Bahamas - EN

The Bahamas

PARADISE FOUND

“The Bahamas is open for business”

We have also earmarked significant funding for small business development.

Q: What does The Bahamas offer investors?

Our strong economy, stable currency and tax neutrality make our archipelago an ideal investment environment. The Bahamas Investment Authority (BIA) is the key administrative entity responsible for streamlining the processing of investing in The Bahamas. Through the BIA, we have enhanced the ease of doing business here, attracting higher levels of foreign direct investment. Two considerable investment projects handled by the BIA which have broken ground since I took office are the $170 million Torch Cay residential development in Exuma, and the $250 million Calypso Cove cruise port project in Long Island. These are just two amongst many, reflecting our commitment to funnel greater investment into our Family Islands.

Q: How are you competing on technology and innovation?

Q: How are you partnering with European countries such as Germany?

Germany is a valuable partner to The Bahamas, and we are keen to deepen ties and maximize new opportunities. For example, in 2021, our government signed an agreement with Germany to facilitate direct air travel and increase trade. My administration is working hard on economic diversification, and we look forward to cooperating on new ventures in the blue, green, and orange sectors.

On 30 November 2021, Germany and The Bahamas entered into a technical bilateral Heads of Agreement aimed at fostering closer ties between the countries. Building on this momentum, the Caribbean nation sees Germany as a key partner for tourism and investment. THE

Philip “Brave” Davis was appointed Prime Minister of The Bahamas on 17 September 2021 after his Progressive Liberal Party was elected by a landslide. Epitomizing the transformative power of education, Davis overcame an underprivileged upbringing and excelled in the legal profession before ascending to the country’s highest political office.

700

individual islands

409,984

total population in 2022

63M

Competitiveness in the global economy requires a degree of digital fluency. Under my administration, over 35 government services have been digitised, dramatically improving the operational efficiency of the public sector. We are also partnering with the Central Bank of The Bahamas to increase the use of the Sand Dollar – the digital version of the Bahamian dollar which promises to promote more inclusive access to financial services for underbanked communities.

Q: How are you addressing the need for sustainable development?

Germany is also a key target market for our tourism industry. German tourists tend to stay for longer periods than average and visit multiple islands over the course of their stay. As we continue to deepen ties between our two countries, German visitors are especially encouraged to participate in our People-to-People programme – an immersive cultural experience that pairs visitors with local volunteers who take participants on unique culinary, ecological, and historical adventures.

Q: What are your predictions for 2023?

Q: What have been your main priories and achievements during your first year and a half in office?

My administration has made significant strides towards fulfilling our “New Day” agenda, including raising the minimum wage, implementing price controls and reducing VAT to 10% in order to stimulate the economy. We tackled the COVID-19 pandemic by increasing healthcare capacity and offering free COVID tests and medical-grade masks.

highest elevated point 65%

of the country’s economic activity related to tourism

is the official language

As a nation in the firing line of climate change, we have brought in new carbon credits legislation which will allow The Bahamas to be compensated for the role that our mangroves and seagrasses play in eliminating carbon from the atmosphere. My administration has also overseen the installation of solar micro-grids across multiple Family Islands, and has launched a Sustainable Food Security Grant which will support our agricultural and fisheries sectors. Governments, however, cannot achieve their Sustainable Development Goals alone. Partnerships with the private sector will be crucial in securing a more just and ecologically conscious future.

The Bahamas has suffered major economic shocks in recent years due to catastrophic storms like Hurricane Dorian, the pandemic, which temporarily slowed our tourism industry, and high global inflation. Despite these setbacks, our economy has seen a significant rebound due to my administration’s interventions. As a nation we have a well-educated workforce, proximity to key markets in North, Central and South America, and a vibrant service-based economy, so I am confident The Bahamas will continue to enjoy stable economic growth for years to come.

Q: What is your final message to potential visitors and investors?

The Bahamas is open for business. We are ready to partner with astute investors to reimagine what’s possible for our region.

“The Bahamas is a thriving democracy with world-class financial and legal institutions”

“Germany is a valuable partner to The Bahamas”

A place to unwind

Post-pandemic, the tourism industry is seeing record growth.

Asignificant proportion of The Bahamas’ economic activity is linked to tourism, a sector long-considered key to national development. Predicting record visitor numbers in 2023, Deputy Prime Minister and Minister of Tourism, Investment and Aviation, Isaac Chester Cooper, is gearing up for the country’s biggest season yet.

Q: What is your current focus for tourism?

We are investing heavily and refreshing our product by increasing airlift, boosting direct flight numbers, opening up more of our 700 islands for tourism, and developing new sectors such as ecotourism.

Q: How important is Germany as a target market?

Germany is the third-largest market for us in Europe, following France and Italy, and we think there is significant opportunity to expand that.

Isaac Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investment and Aviation

As referred to by President Davis, our German travellers like to come for a few weeks to enjoy the beach, relax, be in the wild, and enjoy our food, art, culture, and people. This is something we treasure because what is most important to us is to introduce the world to the heart and soul of our people.

A place to invest

A gateway for investors, The Bahamas Investment Authority (BIA) promotes the country’s many investment opportunities.

The Bahamian government’s proactive economic growth and development policies are guided by the BIA. Operating from the Office of the Prime Minister, the BIA has been designated a one-stop shop, set up to simplify investment in the country by developing investor-friendly policy, promoting investment opportunities abroad, evaluating project proposals, monitoring and coordinating project implementation, and administering investment legislation.

Rebranding as Bahamas Invest, the BIA is now focussing on a promotional strategy which will market the culture and unique investment potential of The Bahamas’ 700 islands to countries like Germany, in order to channel an inflow of foreign direct investment towards a diverse range of sectors.

“Tourism is still a key investment driver, but there are many other opportunities in manufacturing, ICT and digitalization, re-

newable energy, and agriculture, amongst others,” said Phylicia Woods-Hanna, BIA’s Director of Investments.

“We’ve been looking at Germany very closely, to see how we can finetune those targeted areas and market them as investment opportunities,” said Woods-Hanna. “The Bahamas is a premier jurisdiction for investors, and the BIA will hold hands every step of the way, from initial planning to implementation.”

INTERVIEW

Previously serving as Director General of the Ministry of Tourism, Investments, & Aviation, Joy Jibrilu now heads the Nassau Paradise Island Promotion Board (NPIPB), with a mandate to boost growth for the region’s most iconic destination.

Q: What does tourism mean for The Bahamas?

Tourism is the bread and butter of the Bahamian community. It is linked to our identity, economic development, and growth.

Q: What makes The Bahamas stand out from other destinations?

Many places offer warm weather, beaches, and luxury-type holidays, but our long-standing reputation sets us apart from our competitors, as we’ve been in the industry for over 100 years.

We cater to the top-of-the-line luxury market, as well as budget-friendly family-oriented holidays, through our incredible hospitality infrastructure which boasts some of the world’s best hotels, including Baha Mar and the Ocean Club. Our airports are also world-class.

try of Tourism and the Prime Minister’s office to look for ways to make it safe for The Bahamas to continue with its tourism. For example, we were one of the first destinations to require entry visas and a COVID test before arrival.

Q: What lessons did Nassau Paradise Island learn from the COVID-19 pandemic?

One of the lessons we learned was the importance of ensuring the tourism industry works holistically. The stakeholders of Nassau, private and public, came together to work on protocols that addressed the health and safety of our people and guests. We worked with the Ministry of Health, the Minis-

Q: How are you responding to changing industry trends?

Ecotourism is a big growth market for us. Most people don’t think of Nassau Paradise Island as an ecotourism hub but the island has opportunities for ecotourism because of its natural parks and islands. The Bahamas Trust has been busy promoting, for example, the Bonefish Pond and Primeval Forest National Parks.

Q: What is your current approach to the German market?

I have been to Germany before, and will be there again in March 2023 to promote our islands. As one of the most important in Europe, we pay special attention to the German market, and our Ministry of Tourism has a dedicated office in Königstein. Germany has always been one of our top markets since the development of modern tourism. German visitors stay on average between four to six weeks which brings a substantial contribution to our economy. We believe there are even further opportunities in the German market, but most importantly we also want to spread the message that The Bahamas caters for all, not just high-end and luxury.

“We pay special attention to the German market, one of the most important in Europe”

JOY JIBRILU CEO, NASSAU PARADISE ISLAND PROMOTION BOARD (NPIPB)

“We are investing heavily and refreshing our product”

PHYLICIA WOODS-HANNA DIRECTOR OF INVESTMENTS, BIA

“The Bahamas caters for all, not just high-end”

The US$4 billion Baha Mar resort.

Discovering Nassau: something for everyone

Bouncing back to pre-pandemic growth, The Nassau Paradise Island Promotion Board (NPIPB) is expecting a recordbreaking 2023 season, after average occupancy for the resort destination increased 23.2 percentage points in 2022, reaching 65.2% compared to 42% in 2021.

Paradise beckons with powdery white beaches, turquoise waters, luxury boutiques, fresh seafood, and the Caribbean’s largest casino. Each day brings new adventures for those seeking to unwind. Discover a world of natural beauty and sophistication where visitors can explore, relax, and indulge in unparalleled luxury. Nassau Paradise Island offers a truly unforgettable vacation.

U.S. supermarket magnate Huntington Hartford purchased Hog Island in 1959, changing its name to Paradise Island. He opened its many facilities, including the world-famous Ocean Club, to visitors in 1962. Since then, it has become one of the world’s top tourist destinations, welcoming 2.83 million visitors between January and November 2022 alone.

Nassau Paradise Island is synonymous with luxury and noted for its pristine beaches, with sunshine 300 days a year and water temperatures averaging 27 degrees Celsius. As an island destination, there are plenty of aquatic activities to enjoy, including coral reef excursions, scuba diving, and the Caribbean’s largest marine habitat and waterscape.

Those who prefer to stay on land can indulge in high-end shopping, golf, and a world-class spa – all close to the vibrancy and excitement of downtown Nassau. For the more adventurous, vacationers can try quad biking, the Aquaventure water park, or learn about Nassau’s history of smuggling and piracy in the Pirates of Nassau museum.

On an evening, visitors can find limitless options for world-class dining. From top-end restaurants headed by Michelin-starred chefs such as Nobu Matsuhisa and Jose Andres, to more casual affairs, there is no shortage of culinary delights. After dinner, guests can continue into the early hours in the resort’s many casinos, nightclubs, and bars.

Accommodation is available to suit every budget. From The Cove at Atlantis and The Rosewood Baha Mar, to more affordable, family-oriented options like the Comfort Suites and Margaritaville, Nassau Paradise Island is ready to welcome you in 2023 and beyond.

“Nassau Paradise Island is synonymous with luxury and noted for its pristine beaches”

1. Harborside Resort at Atlantis

2. Junkanoo celebrations

3. Snorkel in clear water

4. World-class cuisine

5. Costa at Rosewood Baha Mar

6. The perfect climate for golf

7. Beachside spa

8. The Reef Atlantis

9. Watching the sunset

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