Johnson: Trade could become third pillar of economy

Elsworth Johnson, minister of financial services, trade and industry and immigration, told an internet-based conference that the government is hoping to significantly reduce graft by eliminating cash payments for work, residency and other permit types.

The Bahamas is hoping to position itself to benefit from global value chains, by building up logistical infrastructure and trade agreements that would allow for partially manufactured products to be completed in the country, Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson said yesterday, adding that the introduction of this value-added trade strategy could eventually position trade as the third pillar of the Bahamian economy.

Johnson, who made the remarks during his 2020/2021 budget address in the House of Assembly, said The Bahamas has already adopted a value-added trade strategy and trade agreements that can allow this country market access as a value-added jurisdiction are being already being negotiated.

Source: The Nassau Guardian
Date: Tuesday, June 16, 2020

Full Article: here

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MOEA Communications Team

The Bahamas Ministry of Economic Affairs is the entity responsible for providing vision, strategic direction, policy, and information related to the movement of financial resources, economic diversification and growth.

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