News Report: "PM encourages business leaders to pursue innovation"

Published by Youri Kemp, Nassau Guardian, October 7th, 2024

Prime Minister Philip Davis has challenged business leaders to be “brave in the pursuit of innovation” and explore new ways of thinking, new models, and new frontiers.

Davis said at the 6th Annual National Conclave of Chambers of Commerce in The Bahamas last Friday that: “Looking ahead, we must not be afraid of broadening our approach and venturing out. There are many things that should have been done years ago that are finally being done, and many new things that have emerged in recent times that we must capitalize on.

“We must be brave in our pursuit of innovation and exploration. Our leaders, both in government and in the private sector, must explore new frontiers, new models, and new ways of thinking.”

Davis also said: “My administration is boldly advancing first-time legislation to regulate emerging industries, from cannabis and digital assets to the empowerment of the orange economy, through modern intellectual property laws.

“Economic diversification will be key to the long-term vitality of the Bahamian economy. Diversified economies enjoy greater stability, which is critical for the success of small businesses. Bahamas Development Bank’s family island grant has been a worthwhile resource to small businesses throughout the family of islands, as have the programs of the Small Business Development Centre.”

Davis added that economic diversification is important for long-term growth, as a greater variety of industries gives rise to more jobs, increased capacity, and enhanced resilience.

“This is especially important for small island developing states like ours, which tend to be disproportionately impacted by shocks to the global economy.

Davis continued: “We’ve balanced considered spending with fiscal responsibility, which alongside increased tax compliance and improved government fiscal health, has brought the economy back from the brink, and then some.

“We’ve sailed out of the storm and into calm waters, and soon our country will see the first budgetary surplus in its independent history.

“It is an ambitious goal, but it is one worth boldly pursuing for the sake of our economic prospects.”

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