"Private partnerships and investment in Orange, Blue, & Green economies cited as crucial in moving The Bahamas “Beyond Recovery into Growth”
 

In his keynote address at the 2022 Bahamas Business Outlook, held virtually this morning, Prime Minister Philip Davis petitioned members of the business community to actively partner with the government in guaranteeing the economic success of the nation.

Speaking under the theme “Beyond Recovery into Growth,” Prime Minister Davis outlined that while the government has appointed a debt management committee and established a revenue enhancement unit, the private sector must also be dynamic in its efforts to promote financial resilience and stir economic growth throughout the archipelago.

The Prime Minister cited several first steps the private sector might take, whether establishing youth-targeted internship programmes; increasing the base salary of entry-level workers; ensuring pay parity in the workplace; or supporting social campaigns.

In addition to private partnerships, two pillars were identified as central to economic recovery in the country: the first being the new Orange, Blue, and Green economies, and the second being unique business opportunities that arise in seeking to uplift the Bahamian people. The Prime Minister reiterated that although policy leaders have been appointed to drive development in those sectors, the government will not be the sole actor securing a better future for the country. Indeed, the Davis administration is committed to fostering sustainable economic partnerships with industry stakeholders and private enterprises.

“It is no secret that the entire commercial sector stands to benefit,” the Prime Minister stressed, “from investments in youth education and critical infrastructure. Active citizenship will be key to growth.”

The keynote address was followed by expert talks, panels, and interviews covering a range of financial matters, from embracing change in the tourism industry to a digital transformation already in motion. The event, held annually, was organized by The Counsellors Ltd.

Quotes from PM Davis’s Keynote Address

“My administration can and will play its part in enhancing the macro-economic environment of the country, but ultimately, it is only in constructive partnership with you, members of the business community, that the country will succeed.”
“My friends, we must be willing not just to speak of change, but to boldly bring it about. There is no question that when people can better provide for themselves, they are likely to be more productive at work. They are more likely to use their earnings to drive the local economy. And they are more likely to exercise active citizenship, that is, to take control of their lives and influence their society for the better.”

“As we seek to diversify the economy, to facilitate and promote growth in the new Orange, Green, and Blue sectors, what can you do to support the many Bahamians, especially those in the Family Islands, who continue to struggle with high levels of poverty and unemployment?”