The deputy prime minister yesterday reaffirmed his ambition to double The Bahamas’ hotel room inventory to 30,000 within seven years and overcome capacity woes that are “constraining growth”.

Chester Cooper, also minister of tourism, investments and aviation, told an investment promotion forum held in Washington D. C. that the Government is seeking to drive both Bahamian and foreign investment into the hotel sector to help accommodate growing visitor demand for this nation.

Asserting that tourist arrivals have increased by 15 percent year-over-year for 2024 to-date, when compared to last year’s 9.6m record, he said: “As the major driver of our economic growth, we continue to be bullish about investments in the tourism sector. 

“Our growth, though, is constrained by the number of hotel rooms. We have therefore embarked upon doubling our 15,000 rooms over the next seven years through domestic and foreign direct investments (FDI).” He was speaking at the Business and Investment Forum 2024, held at the University Club of Washington D.C., under the theme: ‘Rediscovering The Bahamas: Its potential and investment opportunities’.

Mr Cooper identified renewable energy; the digital economy, including Artificial Intelligence (AI); airport upgrades; and public-private partnerships (PPPs) as sectors and structures where The Bahamas is seeking increased investment.

Describing this nation as “an amazing place to do business”, and promoting its virtues of democratic political stability, US proximity and the one:one exchange rate parity with the US dollar, Mr Cooper said: “We have implemented the National Investment Policy, which is designed to attract investment in alternative energy, green technology and eco-tourism and carbon credits.

“We are also advancing The Bahamas as a digital society, fully embracing smart technology and the digital economy. We are focused on becoming greater participants in the global FinTech (financial technology) revolution by becoming a hub for digital financial services, and we are inviting technology companies, start-ups and innovators to take a serious look at what we’ve done with our regulatory environment and forward-thinking policies to support the development of this sector.”

Touting recent legislative reforms such as the upgraded Digital Assets and Registered Exchanges (DARE) Act, and newly-passed Longevity and Regenerative Therapies Act, Mr Cooper added: “We are in the process of developing smart cities, e-governance and tech-enabled public services.

“In health care, finance, education, financial services and tourism, AI applications are vast and will play a crucial role in shaping the future of our economy. We are already exploring opportunities to integrate AI into our public services and industries to boost efficiency and provide better services. We envision a future where The Bahamas becomes a destination for digital nomads, tech start-ups and AI developers.”

Pointing to Innovate242, which is the Government’s bid to establish technology hubs in The Bahamas and support entrepreneurs, Mr Cooper also pledged: “At the same time, we are reducing bureaucratic red tape and creating a business environment that is efficient, transparent and competitive.....

“So, I’ll bottom line it for you. We are positioning The Bahamas as a destination where businesses can bring their employees to live and work, either permanently or on a rotational basis. It’s beautiful, our infrastructure is being seriously upgraded and we are making incredible strides with enhancing the quality of life, making The Bahamas a perfect destination to visit, work and play.”