The US Ambassador, in what is likely to be interpreted as criticism of the Bahamas’ approach, has called for foreign direct investment approvals processes to be transparent and certain to enable this nation to compete in the global economy.
Addressing the 15th Bahamas Business Outlook, John Rood said: “Investors are entitled to know whether their proposals are on track, and if not, why not.”
He was urging the Bahamas and other Caribbean states to “take a forward look approach” to combatting the challenges posed by so-called globalisation, and exploit the opportunities. His comments on transparency and certainty in the approvals process for foreign direct investment are likely to be agreed with by many developers, who have often complained about the red tape, bureaucracy and inordinate amount of time take to approve their projects – with little explanation coming from government officials.
Mr Rood said globalisation would present the Bahamas and other CARICOM nations with many investment opportunities, but they needed to be “seized”.
“I believe the Bahamas and its sister countries are better positioned to take advantage of globalisation than many people realise,” the US Ambassador said.
US Customs and Border Protection officials were working closely with the Freeport Container Port to station officers there, so that shipping containers and cargoes could be inspected there, and their onward movement to the US be “expedited”.
Attractive
Mr Rood said this would “make the port of Freeport more attractive for their customers”. The US was also working with the Bahamas to reach an agreement on US inspections of Bahamian flagged ships in international waters if they were suspected of involvement in terrorist activity.
“I envision enhancing economic co-operation,” Mr Rood said. “Changes in the global economy are changing the way we do business.
“Throughout the region, business leaders and governments are embracing change. Change is upon us whether we like it or not, it’s happening daily, and how we respond to it, is up to us. As we look to the future, we should aspire to work more closely together.”
By NEIL HARTNELL, Tribune Business Editor
