“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 highest elevated point 65% of the country’s economic activity related to tourism is the official language

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.

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.