Bahamas News

The Bahamas Chamber of Commerce is hoping to put together a business trade mission to India later this year, The Tribune was told yesterday, building upon the Memorandum of Understanding (MOU) it signed last week with its Indian counterpart that will establish the India-Bahamas Joint Business Council.

Philip Simon, the Chamber’s executive director, said: It is our hope that later this year we will be able to arrange and assemble a business trade mission to India, and in the near future they will hope to do the same thing with us.

The Chamber of Commerce accompanied Fred Mitchell, minister of foreign affairs, on the India leg of his trip that also took in China . Mr Simon said the Chamber would also like to accompany Mr Mitchell when he heads to Cuba later next month.

Of the visit to India, Mr Simon added: I think on all counts it was pretty successful.

Bahamian businesses traded some $51 million in goods and services annually with India, a figure Mr Simon said could grow exponentially now that the relationship with the Chamber’s counterpart, the Federation of Indian Chambers of Commerce and Industry (FICCI) had been established.

The agreement to establish the Joint Business Council had created a mechanism the private sectors of the Bahamas and India could operate through when seeking to develop new relationships, win contracts and gain market access to their respective countries. Mr Simon said it would give the whole process better direction, better assistance and better information.

Bahamian businesses had been keen to establish linkages with India because of its world renowned expertise in information technology (IT), and the ability to use its software products and digital applications in their own business. India was also well-know for garments and textiles.

As well as helping to smooth the way for Indian companies to set up in the Bahamas, either on their own or as joint ventures with Bahamians, Mr Simon said India felt it could learn something from this nation on touorism and financial services, incorporating its best practicees into their own operations.

The agreement establishing the India-Bahamas Joint Business Council says the body will seek to identify new trade and investment areas they can co-operate on, strengthen bilateral trade relations, and increase the competitiveness of the two nations economies.

The council will also develop procedures for settlement of disputes between businessmen of the two countries by concluding an Arbitration Agreement between the Bahamas Chamber of Commerce and FICCI.

The Chamber will be hosting a luncheon on Thursday, February 2, at 12:30pm at Buena Vista so its members can ask questions about the India trip and debrief officials who attended.

By Neil Hartnell
Tribune Business Editor