we recommend:
Designated Competent Authority(ies):
-
Permanent Secretary, Ministry of Foreign Affairs
-
Director General, Ministry of Foreign Affairs
-
Under Secretary, Ministry of Foreign Affairs
-
Senior Assistant Secretary, Ministry of Foreign Affairs
-
Deputy Permanent Secretary, Ministry of Foreign Affairs
-
First Assistant Secretary, Ministry of Foreign Affairs
Contact details:
| Address: | The Ministry of Foreign Affairs East Hill St P. O. Box N 3746 Nassau, N.P. The Bahamas |
| Telephone: | +1 (242) - 322-7624 +1 (242) - 322-7625 |
| Fax: | +1 (242) - 328-8212 |
| E-mail: | mofa@bahamas.gov.bs |
| General website: | http://mfabahamas.org/ |
PROFILE
OFFICIAL NAME:
Commonwealth of The Bahamas
Geography
Area: 13,939 sq. km. (5,382 sq. mi.); slightly larger than Connecticut and Rhode Island combined.
Cities: Capital--Nassau, New Providence. Second-largest city--Freeport, Grand Bahama.
Terrain: Low and flat.
Climate: Semitropical.
People Government Economy
Nationality: Noun and adjective--Bahamian(s).
Population (2005): 323,000.
Annual growth rate (2005): 1.2%.
Ethnic groups: African 85%, European 12%, Asian and Hispanic 3%.
Religions: Baptist (32%), Roman Catholic, Anglican, Evangelical
Protestants, Methodist, Church of God, Rastafarian, Traditional African.
Language: English (official); Creole.
Education (2003): Years compulsory--through age 16. Attendance--92%. Literacy--95.5%.
Health (2005): Infant mortality rate--19.0/1,000. Life expectancy--70.5 years.
Work force (2004): 176,330; majority employed in the tourism, government, and financial services sectors.
Type: Constitutional parliamentary democracy.
Independence: July 10, 1973.
Branches: Executive--British
monarch (nominal head of state), governor general (representative of
the British monarch), prime minister (head of government), and cabinet.
Legislative--bicameral Parliament (40-member elected House of Assembly, 16-member appointed Senate). Judicial--Privy Council in U.K., Court of Appeal, Supreme Court, and magistrates' courts.
Political parties: Free National Movement (FNM), Progressive Liberal Party (PLP), Bahamas Democratic Movement (BDM).
Suffrage (2007): Universal over 18; 150,689 registered voters.
GDP (2005): $5.8 billion.
Growth rate (2005): 2.7%.
Per capita GDP (2005): $18,062.
Natural resources: Salt, aragonite, timber.
Tourism (2004): 40% of GDP.
Government spending (2004): 20% of GDP.
Financial services (2004): 15% of GDP.
Construction (2004; 10% of GDP): Products--largely tourism related.
Manufacturing (2004; 8% of GDP): Products--plastics, pharmaceuticals, rum.
Agriculture and fisheries (2004; 3% of GDP): Products--fruits, vegetables, lobster, fish.
Trade (2005): Exports ($450.8 million)--plastics, fish, salt, rum, chemicals. Markets by main destination--U.S. (66.6%), EU (18.3%), Canada (5.1%), South Africa (1%). Imports ($2.57 billion)--foodstuffs and animals, machinery and transport equipment, chemicals, mineral fuels. Suppliers by main origin--U.S. (84%), Curacao (7.2%), Puerto Rico (1.9%), EU (1.2%), Japan (1.2%).
Haitians form the largest immigrant community in The Bahamas. 30,000
- 50,000 are estimated to be resident legally or illegally,
concentrated on New Providence, Abaco and Eleuthera islands.
School attendance is compulsory between the ages of 5 and 16. The
government fully operates 158 of the 210 primary and secondary schools
in The Bahamas. The other 52 schools are privately operated. Enrollment
for state primary and secondary schools is 50,332, with more than
16,000 students attending private schools. The College of The Bahamas,
established in Nassau in 1974, provides programs leading to bachelors
and associates degrees. Several non-Bahamian colleges also offer higher
education programs in The Bahamas.
The late 1600s to the early 1700s were the golden age for pirates
and privateers. Many famous pirates--including Sir Francis Drake and
Blackbeard--used the islands of The Bahamas as a base. The numerous
islands and islets with their complex shoals and channels provided
excellent hiding places for the plundering ships near well-traveled
shipping lanes. The first Royal Governor, a former pirate named Woodes
Rogers, brought law and order to The Bahamas in 1718 when he expelled
the buccaneers.
During the American Revolution, American colonists loyal to the
British flag settled in The Bahamas. These Loyalists and new settlers
from Britain brought Colonial building skills and agricultural
expertise. Until 1834, when Britain abolished slavery, they also
brought slaves, importing the ancestors of many modern Bahamians from
Western Africa.
Proximity to the U.S. continued to provide opportunity for illegal shipping activity. In the course of the American Civil War, The Bahamas prospered as a center of Confederate blockade-running. During Prohibition, the islands served as a base for American rumrunners. Today, the Bahamas is a major transshipment point for narcotics on the way to the U.S.
Bahamians achieved self-government through a series of constitutional and political steps, attaining internal self-government in 1964 and full independence within the Commonwealth on July 10, 1973. Since independence, The Bahamas has continued to develop into a major tourist and financial services center.
The House of Assembly consists of 41 members, elected from individual constituencies for 5-year terms. As under the Westminster system, the government may dissolve the Parliament and call elections at any time. The House of Assembly performs all major legislative functions. The leader of the majority party serves as prime minister and head of government. The Cabinet consists of at least nine members, including the prime minister and ministers of executive departments. They answer politically to the House of Assembly.
The Senate consists of 16 members appointed by the Governor General, including nine on the advice of the prime minister, four on the advice of the Leader of the Opposition, and three on the advice of the prime minister after consultation with the Leader of the Opposition.
The Governor General appoints the Chief Justice of the Supreme Court on the advice of the prime minister and the Leader of the Opposition. The Governor General appoints the other justices with the advice of a judicial commission. The Privy Council of the United Kingdom serves as the highest appellate court.
Local government districts elect councils for town planning, business licenses, traffic issues and maintaining government buildings. In some large districts, lower level town councils also have minor responsibilities.
For decades, the white-dominated United Bahamian Party (UBP) ruled The Bahamas, then a dependency of the United Kingdom, while a group of influential white merchants, known as the "Bay Street Boys," dominated the local economy. In 1953, Bahamians dissatisfied with UBP rule formed the opposition Progressive Liberal Party (PLP). Under the leadership of Lynden Pindling, the PLP won control of the government in 1967 and led The Bahamas to full independence in 1973.
A coalition of PLP dissidents and former UBP members formed the Free National Movement (FNM) in 1971. Former PLP cabinet minister and member of Parliament Hubert Ingraham became leader of the FNM in 1990, upon the death of Sir Cecil Wallace-Whitfield. Under the leadership of Ingraham, the FNM won control of the government from the PLP in the August 1992 general elections . The PLP regained power in 2002 under the leadership of Perry Christie, but the FNM, again led by Ingraham, returned to government by capturing 23 of the 41 seats in the House of Assembly during the May 2007 election. The next election must be held no later than May 2012.
Principal Government Officials The Bahamas maintains an embassy in the United States at 2220
Massachusetts Ave., NW, Washington, DC 20008 (tel: 202-319-2660) and
Consulates General in New York at 231 East 46th Street, New York, NY
10017 (tel: 212-421-6420), and in Miami at Suite 818, Ingraham
Building, 25 SE Second Ave., Miami, FL 33131 (tel: 305-373-6295).
Governor General--Arthur Dion Hanna, Sr.
Prime Minister--Hubert Ingraham
Deputy Prime Minister and Minister of Foreign Affairs-- Brent Symonette
Ambassador to the United States and to the OAS--Cornelius A. Smith
Deputy Chief of Mission--Rhoda Mae Jackson
Ambassador to the United Nations--Dr. Paulette Bethel
Consul General, Miami--Alma Adams
Consul General, New York--Eldred Bethel
Following economic struggles in 2001-02 fueled by a drop in tourism
after September 11, 2001, The Bahamas has enjoyed a period of economic
recovery and an upturn in large-scale private sector investments in
tourism, which will boost construction and provide long-term
employment. Future goals include continued development of tourism
properties, including increased Bahamian ownership, redevelopment of
the Grand Bahama economy following major hurricane losses in 2004, and
the expansion of the robust Bahamian financial sector.
Economic challenges facing the Bahamas include meeting continued
employment demands, jumpstarting a lagging privatization process, and
monitoring increasing levels of government debt. Another major
challenge for Bahamians will be to prepare for hemispheric free trade.
Currently, Bahamians do not pay income or sales taxes. Most government
revenue is derived from high tariffs and import fees. Reduction of
trade barriers will probably require some form of taxation to replace
revenues when the country becomes a part of the Free Trade Area of the
Americas (FTAA). As evident by domestic opposition to the Caribbean
Single Market Economy (CSME), the advantages of free trade may be hard
for the government to sell.
Two major hotel projects promise to increase economic growth and
create short- and long-term employment. The Atlantis Resort and Casino
on Paradise Island is in the third phase of a billion-dollar expansion
expected to create 3,000 new jobs. A second hotel resort development
project costing nearly $2 billion is planned for the Cable Beach area
of Nassau. The Baha Mar Company has negotiated purchase of three major
hotels and a development site, including the last assets of the
state-owned Hotel Corporation. As a condition of these large-scale
investments, the government promises to expand Nassau International
Airport and has turned over management to private operators. The
Bahamian Government also has adopted a proactive approach to courting
foreign investors and has conducted major investment missions to the
Far East, Europe, Latin America, India and Canada. The government
continues to pay particular attention to China to encourage tourism and
investment. For their part, the Chinese are funding the construction of
a new $30 million sports stadium in New Providence. While the new FNM
government has express a desire to increase Bahamian ownership
interests in developments, The Bahamas dependence on foreign investment
is unlikely to change.
Financial services constitute the second-most important sector of
the Bahamian economy, accounting for up to 15% of GDP, due to the
country's status as a tax haven and offshore banking center. As of
2005, the government had licensed 262 banks and trust companies in The
Bahamas. The Bahamas promulgated the International Business Companies
(IBC) Act in January 1990 to enhance the country's status as a leading
financial center. The act served to simplify and reduce the cost of
incorporating offshore companies in The Bahamas. Within 9 years, more
than 84,000 IBC-type companies had been established. In February 1991,
the government also legalized the establishment of Asset Protection
Trusts in The Bahamas. In 2000, in response to multilateral
organizations' concerns, the government passed a legislative package of
stronger measures to better regulate the financial sector and prevent
money laundering in the country's banking sector, including creation of
a Financial Intelligence Unit and enforcement of "know-your-customer"
rules. Some of these measures have been challenged in Bahamian courts,
and the number of offshore banks registered in the Bahamas has declined
substantially since 2002. As many as half of the IBCs have also closed
shop. As a result, the government is considering additional legislation
to keep the industry competitive while complying with international
standards, including possible reform of the regulatory structure.
Agriculture and fisheries together account for 3% of GDP. The
Bahamas exports lobster and some fish but does not raise these items
commercially. There is no large-scale agriculture, and most
agricultural products are consumed domestically. Following an outbreak
of citrus canker on Abaco in 2005, The Bahamas lost a main agricultural
export, and the Ministry of Agriculture banned the export of plant
materials from Abaco. The Bahamas imports more than $250 million in
foodstuffs per year, representing about 80% of its food consumption.
The Bahamian Government maintains the value of the Bahamian dollar
on a par with the U.S. dollar. The Bahamas is a beneficiary of the
U.S.-Caribbean Basin Trade Partnership Act (CBTPA), Canada's CARIBCAN
program, and the European Union's Lome IV Agreement. Although The
Bahamas participates in the political aspects of the Caribbean
Community (CARICOM), it has not entered into joint economic
initiatives, like the CSME, with other Caribbean states.
The Bahamas has a few notable industrial firms: the Freeport
pharmaceutical firm, PFC Bahamas (formerly Syntex); the BORCO oil
facility, also in Freeport, which transships oil in the region; the
Commonwealth Brewery in Nassau, which produces Heineken, Guinness, and
Kalik beers; and Bacardi Corp., which distills rum in Nassau for
shipment to U.S. and European markets. Other industries include
sun-dried sea salt in Great Inagua, a wet dock facility in Freeport for
repair of cruise ships, and mining of aragonite--a type of limestone
with several industrial uses--from the sea floor at Ocean Cay.
The Hawksbill Creek Agreement established a duty-free zone in
Freeport, The Bahamas' second-largest city, with a nearby industrial
park to encourage foreign industrial investment. The Hong Kong-based
firm Hutchison Whampoa operates the container port in Freeport. The
Bahamian Parliament approved legislation in 1993 that extended most
Freeport tax and duty exemptions through 2054.
Business Environment
The Bahamas offers attractive features to the potential investor: a
stable democratic environment, relief from personal and corporate
income taxes, timely repatriation of corporate profits, proximity to
the United States with extensive air and telecommunications links, and
a good pool of skilled professional workers. The Government of The
Bahamas welcomes foreign investment in tourism and banking and has
declared an interest in agricultural and industrial investments to
generate local employment, particularly in white-collar or skilled
jobs. Despite its interest in foreign investment to diversify the
economy, the Bahamian Government responds to local concerns about
foreign competition and tends to protect Bahamian business and labor
interests. As a result of domestic resistance to foreign investment and
high labor costs, growth can stagnate in sectors which the government
wishes to diversify.
The country's infrastructure is best developed in the principal
cities of Nassau and Freeport, where there are relatively good paved
roads and international airports. Electricity is generally reliable,
although many businesses have their own backup generators. In Nassau,
there are three daily newspapers, several weeklies, and international
newspapers available for sale. There also are six radio stations. Both
Nassau and Freeport have a television station. Cable TV and satellite
also are available locally and provide most American programs with some
Canadian and European channels.
Areas of Opportunity
The best U.S. export opportunities remain in the traditional areas of
foodstuffs and manufactured goods: vehicles and automobile parts;
hotel, restaurant, and medical supplies; and computers and electronics.
Bahamian tastes in consumer products roughly parallel those in the
United States. Merchants in southern Florida have found it profitable
to advertise in Bahamian publications. Most imports are subject to high
but nondiscriminatory tariffs.
FOREIGN RELATIONS
The Bahamas has strong bilateral relationships with the United States
and the United Kingdom, represented by an ambassador in Washington and
High Commissioner in London. The Bahamas also associates closely with
other nations of the Caribbean Community (CARICOM). The Bahamas has an
ambassador to Haiti and works closely with the United States and
CARICOM on political and migration issues related to Haiti. The Bahamas
has diplomatic relations with Cuba, including embassies in each other's
capitals. A repatriation agreement was signed with Cuba in 1996, and
there are commercial and cultural contacts between the two countries.
The Bahamas also enjoys a strengthening relationship with China. The
Commonwealth of The Bahamas became a member of the United Nations in
1973 and the Organization of American States in 1982.
The Bahamas holds membership in a number of international
organizations: the UN and some specialized and related agencies,
including Food and Agriculture Organization (FAO), International Civil
Aviation Organization (ICAO), and the International Labor Organization
(ILO); International Monetary Fund (IMF); International
Telecommunication Union (ITU); World Bank; World Meteorological
Organization (WMO); World Health Organization (WHO); OAS and related
agencies, including Inter-American Development Bank (IDB), Caribbean
Development Bank (CDB), and Pan-American Health Organization (PAHO);
the Caribbean Community (CARICOM), excluding its Common Market; the
International Criminal Police Organization (INTERPOL); Universal Postal
Union (UPU); International Maritime Organization (IMO); World
Intellectual Property Organization (WIPO); and obtained observer status
in the World Trade Organization (WTO) in 2001.
U.S.-BAHAMIAN RELATIONS
The United States historically has had close economic and commercial
relations with The Bahamas. The countries share ethnic and cultural
ties, especially in education, and The Bahamas is home to approximately
30,000 American residents. In addition, there are about 110
U.S.-related businesses in The Bahamas and, in 2005, 87% of the 5
million tourists visiting the country were American.
As a neighbor, The Bahamas and its political stability are
especially important to the United States. The U.S. and the Bahamian
Government have worked together on reducing crime and addressing
migration issues.. With the closest island only 45 miles from the coast
of Florida, The Bahamas often is used as a gateway for drugs and
illegal aliens bound for the United States. The United States and The
Bahamas cooperate closely to handle these threats. U.S. assistance and
resources have been essential to Bahamian efforts to mitigate the
persistent flow of illegal narcotics and migrants through the
archipelago. The United States and The Bahamas also actively cooperate
on law enforcement, civil aviation, marine research, meteorology, and
agricultural issues. The U.S. Navy operates an underwater research
facility on Andros Island. The Department of Homeland Security's Bureau of Customs and Border
Protection maintains "preclearance" facilities at the airports in
Nassau and Freeport. Travelers to the U.S. are interviewed and
inspected before departure, allowing faster connection times in the U.S. Principal U.S. Officials The U.S. Embassy is
located at 42 Queen Street, Nassau (tel. 242-322-1181; telex 20-138);
the local postal address is P.O. Box N-8197, Nassau, The Bahamas. Other Contact Information Caribbean/Latin American Action
Ambassador--Ned S. Siegel
Deputy Chief of Mission--Brent Hardt
Management Officer--David Elmo
Consul--Virginia Ramadan
Political-Economic Section Chief--Daniel O'Connor
Public Affairs Officer--Daniel O'Connor
U.S. Department of Commerce
International Trade Administration
Office of Latin America and the Caribbean
14th and Constitution, NW
Washington, DC 20230
Tel: 202-482-0704; 800-USA-TRADE
Fax: 202-482-0464
1818 N Street, NW, Suite 310
Washington, DC 20036
Tel: 202-466-7464
Fax: 202-822-0075
World business news - CNNMoney.com
Dec 04, 2008 11:15AM
Dec 04, 2008 08:03AM
3 European central banks slash rates
Three European central banks slashed key interest rates Thursday in attempts to stem the recession.
Dec 04, 2008 03:57AM
Traveling for business, safely
If you do much business travel overseas, last week's three days of terror attacks in Mumbai, India's financial capital, had to give you pause -- especially since the deadly attacks struck two luxury hotels popular with foreigners, and a restaurant, the Leopold Cafe, that was a gathering place for visitors from abroad.
Dec 03, 2008 02:52PM
Dollar rises against euro, pound
The U.S. dollar gained against most major currencies Wednesday, ahead of expected interest rate cuts by European central banks this week and amid volatile global equity markets.
Dec 02, 2008 07:27AM
It's highly possible, if not inevitable, that Americans will soon live under a radically different tax system - one that the pundits and politicians aren't talking about.
� 2008 Cable News Network LP, LLLP.