As published in
For decades, The Bahamas has represented many people’s vision of paradise. Year-round sunshine, jaw dropping beaches and some of the clearest waters on Earth draw visitors from across the globe. But the nation has far more to offer than sun and sea—a fact the country’s government is working hard to highlight. “The world needs to know we are open for business,” explains Deputy Prime Minister Chester Cooper. “We want to create an environment where investors and locals can conduct business with ease.”
Tourism has long been the main pillar of the economy, and a 38% increase in arrivals in 2023 set a new record of 9.7 million visitors for the year. This reflects the significant investment that has gone into infrastructure and technology in the sector, upgrading facilities and streamlining arrival processes, alongside a growing sustainable tourism profile. Proximity to the US is another major advantage, with travellers transiting through The Bahamas eligible for pre-clearance for US customs and immigration. Seeking a further boost to connectivity, discussions are taking place with Emirates to arrange direct flights from the Middle East, strengthening the link with a growing market. “Aviation is the oxygen of tourism,” says Cooper. “We believe we have the ideal hub for traffic from the Middle East to the Americas.”
While tourism dominates, The Bahamas also boasts a mature and diversified financial services industry. Accounting for around 15% of GDP, the sector has embraced new financial technologies and digital assets, backed by a reputation for regulatory strength. In 2020, the central bank launched its own digital currency, the Sand Dollar, in a show of confidence in emerging fintech. Hailed by the IMF as the first digital currency of its kind, it is an innovation being monitored by countries around the world.
For Cooper, technology represents a significant opportunity for The Bahamas. “We want to develop an industry where tech businesses could thrive,” he says, underscoring his vision for growth. Central to that strategy is the development of four incubation centres which are being built in Grand Bahama, Exuma, and Nassau, designed to attract technology companies. “We are blessed to be an archipelago as each island offers its uniqueness where we can develop different businesses in each one.”
Chester Cooper has served as deputy prime minister of The Bahamas since 2021. With an extensive background in financial services, Cooper now seeks to drive wealth creation in the public sector.
Q: What key initiatives have you launched since taking office?
We have sent the message The Bahamas is open for business, which is crucial following the post-COVID pandemic environment and a new government. In addition, we have streamlined the approval processes for investments, alongside the implementation of new technology to expedite the overall process. We also reviewed many of our policies to guarantee ease of conducting business, and we have seen a significant uptake in new FDI in The Bahamas. We have attracted close to $10 billion in FDI the past two and a half years, creating thousands of jobs in the overall economy.
Q: How are you engaging Middle Eastern investors and travellers?
We position ourselves as the gateway to the Americas. It is easy to do business here due to our proximity to the largest economy in the world, and we provide access to other markets through our unique location in the region.
We also have the infrastructure to match these attributes, from communication, airports, seaports, and internet capability, and a large professional class where investors can find employees and executives.
Q: Which sectors offer the most appealing opportunities for investors?
We are largely a tourism-based economy, with around 60%-70% of our GDP coming from the sector. We seek to attract any industry that feeds into the tourism product that could provide support and services and bolster the industry. We have taken the initiative to revamp 14 of our 30 airports to support connectivity. We also want to reposition ourselves for modern tourism, and we are working on providing that in Nassau Paradise Island. It is a high-end luxury type of destination that could appeal to the Dubai and UAE market.
In addition, The Bahamas has a strong reputation for being an international financial services centre. We serve high-networth individuals for private banking and investment services, and we also offer a revised Digital Assets Act that attracts crypto and other digital asset companies to The Bahamas.
We have 365 days of sunshine which is ideal for developing renewable energy, especially solar, and we have a target of including 30% of renewable energy on our grid by 2030, which is why it is an area of focus.
Q: What other areas of growth are you prioritising?
One of the areas I am most excited about is technology, whether it is in fintech, digital assets, or the creation of new companies or entities in the technology space. We launched an initiative called Innovate 242, which is designed to grow the tech business. We want people to come to The Bahamas as digital nomads, and we want
to create tech hubs, including incubation centres, in as many of our islands as possible to create an ecosystem where tech companies can thrive.
