Nowadays, at almost every opportunity, Prime Minister Perry Christie or Economic Development Minister, the Honorable Allyson Maynard Gibson will seize the moment to boast of an ever increasing amount of foreign investment in the Bahamas. This also includes an increase in land sales to foreigners. This they feel is a vote of confidence in the development policies of the PLP.
Undoubtedly, ﾠforeign investment is the fuel or catalyst of the Bahamian economy. Any increase in foreign investment will serve to provide much needed foreign exchange, jobs and other opportunities for Bahamians. Selective foreign investment could reduce if not eliminate unemployment and the accompanying misery that unemployment brings. Providing the appropriate incentives to encourage foreign investors, investors will be walking over each other to get into the Bahamas. And with the stable Bahamian system of government, the Bahamas could be an envious showpiece in the global economy.
This was clearly the vision of the previous FNM government when they came to power in 1992. ﾠWith a record double-digit unemployment, the new FNM government had to effectively deal with the issue of “jobs, jobs, jobs!”
Surprisingly, despite the obvious benefits and positive impact on the Bahamian economy, the PLP when in Opposition opposed most of the foreign investments initiatives undertaken by the FNM. They claimed that the FNM was giving away everything to the foreigners and that a PLP government would put Bahamians first, no matter what a foreigner brings to the table. This was the same ridiculous attitude that left the Bahamian economy in shambles with a burdensome record national debt. The PLP’s opposition to foreign investors could only be described as a paranoid hysteria to the point where anything foreign was challenged. Without considering whether something was good or bad for the Bahamas, the PLP made no distinction. The mere fact that they were foreign was sufficient for the PLP to remove the welcome mat. ﾠIn fact, things became so outrageously ridiculous that any astute observer would conclude that the PLP were actively trying scare foreign investors away. This xenophobia or unreasonable fear of foreigners got so out of hand that members of the PLP were publicly attacking well-intended investors and on at least one occasion a major foreign investor was physically manhandled.
During Campaign 2002, the PLP took their anti-foreign investor message to the streets. Their message was clear! Foreigners, especially investors are no friends of the Bahamas. The FNM was “condemned” for selling at the Bahamas to foreign investors. The atmosphere became so negatively charged against foreign investors by the PLP that there was speculation of an exodus of foreign investors out of the Bahamas should the PLP win. Prime Minister Christie out pf concern was quick to reassure investors that his government would honour all agreements made by the previous FNM government.
Despite the tremendously positive impact on the Bahamian economy and social life of the Bahamas, no other foreign investor has been so mistreated and the recipient of PLP venom as Sol Kerzner. So much so, that even the former PLP Minister of Finance threatened to rescind contracts made with Sol Kerzner should the PLP return to power. On numerous occasions, Sol Kerzner was accused of everything from being a racist to not caring about Bahamians. Such negative publicity only frustrated the development of his Atlantis projects. Under such an atmosphere , the average person would have cut their losses and run. That’s what the PLP had hoped. But, Sol Kerzner realized that “where ignorance is abliss, ’tis folly to be wise!” However, Sol Kerzner stuck it out and the rest is Bahamian history.
Today, it is so hypocritical that the PLP government is using Sol Kerzner as their trump card. With the announcement of his billion dollar Phase 3 project, Sol Kerzner has gone from PLP villain to PLP hero and is now their knight in shiny armour to the rescue of the Bahamian economy. Also, it was recently announced that Sol Kerzner will encourage Bahamians to participate in his Atlantis ventures by making shares available to Bahamians. Can you believe that just a couple of years ago, this was the man that the PLP was trying to can? Just because he was positively impacting the Bahamian economy and therefore making the FNM look good?
Hopefully, the PLP has learned from their spiteful actions against foreign investors. Yes, there are some bad ones, but when we see one with a good track record, we must welcome them with open arms if it is within the best interest of the Bahamas. But, the vindictive and sometimes immature statements at times by the PLP have only hurt the Bahamas. Can you believe that the PLP are now trying to get credit for Sol Kerzner’s investments and that PLP chairman Raynard Rigby is asking the FNM leadership not to criticize Sol Kerzner’s deal so as not to jeopardize it Nowadays, the PLP are eating those same words that they used to condemn foreign investors. The PLP and now acting exactly like the FNM did when it comes to dealing fairly with foreign investors.
Dr.Leatendore Percentie Boston
Massachussetts, June 11th, 2004
