Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper

NASSAU, THE BAHAMAS -- Addressing an Investment Forum in Washington DC, the Deputy Prime Minister and Minister of Tourism Investments and Aviation the Hon. Chester Cooper said it is “Better in The Bahamas” when it comes to doing business.

 “If you’re looking to do business and to invest, The Bahamas is better than ever before,” he said as he urged potential investors to take advantage of opportunities being rolled out by the Bahamas Government.

Deputy Prime Minister thanked Bahamas Ambassador to the United States, His Excellency Wendall Jones for organizing this important event.

“This is a most progressive initiative. We are taking a monumental step today to forge progressive partnerships for the prosperity of our country: Said differently, we are here to do business. We want to do business with you.”

The deputy prime minister, who was a businessman before entering politics, shared first-hand experience of doing business in The Bahamas which he described as “an amazing place” to do so.

 “I quickly grasped a few basic principles as an entrepreneur: understand your market, create something of value, then market your product.  Now, I carry those principles with me in government, as minister of tourism,” he said.

According to the minister, it is not incredibly difficult to sell a vacation to The Bahamas.  He confirmed that the government is committed to providing the necessary support to help ensure investment is a success, through the one-stop facilitation of the Bahamas Investment Authority.

“We have a strong brand, but God has done most of the work in positioning the Islands of The Bahamas.”

He noted that the country’s beauty is incomparable and it’s easily accessible from major tourism markets – two hours from DC and 27 minutes from Miami.

“However, we still sell it and constantly work on strengthening that product. I’m also the minister of Investments.  And if you think about it, that makes sense,” he said.

Many of the reasons tourists come to The Bahamas, are the reasons that investors should consider The Bahamas, according to the minister.

He noted the dollar parity with the United States, a stable democracy, and peaceful hospitable people.  And, visa-free seamless travel from the US with Pre-Clearance and TSA checks.

“We have a strong growing economy that has allowed us to build modern infrastructure throughout our archipelago,” the minister said, adding that more direct flights are being scheduled between The Bahamas and the US.

The minister touted record tourism arrival numbers: in 2023 arrival of 10 million visitors which was an increase of more than 30 percent ahead of 2019 pre-pandemic levels. Already this year the country is seeing a 15 percent growth in overall arrivals, over the 2023 record.

He then shared recent policy initiatives aimed to make The Bahamas more attractive, reducing carbon footprints and enhancing environmental resilience.

This is being achieved through the National Investment Policy, which is designed to attract investment in alternative energy, green technology, eco-tourism and carbon credits.  

“We are also advancing The Bahamas as a digital society, fully embracing smart technology and the digital economy,” he said.

Another area shared by the minister is progressive legislation benchmarked against international best practice including: Digital Assets and Registered Exchange Act, the Longevity and Regenerative Therapies Act, the Climate Change Initiative Act, the Carbon Credit Trading Act, and Cannabis measures.  

“All innovative pieces of legislation that demonstrate our commitment to innovation and to revolutionizing our economy that open new vistas for our country, in a secure, transparent and well-regulated way,” he said.

In health care, finance, education, financial services and tourism, he said AI applications are vast and will play a crucial role in shaping the future of the Bahamian economy.

The minister said another way to invest in The Bahamas is through Public-Private Partnerships (PPPs) that have been critical to the success of many government projects, and they remain a key strategy as in the continued building of infrastructure.

Of note, is the keen interest of the US Exim Bank and Chairman Reta Jo Lewis in supporting and funding US companies seeking to do business in The Bahamas, he shared.

“What I am saying is that we are open for business and in the last three years we have attracted more than $10 billion in new foreign direct investments.

“This includes a $600 million ship repair facility in Grand Bahama Island, capable of accommodating the largest ships in the world, and a $600 million cruise port by Carnival Cruise lines.”

He pointed out that the Family Islands Renaissance Project aims to modernize more than a dozen airports across the country, improving connectivity, boosting tourism, and creating jobs. 

“We are building new hospitals and clinics, launching wellness and rejuvenation clinics and will have one the best healthcare systems in the Caribbean in the coming years,” the minister said. 

Minister of Economic Affairs Michael Halkitis

Minister of Foreign Affairs Fred Mitchell

Bahamas Business Investment Forum, Washington DC - Delegates

(BIS Photos/Kemuel Stubbs)