Minister Johnson presented a blueprint for the promotion and expansion of trade in The Bahamas.
On October 22nd, Minister of Financial Services, Trade & Industry, and Immigration, Hon. Elsworth Johnson, presented his vision for an expanded role for exports within the economy.
Minister Johnson outlined the major initiatives that his Ministry has launched, as well as the plan for moving the economy forward through trade.
Capacity Building was a major focus throughout the report and the Trade Unit was no exception. Minister Johnson has overseen the expansion of the trade unit through the hiring of additional trade officers. He has also introduced the first-ever Director of Trade, Brickell Pinder, signaling an increased prioritization of trade as a major economic force.
The Minister outlined a 3-step approach to moving the economy forward through trade and industry.
- Step 1: Increasing awareness and providing access to information on trade agreements. “Those considering investing in the manufacturing sector should be armed with the knowledge of all the trade deals that they can take advantage of to tap into international markets.”
- Step 2: The provision of sector-specific market information to Business Supporting Organizations. Business Supporting Organizations are organizations like the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), the Small Business Development Centre, and the Bahamas Agricultural and Industrial Corporation that are actively engaging with local businesses.
“This involves the development of reports to give insight into the general provisions of the trade agreements and how interested parties can gain access…”
Detailed information would be provided not only on legislation but also on export trends and emerging opportunities.
- Step 3: Facilitating links between the Industries Encouragement Act and micro, small, and medium enterprises within the green, blue and orange economies.
“This will ensure that our manufacturers are taking advantage of all opportunities for reduced duties on raw materials and other inputs, lowering the cost of operation for many local manufacturers.”
Click here to read the full Minister’s Report.
