BAHAMAS: Taks Force wants national tourism plan

Taks Force wants national tourism plan 
 BY VANESSA C. ROLLE Guardian Staff Reporter 

A report by a private sector economic task force has concluded that the 
country's main industry is losing ground to key competitors and called for a 
national plan to meet the challenges of globalisation. 




At a press conference Wednesday hosted by The Bahamas Chamber of Commerce and 
the Tourism Task Force on Trade Liberalization, private sector leaders said 
there was an urgent need to upgrade general education and training, improve 
civil service efficiency and streamline the country's regulatory system. 

Over the past year, these private sector groups have analysed The Bahamas' 
readiness to deal with the unprecedented economic liberalisation demanded by 
the Free Trade Agreement of the Americas, the World Trade Organization and 
the Caribbean Single Market and Economy. 

Their report said The Bahamas has to attract foreign investment to maintain 
economic stability and said issues like education and training, public safety 
and the rule of law, employee productivity, and civil service efficiency were 
key to whether we sink or swim in the new world economy. 

According to Barrie Farrington, chairman of the Tourism Task Force on Trade 
Liberalization, "unless we seriously address the underlying reasons for our 
high costs and resolve to correct them, we will increasingly find ourselves 
outside of the foreign investment loop. Government revenue cannot keep pace 
with our nation's demands without a steady infusion of foreign capital." 

He said The Bahamas needs a mix of foreign and domestic investment in order 
to meet employment and revenue needs. 

"The data we've compiled clearly shows that notwithstanding the investments 
in tourism over the pat 10 years and those that have been announced recently, 
we have actually lost ground to key Caribbean and US competitors. 

Their economies are out pacing ours because they are more productive and more 
cost efficient," he said. 

The cost burden to the public and private sectors from the inefficiencies of 
government corporations and agencies is tremendous, he said, adding that the 
expedited privatisation of these assets would free public resources and for 
more productive purposes. 

He said by not keeping pace with a rapidly changing world, the entire country 
has been put at a competitive disadvantage that could have serious economic 
consequences. 

"The depth and breadth of skills is not sufficient to sustain or grow our 
economy. We are far too inefficient and unproductive as a people. We must 
learn from other countries, like Ireland, who have turned their economies 
around by largely focusing on improving education and investing in training," 
Mr. Farrington said. 

Newly elected Chamber President Winston Rolle said, "Unless dramatic and 
sustained efforts are quickly undertaken to address serious deficiencies in 
our social and economic fabric, our ability to compete in the future will be 
seriously undermined." 

Without such action, he said, we will not be able to meet future needs for 
job creation, business development and government revenue. 

"Without a road map, it will be extremely difficult, if not impossible to 
achieve essential national and social objectives. Whether or not trade 
liberalisation becomes a reality is not as significant as the reality we now 
face. 

"We have huge economic and social challenges which we must face up to while 
the they are still manageable or we may very well find ourselves going down a 
road from which we cannot return," Mr. Rolle said. 

Nearly 100 business leaders from all sectors of the economy helped with the 
research; and key government officials and international trade experts were 
also consulted. 

Source: Nassau Guardian