Bahamas News

The Ministry of Financial Services and Investments is prepared to revisit heads of agreement requirements and stipulate that a lead Bahamian engineer or engineer of record and related consultants become intimately involved in certain projects beyond a minimum size and scope, Minister Vincent Peet told members of the Bahamas Society of Engineers on Thursday.

Minister Peet, who was speaking during the group’s monthly luncheon at Graycliff Restaurant in Nassau, said this intimate involvement would take place from the initial stage of conceptualization to design and construction.

“Developers have a right to choose engineers and other professionals known to them and with whose work they are comfortable, but our culture is uniquely differed so there is a need for Bahamian engineers to review and make adjustments to their plans to ensure the feasibility of the projects,” he said.

“I am pleased to say that the names of Bahamian engineers and other professionals have been submitted to developers and more importantly to all those who are applying to invest in The Bahamas.”

Minister Peet said he has started discussions with the president of the Bahamas Society of Engineers, board members and others to assist in the establishment of an advisory group to the minister and the ministry in close consultation with the Ministry of Works to provide the technical assistance necessary going forward.

He said his ministry recognizes the importance of disseminating accurate, but relevant information so as to provide additional opportunities for engineers in terms of investment.

Minister Peet said he has invited the Society’s president to supply his ministry with an attractive brochure that details all industry bodies, engineers, architects, contractors, surveyors and others, their areas of specialization, contacts and other pertinent information.

The list is expected to be posted on the ministry’s website, included in heads of agreement documents for investors’ benefit as well as become a part of the National Investment Policy.

Minister Peet said a perception exists that not enough Bahamian engineers, architects, contractors, surveyors and other professional bodies are the true beneficiaries of the “economic bonanza” being experienced in light of foreign direct investment.

“I wish to dispel its misconception and to inform you that Baha Mar developers have to date employed the services of 98 Bahamian companies in their project development,” he said.

Minister Peet also announced that Kerzner International has similarly utilized the services of 33 Bahamian companies on its Phase III project alone.

“Additionally, in dialogue with representatives of these developers as recent as yesterday, I was assured that focused attention will be given to the introduction of an internship [programme] for young engineers so that they can gain invaluable experience and develop technical skills and expertise in various areas of specialization,” he said.

Minister Peet said another concern is that foreign companies who enter The Bahamas to provide specialty service, once contracted, never leave.

“This negative practice has resulted in the establishment of a buddy system where foreign companies refer businesses to their foreign friends, that is, other foreign companies and thus exclude their Bahamian counterparts,” he said.

“This approach prevents developers from trying to make contact with Bahamian engineers as they are advised that the expertise required is not available in The Bahamas. This is most unacceptable.”

Minister Peet assured the engineers of the government’s commitment to ensure that more and more Bahamians are empowered to take advantage of the opportunities that result from foreign direct investments.

Of equal importance, he said, is the establishment of the Domestic Investment Board which provides additional opportunities for Bahamians to engage in entrepreneurial ventures.

“I am of the opinion that significant inroads have been made, but we cannot rest on our laurels,” Minister Peet said. “We must continue to work together and serve as catalysts to move our country forward and leave a lasting legacy for generations yet unborn.”

He assured of the government’s commitment to ensure that the “unprecedented” economic benefits derived from the various investment projects are as widely distributed as possible.

Minister Peet told the engineers that over the past four years, in excess of 430 foreign investment projects were submitted to his ministry. Of that number, he said 53 projects valued at $13.6 billion are currently under various stages of construction.

The main ones are the Atlantis Phase III project on Paradise Island, Ginn in West Grand Bahama, The I-Group project in Mayaguana, and Baha Mar at Cable Beach.

Courtesy of the Bahama Journal