By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Prime Minister described the Bahamas as having a "constant and reliable electricity supply of North American standards" as he sought to 'sell' this nation to technology investors.

Dr Hubert Minnis's speech to the Austin Technology Council and Texas Association of Business, part of his visit to the 'Lone Star' state, is likely to raise eyebrows among some local observers given that several assertions appear to contradict the reality on the ground.

In particular, his comments on energy supply reliability appear at odds with the frequent outages that Bahamas Power & Light (BPL) customers continue to endure. "Grand Bahama and the Bahamas possess modern and superior infrastructure, modern roads, constant and reliable electricity supply of North American standards, fully digital telecommunications and high quality, high-speed Internet," Dr Minnis said.

The Prime Minister was on a mission to promote the benefits of the recently-passed Commercial Enterprises Act, and his plans for Grand Bahama to become a technology hub - both of which are key elements of the Government's GDP growth and job creation strategy. Confirming his administration's desire for economic diversification, Dr Minnis said: "With this in mind, late last year we passed legislation known as the Commercial Enterprises Act.

"The intent of this Act is to offer incentives to investors who establish businesses in the Bahamas that would help us in our diversification drive, while also creating higher-paying jobs and long-term job security.

"Under this legislation, investors in captive insurance, reinsurance, arbitration, wealth management, computer programming, maritime trade, nanotechnology, biomedical industries, data storage, call centers, software design and writing will be given a number of concessions and incentives if they were to locate in the Bahamas."

The only 'concession' addressed by the Commercial Enterprises Act is the fast-track work permit process, where companies in these industries can obtain a certificate from the Commercial Enterprises Board allowing them to bring in top executives, management and specialist personnel on work permits.

Such persons can enter the Bahamas without possessing a work permit, but must apply for one within 30 days of arrival. If no answer is received from the Department of Immigration within 14 days, the permit is automatically deemed to have been granted.

The Government's goal of establishing Grand Bahama as a technology hub occupied much of Dr Minnis's speech, as he sought to attract US and Texas-based investors and companies in the sector to the island.

Talking up the recent Grand Bahama Technology Summit, the Prime Minister said: "Grand Bahama has proven to be an attractive place for manufacturing cutting-edge technology.

"Carnival Corporation has identified Grand Bahama as the ideal location to configure and assemble the Ocean Medallion concierge system. This interactive technology is expected to change the cruise experience, and we are proud to house its development centre in Grand Bahama.

"I am pleased to say that Grand Bahama Power Company has expressed its preparedness to be flexible in rates, particularly for new technology companies."

Dr Minnis pledged that the Bahamas was "currently finalising" initiatives to exploit blockchain technology, financial technology (FinTech) and cryptocurrencies, adding that the Government will market blockchain technology as "a sub-industry within information communications technology".

He said: "We are currently engaged in discussions on how we can fast-track work permits and ensure that companies who employ US and foreign talent can retain these employees in the Bahamas.

"We remain open to tailor-making packages specific to a company's needs, allowing them to retain their talent without increasing cost."