By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday confirmed he had given permission for the Bahamas’ ambassador to China to seek out agriculture and fisheries investments, in a bid to reduce this nation’s $900 million food import bill.

V Alfred Gray, minister of agriculture and marine resources, said the $2.1 billion project proposed by ambassador, Paul ‘Andy’ Gomez, and his embassy could help the Bahamas improve its ‘food security’.

Then, in comments that seemed to undercut the rationale for the Bahamas Agriculture and Marine Science Institute’s (BAMSI) ‘reason for being’, Mr Gray said Bahamians “lack interest” in large-scale agricultural production.

However, he stressed that the proposal by Mr Gomez, an accountant and former Grant Thornton (Bahamas) partner, and his embassy, was nowhere near the approval stage. No formal submission has yet been submitted to any of the Government’s various investment agencies.

“I know that the newly-appointed ambassador to China had approached my ministry with a view to finding out whether it was OK for them to enter into discussions with respect to Chinese investments in the Bahamas in fisheries, factories and agricultural pursuits,” Mr Gray said.

“I felt as minister that was a good thing if we could get them to invest in agriculture, because agriculture is one of the industries in the Bahamas where Bahamians seem to lack interest, generally speaking.

“Our food security problem is such that if you have to pay $900 million for food from outside the country, any investment in the Bahamas in agriculture and agricultural pursuits, is fine as long as it does not compete with Bahamians who basically have no general interest in farming at any large scale. I thought it was a good discussion to have. I know of his interest in opening that discussion,”

As a result, the Government has reportedly given the go-ahead to its embassy in China to pursue a possible agriculture and fisheries partnership with the Chinese.

The embassy’s current thinking is for a deal that would inject some $2.1 billion into the Bahamian economy over 10 years. The initiative will entail the incorporation of 100 Bahamian companies, with each owned 50­/50 by the Chinese and Bahamians or Bahamian entities.

Mr Gray stressed, though, that no approval has been given in relation to the proposal.

“I don’t know of any approval,” he emphasised.  “Certainly, the ambassador has no authority to approve anything. This minister has no authority to approve anything, and it would still have to come to the National Economic Council - headed by our Prime Minister - for any approval.

“I think it’s erroneous at best to say that there is any approval of that magnitude or otherwise. I don’t know of it. The Prime Minister has indicated that he does not know of it. We would like to know where this approval came from.

“As minister, I did indicate to the ambassador that it was certainly a discussion that he could have with interested investors, and I don’t know what as he did as a result of our communications,”Mr Gray said.

“I don’t think he will be able to approve anything by discussing it. I couldn’t approve anything even if the discussions were held with me. I think it’s erroneous  to say they have a letter of approval from the Government. That is not true, outside of the fact that he may be discussing a matter of that kind with possible investors. I think that if the discussions are conducted it will still have to be put before the Government for its consideration and approval.”

Mr Gray continued: “In every investment there is some good, especially if it does not compete with Bahamians or is the kind of investment that will advance the national interest.

“I am satisfied that any investment in agriculture or agribusiness in the Bahamas is a good investment because Bahamians do not seem to like agricultural investments, maybe because they can’t get money from the banks to do it.

“Banks don’t like lending money to agriculturalists and fishermen for their pursuits because they think it’s too big a risk. If Bahamians can’t  get involved in it because they can’t afford the money to do so, any investment that will advance our food security is a good investment. But nothing has been approved of which I know.”