Manufacturing must become central pillar of economy, says Darville

Progressive Liberal Party (PLP) Senator Dr. Michael Darville insisted yesterday that manufacturing must be developed as a central pillar of The Bahamas’ economy, with the government ensuring that key inputs for construction and the operation of hospitality-based facilities be supplied locally.

Darville, who made the remarks while visiting the factory of drink company Switcha, said the COVID-19 pandemic has exposed the country’s need for economic diversification and the need to reduce its reliance on imported good.

“Moving forward, the diversification of our economy is not optional, it is mandatory if we want to better weather economic shocks like COVID-19 and Hurricane Dorian,” Darville said.

“In the short to medium term, we must establish stronger links between light manufacturing industries and the tourism sector, as travel slowly returns to normal with the global rollout of COVID-19 vaccines.

“There is no reason why we cannot negotiate for key inputs in the construction and operation of tourism and hospitality-based facilities to be further supplied by local businesses and manufacturers based on our established capacity.”

According to Darville, the PLP’s economic plan calls for increased access for Bahamians in the light manufacturing industry, in order to service the high-volume tourist market.

“Our population may be below 400,000, but when we give Bahamian businesses increased access to the millions of tourists who visit our country each year, we significantly expand the market size and revenue potential for local business owners,” he said.

“But on an even larger scale, we must create equitable opportunities for Bahamian business owners and manufacturers in every sector.”

Darville said the government must work to break down the perception that foreign direct investors seeking to launch businesses in The Bahamas are afforded more support and incentives than those given to Bahamian investors.

He said although foreign direct investment is important, entrepreneurship remains a top economic driver in the country.

“If we want to nurture a robust manufacturing sector, our people must not feel excluded while we disproportionately pursue and roll the red carpet out for foreign-owned enterprises,” said Darville.

“Our actions as a government must demonstrate that fact. Bahamians do not only want to be laborers in this economy, they want to be owners. We must continue to increase financing opportunities for small and medium-sized businesses in all sectors, prioritizing manufacturing as one of the key areas for investment and growth.”

He added that the government should not limit its funding to small and medium-sized ideas, but provide the appropriate level of support to those who demonstrate the capacity to execute.

“There is no building a 21st century Bahamian economy without removing the barriers that have hindered progress for far too long,” he said.

“The entire domestic investment framework of The Bahamas must be completely revamped and retooled with the objective of creating more transparent, more empowering and more accessible process for Bahamian entrepreneurs at all levels.”

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