The government of the Bahamas predicts employment growth as multibillion-dollar projects are implemented | Caribbean basin

NASSAU, Bahamas, CMC – The Government of The Bahamas predicts that at least 3,000 new jobs will be created there over the next three years as a result of an investment of approximately six billion dollars over the same period.

“Overall, if you look at $6 billion to $7 billion, I would estimate it would be 2,000 to 3,000 new jobs directly with other spillovers in other areas as projects come off the pipeline and into operations; Of course there are construction jobs when the projects get underway,” Deputy Premier Chester Cooper said.

Speaking on the radio program, Cooper said that the Philip Davis administration is convinced that foreign direct investment (FDI) is the fastest way to grow the national economy.

“So, over time, I think it’s a healthy priming of the pump, if you will, for the years ahead, and if we can sustain the growth of development, we see investment in tourism and in other sectors of the economy; we will have a very positive outlook for the future,” said Cooper, who is also the Minister of Tourism, Investment and Aviation.

He told listeners of Guardian Radio’s Z Live with Zhivargo Laing that “when you talk about new projects, I think we agree on one thing, that the fastest way to grow the economy is foreign direct investment.

“We’re doing what I think is a very focused job to get these projects up and running,” he said, noting that $1.5 billion in projects have already been approved on the island of Exuma. .

“I recently did an assessment of Exuma; in the region, 500 to 600 new jobs will be created in Exuma as a result of this approximately $1.5 billion coming off the pipeline.”

He told the audience that he expects the number of rooms in the Bahamas to increase significantly over the next three years, reaching 40 percent.

“I don’t have those numbers in front of me, but I think it will be pretty dramatic if we can get those projects up and running quickly.

“We have approved new investments in the tourism sector worth about six billion dollars,” he said, noting that construction is booming as a result.

“They are at different stages. But construction has already started on many of these projects, so one of the things we’re doing at the Bahamas Investment Authority is working with an interagency team to help facilitate the exit of these projects,” he said.

“There is another major project in the west of the Bahamas that has been approved. I believe it’s about $300 million. As I said, the Grand Lucayan resort is of great interest.

“We’re investing $200 million in the Carnival cruise port and there’s already a lot of construction going on in Grand Bahama. There are some other announcements coming soon to Grand Bahama.”

The Deputy Prime Minister noted that he is also a firm supporter of national investment in the local economy.

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