The Creation of the GOBI-Hub (Government of the Bahamas Investment -Hub) – A one-stop shop for new start-up's & small- medium size business.

In restoring our economy, supporting our businesses and industries, there is an opportunity to redirect our efforts towards a sustainable future. We can play to our strengths and in doing so, enjoy the tremendous competitive advantages afforded to us. The next Member of Parliament for MICAL should seek to achieve the following:

MICAL’s Path forward>>

• Petition government to enact policies, to curb the ease which only foreign investors can borrow from financial institutions. By enacting Legislation, it will ensure that Bahamians are afforded equal opportunity to access funding for their commercial undertakings. Similarly, Bahamians must be allowed and encouraged to borrow US Dollars from local and international financial institutions.

• Petition government to restructure the Bahamas Venture Fund (BVF) and the Bahamas Development Bank by allowing partnership lending with the private sector and foreign investors to provide funding to Bahamians via the BVF or BDB in specific growth industries including Technology Agriculture Fisheries, Industries (TAFI) and Creative Services.

• Peruse and encourage the expansion of commercial Banks (i.e. BOB, CB, etc.) to establish branches in MICAL.

• Agitate government to enact the Bahamas Bankruptcy Bills to replace the Bahamas Companies Act and the International Business Companies Act of the Bahamas. This legislation seeks to assist struggling Bahamian businesses and home owners facing foreclosure to file for bankruptcy in a Bahamian Court. Notwithstanding, this will provide a level of protection of their investments whiles allowing them to financially restructure.

• Petition for the establish of Enterprise Zones (Tax Breaks/Rebate Zones (TBZ) on the family Islands.

• Petition for the creation of the GOBI Hub – a one-stop shop for new start-up & small-medium size business. GOBI-Hub (Government of the Bahamas Business Investment -Hub) is a consolidate body of government agencies to facilitate the fast-tracking processes to the ease of doing business in the Bahamas with industry best practices and compliance with international requirements.

• Petition for the Introduction and implementation of a full-bodied “Come Back Home” National Program & Campaign. This program is designed to encourage Bahamians (locally and abroad) to return to the island (of their birth) by redirecting new and expanding business developments to the out-islands. Offering incentives including crown land at concessional rates, tax and imports exemptions; creating wealth and employment sparking economic growth.

• As part of the overall reform of the social welfare system, petition government for the examination and the introduction of Supports for Self Employed Persons.

• Create a Small Business Network under Enterprise Bahamas to work with small business and continue to support micro-enterprises employing 10 or fewer workers in the start-up and expansion phases.

• Harness the resources of our retired corps of business leaders, using their skills, experience, intellectual capital and contacts in a structured way to assist small companies and start-ups in MICAL.

• The Creation of MICAL Economic Taskforce Alliance. METFA is a business Confederation responsible for the economic outlook of MICAL. METFA seeks opportunities to increase future business developments, new creative concepts, assist with business retention and diversification; with international best practices to improve the business success level of all businesses in the economic zone. This Task Force will also target specific strategic investment areas, with an underlying goal of seeking development opportunities to create a catalyst for economic development within the area.

• The Implementation of a “Web Activate Programme” which takes unemployed persons off the live register and trains them to become self-employed as service providers, with a target of turning this into a national programme. In addition, create an Employment Skills Bank (ESB) where job skills and qualifications of jobseekers are compiled matching open opportunities available.

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The Path Forward is a 20-year Development plan designed to generate economic growth and to develop sustainable economies in Mayaguna, Inagua, Crooked Island, Acklins and Long Cay (MICAL). The ideas, initiatives and programs mentioned in this document was originally written as a guide mapping out an economic development path forward for the southern islands of the Bahamas.

By Andy Hanna.

Download the full plan here