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 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.

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.

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.