by Edward Hutcheson
(First published in The Tribune, this Letter to the Editor is posted here with the kind permission of the author)
This week’s media coverage has crystallized the opinions of some, including myself, about what should be done about and with the Bahamar project. It is apparent that Bahamar has a money problem and the fact that Bahamar is talking to the Government through the media is an indication that all is not well on Cable Beach.
There are too many ifs and buts and when a Bank has to settle for an equity stake in any project in the hope of getting its money back – someone has to ask the hard questions. I will agree that times are hard, but I know that it will not always be like this, and that a government of lesser character may have jumped at the opportunity the Chinese are presenting to us – just to get some jobs. However, the Prime Minister’s tour of the Albany gives us a different take on how large projects should be handled. They should be measured out.
If the principal shareholders of Bahamar and the Chinese government are sincere in their affections toward this country, they would proceed in a way that is not damaging to the economy or the social fabric of this nation. We do not need 8,000 Chinese workers in this country if the Bahamar Project is handled sensibly. We do not need established construction companies closing because of the labor demands of Bahamar. And, certainly we do not need a project that large that has so many hands in it that it is going to be very difficult for them to share a profit or even turn a profit, and, the fact that money has been an ongoing issue, is an indication that it may be a problem.
We have to follow what we see as an established pattern. The first backer pulled out when they were asked to “show us the money”, and that has not changed. Only now the persons who are showing us the money are showing us something else and we have to ask the question – are we prepared? If this project goes as planned, it will be Bahamians who will be paying the price. There is too much in Cable Beach that is ongoing, and the implementation of this project on the scale that has been advertised needs to be reconsidered, and the Albany model is a good model to look at while this “considering” is going on.
And, we do not even want to begin to discuss the Geo-political implications of the Chinese presence a hundred miles off the coast of the United States of America. We are a sovereign nation and all that and we are free to do as we please, but there are some things you really have to think long and hard about. Anything kicks off between these two Super-Powers where will we be? Right now I would settle for a container port and a stadium, anything beyond that will be pushing it.
What are we going to do? Life could be about getting what you pay for as well as paying for what you have gotten and we will get what we negotiate.
October 20, 2010
People should google Potash and Chinese government to see what’s happening around the world. There is a lot of opposition in Canada and Australia about the Chinese purchasing these resources and being in control of a country’s leading industry. The Chinese government are buying key commodities and positioning themselves strategically around the world. To that I tip my hat. For us Bahamians, we need to develop a plan going forward as well.
Mr. Hutcheson your worlds are well put.. Lets hope enough Bahamians can start to comprehend the reality and warning of your thoughts.. For the life of me I can not understand how the former PM can call the promoters of the Baha Mar investors.. They are nothing more than investment deal makers and promoters first and for most.. They would sell this nation down the sink at a drop of a hat.. Why has not one reputable financial investor group come forth to take an equity position in this so-called project.. This does not say very much for the promoters specifically or the Bahamas in general.. The nation’s reputation is once again at stake..
Finally in every major city throughout the world we find one thing in common be it San Francisco, New York, London or Manila.. It’s called Chinatown.. With over 8,000 Chinese possible on the way, one can only guess that Nassau will soon have a Chinatown of its very own.. Chop chop, more fried rice please.. However we must ask ourselves do we really need an ethnic group that has seldom fully integrated into the country of migration?? You be the judge..