Bahamians were urged by businessmen and public sector officials to consider the economic impact that purchasing foreign-made products has on the country.
On Friday at the official launch of Buy Bahamian Month consumers were encourage to support locally manufactured goods. It was said that as many as 90 per cent of consumers, as well as wholesalers and retailers, were not supportive of local industries, which reportedly could result in the demise of these businesses.
Further, Bahamians were urged to consider that when they purchase foreign goods over those that are available locally, they are contributing to the huge trade deficit from those imports.
Former Minister of Financial Services and Investments Allyson Maynard-Gibson disclosed several weeks ago that the current trade deficit The Bahamas has with Florida, its major import market, stood at $823 million. According to figures for 2005. the U.S. Census Bureau, Foreign Trade Division Data Dimension Branch, The Bahamas spent over $1.4 billion dollars in exports from the U.S., while earning only $624 million from its exports mainly to Florida.
The Super Value food store chain has taken the lead in the promotion of locally made products and has spearheaded Buy Bahamian Month for twelve consecutive years. A variety of locally made goods, from juices to jams, toilet paper, breads, vegetables and household cleaners, can also be found on the stores’ shelves.
“I believe that Bahamians will be surprised by the amount of high-quality items that are produced in our country,” said Rupert Roberts, President of Super Value stores. “Bahamian producers have proven over and over again that we could produce world-class products that are competitive with foreign products. All it takes is local consumer confidence and support to keep these vibrant industries alive,” he added.
Mr Roberts also pointed out that the existence of these industries meant more jobs for Bahamians. “I wish to appeal to the government to stand firmly behind entrepreneurs who have dared to dream so that their efforts can thrive and build a stronger Bahamas,” said Mr Roberts.
The government announced recently the establishment of the Domestic Investments Board (DIB) to create a more friendly and supportive environment for small and mid-sized businesses. With several government agencies involved in the DIB, the aim is for these agencies to create a one-stop-shop that would combine efforts to lessen red tape that some local businesses experience.
Vincent Peet, Minister of Financial Services and Investments said the DIB would help to ensure links would be established between local businesses and foreign investments so that more Bahamians are able to share in the wealth of the country.
“Bahamian businesses play a vital role in the local economy. The government is aware of that and certainly would do all we can to provide [opportunities] for Bahamian business persons to give you an even better chance at making a good profit,” said Mr Peet during his address at the launch of Buy Bahamian Month.
Further, Mr Peet suggested that there needs to be a more aggressive public relations campaign so that more Bahamians could become aware of the diverse products that are manufactured locally. “When we produce things in The Bahamas, we should all be proud of those labels,” Mr Peet added.
Agriculture minister Leslie Miller had a more radical message. “It is the consumer in many respects that is responsible for the demise of local industries in this country,” he said. “It is only through consumer purchases that the farmers and producers will be able to sustain themselves, grow in their respective areas and become one of the major player’s in the region’s trading block.”
Mr Miller stated further that 90 per cent of store owners refused to carry locally manufactured brands on their shelves. He does not believe that boycotting such businesses would be an unreasonable move in sending them a clear message either.
He said that too many Bahamians falsely believe that if the product is not foreign made, then it is no good. “That must change,” Mr Miller admonished.
By: BARRY WILLIAMS, The Nassau Guardian
