Speaking at the Business Outlook 2003 seminar last week, Bahamian Prime Minister, Perry Christie signalled his awareness of the excessively bureaucratic nature of the jurisdiction’s investment regime, and pledged changes over the coming year.
The Nassau Guardian on Friday quoted Mr Christie as observing that ‘hundreds of millions’ of investment dollars are waiting to pour into the Bahamian economy, represented by pending applications before the Bahamas Investment Authority and the National Economic Council.
However, he warned that long delays in processing applications, and high levels of red tape could cause investors to look elsewhere.
‘Simply put, the wheels of the government are still moving too slowly and inefficiently in this regard. We can ill afford to frustrate potential investors, particularly at a time like this,’ he observed.
By Amanda Banks, Tax-News.com
