Published by Earyel Bowleg, Tribune News, October 7th, 2024
BAHAMAS Chamber of Commerce and Employers Confederation (BCCEC) Leo Rolle wants the government to reduce customs duties for the manufacturing and energy sectors.
His recommendation came after Economic Affairs Minister Michael Halkitis said the government is reviewing further duty reductions on imported goods.
Mr Rolle welcomed the proposed duty reductions, highlighting their potential to reduce business costs and enhance the ease of doing business.
“There are a number of areas, and what I think would be prudent is focusing on those, especially when it comes to local manufacturers,” he said. “Fortunately, the strike has been postponed, but we know that, particularly in the manufacturing industry, if there were concessions enabling businesses to manufacture and grow things locally, we wouldn’t always rely on imports. So, duty exemptions or concessions on items like that would be very beneficial.”
He also stressed the importance of reducing energy costs, which are among the largest business expenses.
“We need to look at where we can get concessions on energy-efficient appliances, solar panels, and other business-related developments,” he said.
He welcomed the end of a port strike in the United States, noting it as a relief for the business community. He explained that the chamber has been helping its members maintain a steady flow of goods and services, despite delays in transshipment caused by several factors, not just the strike.
He acknowledged that smaller entrepreneurs, in particular, have struggled due to these delays.
“For smaller entrepreneurs without the cash flow to maintain three to four months of inventory, it would have been a significant challenge,” he said. “This situation reinforces the need to focus on buying locally.
“But as I mentioned earlier, there is very little produced locally. Policies, procedures, and the overall business ecosystem need to become more conducive to local growth in manufacturing so that strikes or other issues don’t cripple the economy in the future.”
Prime Minister Philip “Brave” Davis announced in May, during his Budget Communication, an expanded list of duty concessions for the fishing industry. These included items such as push poles, poling towers, trolling motors, and refrigerated trucks. Duty-free items also now include fire extinguishers, drones, laundry detergent sheets, sea moss for health benefits, and digital camera parts.
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