations of landed duty on Breadbasket items
• Expanded the scope of Breadbasket items with 15% maximum wholesale and 25% retail per cent markup for all brands and sizes for the following:
Baby Cereal
Soap
Cream of Wheat Baby Food Soup Oatmeal
Baby Formula Fresh Milk Corn flakes
Broths Chicken Turkey
Sugar Macaroni and Cheese Mix (Box) Sandwich Meat Canned Fish Canned Spaghetti Pampers
Condensed milk Canned Pigeon Peas (Cooked) Feminine Napkins
Powdered Detergent Peanut Butter Eggs Bananas
Mustard Ketchup Bread Limes
Tomatoes Iceberg lettuce Broccoli
White potatoes Yellow onions
Green bell Peppers Pork Oranges Apples
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• Expanded Price Control Drugs with 15% maximum wholesale and 35% retail percent markup with 10% vat for the following prescription and non-prescription:
Vaccines
Contraceptives
Analgesics
Anti-diabetic
Laxatives
Anti-convulsant
Antihistamines Serums
Antacids Cardiovascular Agents
Asthma
Anti-hypertensive
Cough Preparations
Decongestants
Consumer Protection Commission
Legislation: Consumer Protection Act (2006), Chapter 337C
Role: To address consumer complaints through mediation and investigation and ensure consumer education
Accomplishments:
• Increased funding
• Increased staff compliment: Case Investigator, Inspector and Data Officer
• Establish new department: Education, Research & Training that will be responsible for creating educational initiatives and campaigns
• Launch talk show appearances- Consumer Voice, March 2022 designed to educate, inform and empower the Bahamian consumers about their rights and have issues addressed
• Visited the island of Abaco to assist with establishing a CPC presence
• NGO Partnerships-meetings have begun with URCA, BPL, Central Bank of The Bahamas, Bahamas Investment Authority (BIA) and Insurance Commission of The Bahamas
• CPC 24 Hour Hotline
• Completed its Annual Report 2020-2021
• Completed 2021-2022 annual audit
• Resumed-Consumer Nets after school program for junior and secondary schools - educate students about their rights as young consumers
• Serve as one of NEMA’s stakeholders and actively support its annual Hurricane Preparedness Exhibition and other disaster relief programs
• Launch Refund & Receipt Campaign - the inability to obtain a cash refund from majority local retailers due to store policies. October 2022
Future Endeavors:
• Pop Up Appearances- speak with public, collect additional data on their concerns, while simultaneously disseminating information
• Town Hall Meetings
• Public Service Announcements (PSAs)
• Secret shopper initiative, to assist the Commission in identifying violators of the legislation
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Department of Transformation and Digitization (DTaD) and Department of Transformation Unit (DTU)
Role: 1) Digitization, 2) Modernization and 3) Transformation
Digital Transformation Unit (DTU) :- IDB Loan for Digitization Initiatives and the Project Execution Unit
Information Communication Technology (ICT)
Accomplishments:
• Launch of ICT self-service portal
• ICT Self Service Portal Training
• Launch of Digi Innovative Grants projects
• Launch of Park Connect Bahamas (Free Wi-fi) in 9 public parks
• Launch of Labour Certificate and Renewal
• List of all ICT systems and software in use GoB wide
• ICT Strategy Firm shortlisted
• ICT Strategy RFP nearing IDB with no objection
• CBN Supplemental Agreement concluded
• On Boarded Digital ID Expert
• Established the NIS Committee for Implementation of eID System
• Digital ID Roadmap Approved by NIS Committee
• Initiated GoB Data Center Design and Implementation
• Cirt facility renovation and outfit near completion
• FOIA Implementation roadmap completed
• Debt Management Advisory Committee –Document Repository -MOF
• Revenue Policy CommitteeShare Point virtual data room - MOF
• Public Expenditure Review – Share Point virtual data room - MOF
• FAS Assessment Training SharePoint Site – MPS
• Get Safe Online Project – Awareness to Cybersecurity Risks
• CARICOM Girls in ICT
• IT Cadet Programme
• Online programme introduced to facilitate Family Island students
• Coursera Digital Learning Platform
• Udemy Digital Learning Platform
• Docuware Upgrade ( Cabinet Conclusion)
• Application and infrastructure Setup for Census
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7 Future Endeavors:
FINANCIAL SERVICES UNIT
Role: Promote the growth of the second pillar of the Bahamian economy, Financial Services (banking, investing, insurance industries),. To provide the strategic direction and vision, facilitate the policy and legislative agenda, monitor trends (local and globally) and facilitate stakeholder engagement and collaboration.
Regulators:
• Securities Commission of The Bahamas (SCB)
• Compliance Commission
• Insurance Commission
• Central Bank of The Bahamas
Partners:
• Bahamas Financial Services Board (BFSB)
• Association of International Banks and Trusts Companies (AIBT)
• Bahamas Investment Authority (BIA)
• Registrar General’s Department (RGD)
Accomplishments:
• Industry promotional events/initiatives:
o Bahamas Spotlight Event New York City: local Bahamian law firms, financial services intermediaries, insurance representatives, the Bahamas Bar Association and the Securities Commission of The Bahamas
o Bahamas Spotlight Event London: local and international practitioners and financial services intermediaries.
o Ties were strengthened with the Caribbean Council in the UK.
o Association of International Banks and Trust Companies of The Bahamas held its 15th Annual Nassau Conference at the BahaMar Resort, Cable Beach, with The Ministry of Economic Affairs being the Platinum Sponsor
o The Ministry of Economic Affairs participated as the Presenting Sponsor at the recent Society of Trust and Estate Practitioners (STEP) Latin American Conference.
• Marketing
o The new URL has been confirmed and established: www.moea.gov.bs
o The Ministry’s Brand Guidebook has been created.
o Promotional templates have been created and completed.
o Social media platforms are live and active.
o Revived discussions with BFSB and the Office of the Attorney General with respect to the implementation of the Tax Residency Certificate
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o Collaborating with the Securities Commission of The Bahamas with respect to the promotion of the Digital Assets and Registered Exchanges Act and its recent amendments
o Continuing discussions with the BFSB with respect to policy and promotional events for 2023
Future Endeavors:
• Industry promotional events:
o Caribbean Regional Compliance Association Conference (CRCA) hosted in The Bahamas during 3rd-4th November 2023
o STEP Asia and Singapore International Arbitration Centre high-level visit 13th November 2022 in Singapore
o Bahamas FinTech Festival: The Ministry will be cohosting, along with the SCB, the first annual Bahamas Fintech Festival scheduled for 24th-26th January 2023 at the Atlantis Resort, Paradise Island, Bahamas
o Caribbean and Latin American Tech Summit 30th January 2nd February 2023 at the Atlantis Resort and Casino
o Bahamas Captive Insurance Forum scheduled through 4th-7th February 2023 in partnership with the Insurance Commission
• Marketing, policy and legislative items:
SMALL BUSINESS DEVELOPMENT CORPORATION/Access Accelerator
Role: Mission of the Access Accelerator: Supports the evolution of the Micro, Small and Medium-sized Enterprise (“MSME”) sector in The Bahamas to maximize the creation of economic impact through carefully calculated use of critical strategic partnerships.
Vision for the Access Accelerator: Through providing business advisory services, advocacy and by facilitating access to capital for MSMEs – will equip and empower Bahamian entrepreneurs to provide employment, create wealth and drive development of a robust and resilient economy.
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TRADE AND INDUSTRY UNIT
Legislation: Industries Encouragement Act
Role:
• To negotiate and implement bilateral, regional, and multilateral trade agreements and facilitate the administration of the Industries Encouragement Act
• To coordinate the government’s trade response with relevant ministries, international and regional organizations, and the private sector
• Provide Business Support Organizations (BSO) with market intelligence on areas of export interest
• Build public awareness on trade agreements
• Expand national export capacity through concessions
• Facilitate linkages between the manufacturing sector and enterprises involved in the blue, green and orange economies
Accomplishments:
• Establish Trade Commission June 2022
• Appoint Chief Negotiator and Chairman Mr. Philip Galanis, Alternate Chief Negotiator and Deputy Chairman Senator Barry Griffin
• Implement the National Development Plan:
o In collaboration of a steering committee and International Trade Center to complete the Draft National Trade Policy: reduction of imports, expansion of exports, diversification of exports and strengthening of domestic imports to drive growth in the blue, green and orange economies
o Held national consultation of Draft National Trade Policy July 2022
• Facilitate the Diversification of the economy:
o Collaborated with Department of Culture to assist in providing educational and training resources for the creative industries such as music, fashion,
o Collaborated with Caribbean Export Development Agency and Department of Culture to design and implement capacity building programmes in music and fashion “Business of Music”
o Facilitate technical Grants assistance financed by the European Union and
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Overall, it is clear this ministry is on the right path and on the way forward! In review of the work initiated within its portfolio in the first year 2021-2022; this ministry commits to the continuation of the implementation of the Government’s policies and goals. Thus, ensuring the completion of the roadmap of the “Blueprint for Change” and the “Economic Plan” to a prosperous and progressive future!
