Real Estate development in The Bahamas is on the rise and the government is positioned to capitalize on that growth and stimulate further expansion, according to the Minister of Financial Services and Investments Allyson Maynard Gibson.
Minister Maynard Gibson’s remarks came as she addressed the Bahamas Real Estate Association’s (BREA) Trade Show held at the Wyndham Nassau Resort Friday.
Minister Maynard Gibson pointed out that for the period July 1, 2002 to May 2, 2003 the Investments Board recorded a total value of foreign real estate investment of over $844 million compared to $445 million for the same period the previous year.
“That’s a hefty increase which translates in any language into a strong and unequivocal expression of confidence,” Minister Maynard Gibson said.
Minister Maynard Gibson said that BREA is one of the government’s key partners in real estate development and the promotion of The Bahamas, not only as a good place to invest generally, but also more specifically as an excellent choice for a second and /or retirement home.
“As Minister responsible for investments I am happy about the unprecedented public private sector cooperation in The Bahamas, due to this government’s policy of partnership with the private sector in national development,” she said.
According to Minister Maynard Gibson, a committee will be formed to advise the government about its policy on second homes and on time-share and land policy.
She reminded the real estate agents that her government is committed to creating and nurturing an investment climate that is a magnet for foreign direct investment.
She said that the National Investment Policy (NIP), which is designed to attract foreign direct investment and provide the most favorable climate for the operation of international business in The Bahamas, clearly and succinctly enunciates the government’s plans to grow the economy.
“It is designed to support an investment friendly climate by outlining the governments commitment to the operation of a free market economy,” Minister Maynard Gibson said. “By fostering appropriate linkages with all sectors of the economy, in particular the tourism and financial services sectors, the national investment policy encourages the development of Bahamian natural resources in an environmentally sound and sustainable manner.”
While the national investment policy stipulates areas of economic activity that are reserved for Bahamians, Minister Maynard Gibson said that there are areas that are especially targeted for overseas investors as well as joint ventures with Bahamian investors.
Minister Maynard Gibson added that the government will ensure that there is equal access to investment opportunities for Bahamian and international investors.
The Bahama Journal
