The Ministry of Financial Services, Trade & Industry, and Immigration is actively engaged with this programme to develop a strategy to significantly increase rum exports from the Bahamas. The objective is to decrease bureaucracy, address market intelligence gaps, remove logistical constraints, and provide vital information to exporters so that they are equipped for success. This is a part of a wider economic diversification strategy.
Bahamian rum exports only account for 0.7% of total global rum exports. Similar to the success seen in Ireland, where Bahamian rum products account for 73.3% of Irish rum imports, there is an opportunity to expand exports to countries where other rum producing countries like Cuba and the United Kingdom have strong market penetration. The list of potential markets includes Spain, Germany, Australia, Czech Republic, and Latvia. Currently, the Ministry is undergoing widespread consultation with key industry stakeholders and experts to develop an actionable plan that will be completed and moved forward for execution by mid-2021.
To learn more about TradeComm II visit this link: http://www.tradecom-acpeu.org/index.cfm