By Rick Lowe
The Tribune Business ran another story yesterday (Friday, July 21, 2006) about the concerns of business people over firms from Barbados buying into local businesses.
Concerned Bahamians cited the fact that the National Investments Policy prohibited foreign investment in certain types of businesses.
The bankruptcy of Winn Dixie in the US has precipitated the sale of their investment in Bahamas Supermarkets, the local City Market chain of food stores. The big but in the sale process is the involvement of Barbados Shipping and Trading with a Bahamian group of purchasers.
This blogger draws two conclusions from this process:
1. The National Investments Policy obviously needs updating. If Bahamians cannot qualify or fund a venture and foreigners agree to be involved, the National Economic Council should approve the purchase without delay, and
2. This proves that trade with the Caribbean works without being involved with the CSME integration agreement.
What’s your take?
“Concerned Bahamians”, I dont think so, more like sore losers. Those same “concerned Bahamians” are only making noise because they did the same ting with some European backers, spreading about 70mil over the last 6 years in “loans”. However if you go to the head office of the retail/ wholesale company make sure you can speak the language. tot ziens