Doing Business in The Bahamas
With well-developed tourism and financial services sectors, The Bahamas remains one of the most stable economies in the Caribbean. Data on U.S. export markets issued in 2010 by the U.S. Department of Commerce show that The Bahamas is ranked 48th globally in terms of market size, an especially strong indicator of the economic ties between the two countries when considering that The Bahamas has just over 350,000 people. U.S. firms play pivotal roles in real estate development, tourism, accounting, and renewable energy. The Bahamas also imports approximately 90% of its food from the United States, including items produced in third countries for onward transit through the U.S, presenting great opportunities in the wholesale and distribution sectors. Several U.S. businesses maintain country offices in Nassau, and American retail and food franchises continue to value The Bahamas as a viable market.
In addition to the sound economic relationship between The Bahamas and the United States, the two countries share deep cultural ties. While the majority of Bahamians travel often to the state of Florida for business, education, or leisure, sizable diaspora communities in Atlanta, Washington DC, and New York are but a few that continue to grow. In return, over 4 million American citizens visit The Bahamas annually, with several cruise ships and airlines servicing the various islands in the archipelago. In fact, more than 25,000 American citizens reside in The Bahamas permanently, and thousands more maintain second homes throughout the islands.
The Embassy in Nassau looks forward to assisting and supporting U.S. businesses interested in developing ties to The Bahamas. My colleagues in the Political/Economic/Commercial Section and I welcome your thoughts and will work with you as you consider doing business in the Caribbean.
Announcing the Global Enterprise Development Network!
It is with great pleasure that we announce a formal partnership with the Federal Overseas Private Investment Corporation (OPIC) and extend to you an opportunity to participate in a web-based platform for access by our Embassies and Consulates around the world. The GEP Enterprise Development Network (EDN) provides an avenue for enterprises in developing markets to find the resources they need from qualified and trusted providers – and for GEP/EDN partners to promote their portfolios, programs, and services directly to the emerging markets they strive to serve.
EDN’s partnership with State’s Global Entrepreneurship Program is slated to launch in June and will offer you as a GEP partner the option of uploading a description of your business, institution, or organization to the website. As a GEP Partner, you will be able to:
Promote programs and initiatives that support business development and growth – with a MyEDN profile page, links to relevant content and optional sponsorship opportunities
- Access information to help define, develop, and/or expand new programs/businesses
- Identify potential partners to assist in your mission, i.e. business service providers, investors, government agencies, other non- governmental organizations, etc.
- Champion socially responsible investment vehicles with a broad audience
- Track the success of programs by monitoring connections, contacts and transactions
We invite you to sign up at http://ednaccess.com/. Select one of the four tabs that start with “Become an EDN…” across the top of the page, and after your application has been approved by OPIC, you will be able to post to the website via the “Post to EDN Website” tab. There is no cost for this service nor for the promotions we plan to do to build awareness. We are excited about the EDN marketplace. We also plan to have a demonstration of its capabilities at a Partner Symposium later this spring.
We are attaching more information on the EDN. Our Embassies and Consulates, as well as OPIC and the State Department, are looking forward to engaging you in this innovative and productive entrepreneurial public private partnership.
Should you have any questions or comments, please do not hesitate to communicate with Gary Colyar at OPIC – 202-336-8477, Gary.firstname.lastname@example.org or Caroline Croft at the Department of State – 202-663-3625, CroftCJ@state.gov.