The Progressive Liberal Party (PLP) has revealed additional details on its economic plan for the country in the event it is elected, including the diversification of the economy. Atop its list of ways to diversify the economy is through natural resources.
The PLP stated it would first asses the value of natural resources throughout The Bahamas and then review current concession regimes for projects.
Stressing that the party will lease and not sell Crown land to foreigners, the PLP’s economic plan stated that a Philip Brave Davis-led government would also negotiate equity in projects that request the lease of Crown land or seabed.
“Review and renegotiate contracts for mining of natural resources. Encourage more university research in our natural resources, including undersea test and evaluation centers. Establish a sovereign wealth fund to receive royalties from our natural resources and spur strategic development and long-term growth for the benefit of generations of Bahamians. Encourage the development of value-added industries and sub-sectors, so that raw materials can be made into finished products to maximize value through vertical integration (e.g. table salt),” the document lists.
During a press conference on Sunday to unveil its economic plan, Davis said the plan had dozens of policies and solutions to help grow the economy.
“This economic plan does not have a solution to every problem. No plan could. But it is a plan that recognizes the possibilities of this moment.”
The party has also proposed the expansion of the orange, blue and green economies. Specifically, the party said it would explore the expansion of salt production on Long Island, Ragged Island and Rum Cay as a part of the green economy.
“Develop a comprehensive regulatory framework for growing, harvesting and exporting cannabis, so that the industry creates opportunities for many, not just a few. Through Bahamas Invest, encourage joint ventures in the medicinal cannabis industry,” the document notes.
“Implement a comprehensive program to fell pine forests, so they grow at maximum capacity, creating jobs and prioritizing lumber for domestic use, for example, in local construction.”
Additionally, the party said it plans to create a 52-week calendar of creative and cultural events and use Junkanoo to drive exports in the orange economy.
Regarding the blue economy, the PLP stated it would focus on developing industries around marine biotechnology, aquaculture and deep-sea exploration.
The post PLP lays out economic diversification plan appeared first on The Nassau Guardian.
source https://thenassauguardian.com/plp-lays-out-economic-diversification-plan/
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