NASSAU, The Bahamas — Minister of State for Investments in the Office of the Prime Minister Khaalis Rolle said the Government will continue to host seminars to inform local business owners and potential entrepreneurs of Government incentives that have been created to help establish or expand businesses.
Mr. Rolle was speaking at the Downtown Revitalisation and Investment Incentives seminar hosted by the Bahamas Government and Bahamas Chamber of Commerce and Employers Confederation (BCCEC) at the British Colonial Hilton on Thursday, June 21, 2012.
He said private businesses will help boost The Bahamas’ economy, and the government recognises that local investors need the right incentives to want to establish and expand establishments.
“In a difficult economy, there are two things that need to happen to get it to where it needs to be,” Mr. Rolle said.
“You need investor confidence and you need consumer confidence. This seminar will focus primarily on investor confidence; I am quite sure there is money out there to be invested.”
The Government partnered with the Chamber to host the seminar to help educate business owners who are not aware of the concessions and incentives offered to encourage business ownership and expansion, he said.
These incentives are listed in the Hotels Encouragement Act and the City of Nassau Revitalisation Act.
The Hotels Encouragement Act was legislated in 1954 to encourage the construction and renovations of hotels in The Bahamas by providing for the exemption of customs duties and other concessions such as real property tax exemption.
It was amended in 2009 to include concessions for entertainment facilities, nightclubs, restaurants and shops in touristic areas of The Bahamas.
The 2008 City of Nassau Revitalisation Act provides incentives and duty concessions in connection with repair, restoration and upgrade of commercial and residential buildings in the City of Nassau.
Mr. Rolle said, “The incentives that are being offered lowers the cost of investing, and for an investor that makes a lot of sense.”
Chairman, BCCEC, I. Chester Cooper said the Chamber fully backs the Government, as it seeks to educate local business owners of the incentives to help their businesses.
“While we seek to encourage foreign direct investments,” Mr. Cooper said, “we must clearly look to see how we may unlock the local wealth to help to drive some of these initiatives to create economic activity, jobs and even more opportunity for The Bahamas for the benefit of ourselves and our many visitors.”
He noted that the Downtown Revitalisation Act is extremely important. “I have observed over the past several years, many cities where I have travelled that have been truly transformed.
“I look forward to that particular day where we can see a new vibrant Bay Street; a new vibrant downtown where I know there is a great vision already,” Mr. Cooper said.
“We have that historic charm of Bay Street; we have that historic charm of Nassau that we love, and I look forward to its vibrancy again.”
Director of Investments, Bahamas Investment Authority, Joy Jobrilu spoke to the incentives found in the City of Nassau Revitalisation Act and Deputy Permanent Secretary, Office of the Prime Minister presented the incentives found in the Hotels Encouragement Act.
Local business owners were able to ask questions as well as offer suggestions to the Minister and investment officials.
By Llonella Gilbert
Bahamas Information Services
