PM points to need to diversify trade

Prime Minister Philip Davis

A resilient Bahamas taps into the potential of all its industries and regions

The country has relied for too long on a “narrow set of industries” to sustain the economy, Prime Minister Philip Brave Davis said yesterday, adding that the time has come to diversify and strengthen The Bahamas’ economic foundation.

One way the government hopes to do this, Davis said, is by building stronger trade links, including expanding Freeport as a free trade zone, fostering export-oriented industries, and reducing tariffs to make Bahamian products more competitive overseas.

Davis’ remarks came in a wide-ranging speech during the opening ceremony for Diplomatic Week, which is being held in Freeport, Grand Bahama.

“Trade is not just a matter of economic theory; it is about creating real, sustainable opportunities that can withstand the storms of global uncertainty,” Davis said. “Our commitment to diversifying trade is not a singular ambition; it is a necessity. The Office of the Prime Minister has taken this challenge on with a comprehensive approach, fully aware that a resilient Bahamas must be one that taps into the potential of all its industries and regions.

“This strategy demands intentional efforts to develop our trade policy, empower our entrepreneurs, and streamline systems that invite and retain investment. Our work aims to open new pathways for Bahamian businesses, whether through export, manufacturing, or tech-driven enterprise.”

The National Trade Commission crafted a trade policy that aligns with this administration’s national vision

He thanked the National Trade Commission whose dedication and expertise he said has been instrumental in crafting a trade policy that aligns with his administration’s national vision.

He said through the National Trade Policy and Vision 2040, the government is paving the way for trade to be inclusive and transformative, driving both local economic growth and foreign partnerships.

“We are identifying markets, building capacity, and dismantling the structural barriers that have kept our economy anchored in a narrow space,” he said.

“This includes efforts to expand Freeport as a free trade zone, foster export-oriented industries, and strategically reduce tariffs to make Bahamian products more competitive abroad.

“As we look toward Freeport and other emerging trade zones, we see a vision where Bahamian ports become bustling hubs of international commerce, where local businesses and foreign investors alike benefit from our strategic location.”

Davis also spoke about climate change and a soon-to-be-released advisory opinion from the International Court of Justice (ICJ).

Countries must be held accountable for the part they have played in climate change

In March, The Bahamas filed a submission with ICJ insisting that countries be held accountable for the part they have played in climate change. The submission also asked that they answer for the existential threats atmospheric changes have caused to places like The Bahamas and other small island nations, according to a press statement on the matter.

Oral arguments in the matter are expected to begin next month.

“The International Court of Justice is now poised to deliver an advisory opinion on climate change—a ruling that we believe will echo across borders and demand accountability,” Davis said.

“This is not about treaties and pledges; it is about moral reckoning, an acknowledgment that those who have sown the seeds of destruction must also reap the responsibility to repair.

“. . .We seek not charity but justice—a clear and binding recognition that those who have profited from the destruction of our world must also contribute to its healing.”

Davis also spoke about the Caribbean Community’s (CARICOM) fight for reparations for slavery from the United Kingdom (UK). He called on others in the international community to support this push.

“We remain committed to the process of reparatory justice, recognizing the responsibility to address the enduring impact of slavery.

“Recent discussions with the British Commonwealth at CHOGM have underscored the importance of this process, and we urge the international community to support these efforts as we work toward meaningful progress in achieving justice,” he said.