To ensure adequate funding for domestic investment, the Bahamas Agricultural & Industrial Corporation (BAIC), is presently formulating a new ‘Heads of Agreement’ with the Bahamas Development Bank (BDB).
This new endeavour supports one of BAIC’s major goals to foster economic growth in tourism, agriculture, industry (light and semi heavy), fishing and tree propagation.
BAIC is also looking at new formulas with commercial banks to secure capital for such projects.
According to BAIC Executive Chairman Mr. Sidney M. Stubbs, Domestic Investment is a Government policy to provide funding for Bahamians seeking to cash in on cultural investments.
The government agency is also in the process of providing Domestic Investment Officers for every Family Island.
Only qualified candidates will be chosen, Mr Stubbs said. They must know the peculiar needs and aspirations of their island, as well as a desire to grasp opportunities in domestic investments.
The Domestic Investment Officer will also liaison between BAIC’s head office in Nassau and sub-office in Freeport.
Speaking to residents of Long Island at the Clarence Town Community Centre during a town meeting last Friday, Mr Stubbs encouraged them to take advantage of the ‘new impetus’ in domestic investment. Minister of Agriculture & Fisheries, Mr. V. Alfred Gray was also in attendance.
“Domestic Investment will run parallel with foreign investment and where necessary,” Mr Stubbs said, “both will work in tandem together as we structure unique but workable affiliations and joint partnerships with local and foreign groups.”
BAIC has long declared its capacity to create free-of-charge business plans for would-be entrepreneurs and their ability to link small businesses with international or regional agencies to supply them with technical expertise and data on the relevant field of investment.
Giving examples of the vast potential Long Island has for domestic investment, Mr Stubbs said: “Long Island…can become a major corn producer of The Bahamas. You can give our people the banana and plantain and in your factories can come the new dietary staple of banana and plantain chips.”
“Long Island can grow the elegant and stately palm trees that are now being imported into The Bahamas at top dollars for ornamental gardens at luxury homes and resorts…. it can become the Australia and New Zealand of the new world in mutton production.”
A Domestic Investment Officer for Long Island is expected to be in office before the end of May.
By Lisa Albury, The Nassau Guardian
