Official Launch of Contract 2002 Remarks by Charles Maynard Coalition + Labour Candidate for Carmichael Wednesday April 23rd, 2002 While we appreciate that tourism and financial services industries will continue to be the major economic pillars for The Bahamas, we are convinced that sustainable economic growth will only be realised when we are able to seriously develop secondary sectors of production such as agriculture and fisheries and manufacturing, in particular souvenir manufacturing. A Coalition+Labour government will focus on "Enlarging Our Bahamas" through meaningful family island development, "Expanding Bahamian Ownership" of the economy, through human and capital infrastructure development, and by providing the means for greater exploitation of opportunities in existing industries. Our policies will be guided by certain core beliefs, among them: We believe: Tourism will remain the cornerstone of the Bahamian economy and must be constantly expanded, diversified and improved In order to be competitive, and to meet evolving international best practices and standards, our financial services industry will have to develop new strategies and innovative products The Bahamas must take urgent steps to improve food security. The creation of a food industry through the expansion and modernization of the agricultural and fisheries sectors will make a substantial contribution to the country’s economy How much we, as a country, develop and how fast we grow, will be determined by how well we plan and develop our family of islands The preservation of the environment should not be compromised for economic development As far as tourism is concerned, our main goal will be to transform our product into a uniquely Bahamian experience. While we believe that tourism will continue to be the number one industry in The Bahamas for some time to come, we also believe that there are areas in the sector, which need strengthening, as there are those, which are largely under-exploited. A Coalition+Labour government will place considerable emphasis on strengthening linkages of value-added sectors; broadening the base of the tourism product through diversification of the industry; education and training of persons working in the sector particularly in areas of foreign language and interpersonal communication skills development, and historical and cultural education. We must always be mindful that sun, sand and sea can be found in places all over the world, many of them much cheaper destinations for the holiday traveller. We must consolidate a uniquely Bahamian experience that can easily be distinguished from any other in the world. An experience that will make visitors to our shores not only remember The Bahamas for many years to come but cause them to recommend The Bahamas to others and, above all, to return to The Bahamas as repeat visitors. In all, our plan is to Elevate Bahamians through diversification of the economy. We envision a Bahamas where Agriculture, Fisheries and Manufacturing play a more significant role in the overall development of the Bahamian economy and the quality of life of Bahamians. We envisage a vibrant agriculture and fisheries sector that will serve the multiple objectives of basic food production, food security in our aim to be able to feed ourselves, with lesser reliance on imported supplies, alongside various environmental and bio-diversity benefits. We place special emphasis on the development and expansion of the manufacturing sector, especially as it relates to the provision Bahamian goods that are incorporated within the tourism product. Both by way of souvenir manufacturing and the manufacture of beds, bedding and other products that find their way in our hotels, restaurants and other similar tourism service areas. We will: Establish agricultural and fisheries training facilities and research centres on suitable Family Islands that will develop appropriate agricultural and fishing techniques and identify varieties of crops, animals and fish for commercial development Conduct an immediate National Agricultural Survey, of all food products farmed in The Bahamas and establish an Agriculture Rejuvenation Fund, starting at $2 million, to foster the specialised development of the industry. Provide assistance (financial, technical and administrative) to individual farmers and fishermen and relevant community-based organisations. Implement a special Food Tax Incentive scheme to hotels, food stores, restaurants and any other large-scale purchaser of locally produced food. Safeguard the interest of Bahamian farmers and fishermen by negotiating in their best interest on matters relating to free trade at the regional and global levels (e.g. Caribbean Community CARICOM, the Free Trade Areas of the Americas (FTAA) and the World Trade Organisation (WTO). Create new industries through the industrialisation of various agricultural and fisheries products such as canneries and food processing plants; Establish a framework for the compensation for farmers who lose crops, animals, machinery and/or equipment due to natural disasters. Encourage greater numbers of Bahamians to engage in manufacturing enterprises by providing attractive tax concessions and incentives and provide special concessions to manufacturers located on the Family Islands. Remove all excise taxes on locally manufactured items to reduce their cost to external markets and give a Business Licence Fee Incentive to businesses, which purchase locally produced goods. Establish a policy whereby all government agencies purchase locally produced goods, before exploring other alternatives. Moreover, Coalition+Labour recognises, that our objectives must also meet the dual purpose of strengthening our domestic economy and achieving global competitiveness. Coalition+Labour is committed to providing opportunities for Bahamians to be owners within their own communities. Our vision is of a Bahamas in which Bahamians are both the prime generators of growth and development and the principal beneficiaries thereof. We are committed to the removal of barriers that hinder the Bahamian entrepreneur and the cultivation of environments of free and fair competition. We do not support monopolies nor do we endorse industries in which the suppliers are few and thus free to collaborate on industry standards and pricing. Our goal is to broaden domestic markets by strengthening community-sized businesses. Our plans for the domestic economy are many, but this afternoon, time permitting, I will share only a few: We will: Establish an environment of fairness in business enterprise. Present legislation to Parliament that will eliminate all elements of unfair competition Create a Ministry dedicated to commerce, which will act as a one-stop shop for businesses and will provide assistance to newly established community businesses, particularly as it relates to access to capital Create ‘Economic Incentive Programmes’ to provide the much-needed incentives for the development of business in approved areas. Abolish the Licensing Authority and replace it with a Department of Standards Modernise the business regulation policies and company registration Revise the business licensing process so that annual business Licence fees are paid on the anniversary of the application Establish proper zoning to regulate the location of certain types of businesses Review and update the operations of the Customs Department to reduce the high level of bureaucracy and to simplify the entry process; Within specified guidelines, allow legitimate businesses to open and maintain foreign currency accounts Assist community sized businesses with their computerisation efforts The new realities of global economic development demand that we be creative if Bahamians are to benefit from opportunities provided by the Information Super-highway. Coalition+Labour will create expanded international investment opportunities and enhance the capital market structure for individuals and corporate residents of The Bahamas. In pursuit of this objective, Coalition+Labour has put together a new investment initiative termed "The Global Commerce Initiative" (GCI), which will comprise eight (8) major economic development programmes. The proposed GCI will produce exciting new opportunities for Bahamian businesses and workers, and will ensure that every Bahamian with an economic dream is afforded the opportunity to compete in the global marketplace. With these and other initiatives we envision a 21st Century Bahamas that will enjoy the meaningful participation of every Bahamian, in the country’s path to continued and increased prosperity.

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