13rd October 2023
Last week, the Caribbean Council led a British Business Mission to the Bahamas, the first for over 25 years.
A delegation of 20 people, we were given an extremely warm welcome, and had the privilege to hear from leaders in the private sector and Government about plans to enhance, diversify and transform the Bahamas’ economy to make it more resilient and ensure sustained growth into the future.
The visit emphasised that there remain close and enduring linkages between the UK and the Bahamas – whether through our shared history, our shared love of iconic brands, shared educational experiences, and numerous other common cultural references.
These are all important – however from a business perspective, they are no substitute for genuine commercial opportunity.
5 reasons why the Caribbean Council will be back in 2024:
- UK is Competitive – The British pound has settled at a lower value vs the US Dollar than any time in the past 25 years. UK goods and services are now highly competitive against US or Canadian alternatives. Combine this with duty free access for UK goods now available as a result of the Economic Partnership Agreement – and Bahamian buyers are looking at a seriously advantageous offering.
- Proactive Private Sector with Access to Finance – Like the UK, The Bahamas has a highly successful financial services industry with a wealth of banks and other lending institutions. Bahamian companies are able to access finance on reasonable terms and are proactive with a dynamic economic base seeking to grow.
- Security of Jurisdiction – UK companies looking to invest in the Bahamas or develop long-term partnershipswith local companiesneed to have 100% confidence in the locallegal and judicial system.In the Bahamas, the judicial system is highly effective, independent and retains as the final court of Appeal the Privy Council in the UK.
- Ambition of Government – In meetings with Ministers, it was clear that the Bahamas has a Government which is serious about making the investments needed now to ensure the transformation of the Bahamian economy and improving the lived experience of its citizens through improved healthcare, education and economic opportunity. The UK’s experience of carefully planning its infrastructure to ensure the maximum long-term value to the public purse; and mobilising private capital wherever possible can really help this Government deliver its ambition.
- Quality & Value Proposition – In conversations with both the private sector and Government, there was a recognition that investment in new equipment, new buildings and new infrastructure, or indeed in professional services, needed to reflect the whole lifetime cost of the item. Poor quality advice or buildings/equipment etc. is cheap at first – but can be very expensive in the long-run.
Bahamas Mission In Review:
Talks focused on areas such as airports, ports, solar energy, and hurricane-proof homes. The UK delegation represented around a dozen UK companies and organisations. The mission partners were Hogan Lovells law firm and Aggreko. Among the firms represented; Charles Russell Speechlys, JCB, Kestrel, Manchester Airports Group, Mott Macdonald, Nectar Group, Reid Steel and the UK Department for Business and Trade.
The Caribbean Council is grateful for the support of our Local Mission Partner, Kanoo, and our sponsors – the Bahamas Financial Services Board.
This trade mission was organised with the support of the British High Commission in the Bahamas, The Government of the Bahamas, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and the Grand Bahama Chamber of Commerce.
We were pleased to organise a busy and productive programme including round tables, business briefings, reception at the British High Commissioner’s Official Residence with guest speaker Prime Minister Davis and Government Ministers, a trip to Grand Bahama, networking breakfast with the Grand Bahama Chamber, a visit to the Freeport Container Port, powerplant and tour, one-to-one business meetings, networking lunch with the Bahamas Chamber of Commerce and Employers Confederation and the Bahamas Financial Services Board, tour of John Watlings distillery as well as a lovely BBQ hosted by HE Tom Hartley – British High Commissioner. The Bahamas is always full of warmth, collaboration and hospitality, demonstrating it is ‘Open for Business’.
On platform X, The Hon. Philip Davis commented,
“A heartfelt thank you to the UK High Commissioner to the Bahamas, Tom Hartley for organising the first British Trade Mission in over two decades. We’re forging stronger ties with 10 innovative British companies and an incredible $1.3bn of deals in talks, from solar energy to hurricane-proof homes. Building on my May speech in Parliament, we see over $1bn in potential investments across sectors. Thanks to the Caribbean Council for their pivotal role. Let’s continue to strengthen Britain and The Bahamas’ relationship through meaningful trade.”
Press Coverage:
The Nassau Guardian – October 3 2023
Caribbean Council: There Is Huge Opportunity In Grand Bahama
NASSAU, BAHAMAS – Managing Director of the Caribbean Council Chris Bennett says there are “huge opportunities” in Grand Bahama after the first UK Trade Mission in over 20 years, toured the island this week.
Press Release: British Business Mission Delegation pays a courtesy call on the Deputy Prime Minister
Bahamas Information Services
Our News – Caribbean Council: There Is Huge Opportunity In Grand Bahama
NASSAU, BAHAMAS – Managing Director of the Caribbean Council Chris Bennett says there are “huge opportunities” in Grand Bahama after the first UK Trade Mission in over 20 years, toured the island this week.
ZNS Network – The Bahamas Tonight Northern Edition – October 6th
UK Trade Mission United Business Executives to Revitalize GB Economy
Once again, the Caribbean Council extends our gratitude to all parties involved in making this mission a great success. We look forward to organising an exciting programme of events in the near future.
To find out more about upcoming missions and events at the Caribbean Council, please visit.
Or contact – Maria Tereza Laino
Tel: +44 (0) 2075838739
mariatereza.laino@caribbean-council.org
