The Deputy Prime Minister has urged Bahamian entrepreneurs to "reimagine the economy" and how they would create industries such as tourism "from scratch" today.

K Peter Turnquest, speaking at the Millionaire's Mile Fireside Chat, an event held to mark the Small Business Development Centre's (SBDC) launch, called on aspiring business owners to view the economy as "a blank canvas" and identify niche markets they could target and win.

"Imagine the Commonwealth of The Bahamas as a blank canvas," he said. "No tourism, no foreign direct investment; a pristine land of opportunity. What would you create? What would you do?

"However you answer that question, that is the goal of the reimagined Bahamian economy: The creation of a set of circumstances where, whatever your imagination and creativity, your design can be put to the test and implemented without barriers. What would you do? How would it work?"

Mr Turnquest continued: "What would you do to create a tourism industry from scratch, given the gifts nature and providence have bestowed on The Bahamas?" The deputy prime minister encouraged his audience to be ambitious and think creatively in building a sustainable tourism industry.

"According to the Adventure Travel Trade Association, the definition of 'adventure' in adventure travel is changing. Risky adrenaline activities are now only about half as popular as 'experiencing a new culture' in the definition of adventure travel," he added.

"How many ways can we package and present flora, fauna, food, culture, the architecture, the children's game of The Bahamas, to the 'adventure traveler'? What would it mean to Bahamians to be creative in a whole other way, relying on wit and sustainable resources?

"The Bahamas is steeped in history: We are the oldest parliamentary democracy in this region, we have stood at the crossroads of the era of the great pirates and privateers, we have survived and thrived in the time of the rum runners and the wreckers, we have been spongers. Columbus and the Eleutheran Adventurers, some of our most famous or infamous visitors. What about our bush medicine or the industrial potential of our farmland?" Mr Turnquest asked.

"The Kingdom of Saudi Arabia's Vision 2030 highlights one of my foundational propositions. In the area of building a thriving economy with rewarding opportunities, the skills and competencies of our children are one of the most important and cherished assets. To make the most of their potential, we will build a culture that rewards determination, provides opportunities for all and helps everyone acquire the necessary skills to achieve their personal goals."

Acknowledging the bureaucratic impediments faced by many businesses, Mr Turnquest added: "The reimagined Bahamian economy would be one in which the entrepreneurial fate of the citizen is not determined by his or her ability to access capital, or concessions, or the ability to pick up the phone and call a politician to break the waves for him or her at the regulatory bottleneck.

"That bottleneck would not exist, and the access barriers that plague our economy today would be removed. Imagine easy, simple, fair and transparent access to capital; to advice; to concessions and incentives.