THE WEEK IN REVIEW BY ELCOTT COLEBY ( 2nd to 6th FEBRUARY 2015)
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In delivering his keynote address at the inaugural Bahamas Economic Outlook sponsored by the Fidelity Group of companies, Prime Minister Christie covered the broad and familiar national themes of Bahamas GDP growth, public finances, foreign investment and employment. He delivered this address on Tuesday, 3rd February 2015.
Even though the conference theme was “Think: Growth-Global Opportunities-Can we compete?,” the media focused on the Prime Minister’s progressive rhetoric about the loan practices of local banks creating what he called “modern day slavery.” Beyond that however, Mr. Christie touched on five significant areas he deemed critical to the country’s growth and global competitiveness in the near to medium term
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. They were Economic Diversification and Access to Credit, Energy Security and Sufficiency, Safety and Security, Planning & Infrastructure development, and Education.
I wish to focus on just two of them.
Mr. Christie told delegates that through the country’s economic diversification model, we must develop “sustainably”…“for the benefit of our people” through a “model of shared ownership and control in key sectors and for key assets” in the Bahamian economy. He used the outcome for BTC 2% majority share negations, the strategic partnership for the Bahamas Electricity Corporation (BEC), the entrepreneurial opportunities connected with Bahamas Junkanoo Carnival and the establishment of the Bahamas Agriculture Marine Science Institute (BAMSI) as tangible examples of the philosophy of his government’s policy thrust.
On energy security and efficiency, the Prime Minister made three significant points here.
First was the need to “bringing more private sector knowledge and expertise to bear in this sector.” Second was the Bahamas’ success in getting the United States to rescind its policy of using a country’s GDP as qualifying criteria for accessing loans at concessionary rates through the Inter-American Bank (IDB) and the third significant point was the commitment of the US Government to “provide direct support on Caribbean energy initiatives through its Overseas Private Investment Corporation (OPIC)” said Mr. Christie.
The Prime Minister continued that “this (the arrangement with the OPIC) therefore increases the range of possibilities for us as we advance our own private sector oriented process in The Bahamas.”