Gross Domestic
Products: $5.2 billion.
Main imports:
Foodstuffs, crude oil vehicles, manufactured goods and electronics.
Main exports: Pharmaceuticals, rum, cement,
crawfish and refined petroleum products.
Main trade
partners: United Kingdom, other EU countries, United States
of America, Canada, Nigeria and Libya.
Economy
The Bahamas is one of the wealthiest countries
in the Caribbean, and depends heavily on its main industry of tourism.
Other industries produce oil, rum, pharmaceuticals and salt. Transhipment
through Freeport, which enjoys important tax concessions as a free
trade area, is another valuable source of revenue. The Bahamas also
has a sizeable and growing offshore banking sector,
although it has come under pressure as a result of competition from
elsewhere and international efforts to tighten up on tax havens.
In June 2000, the Bahamas were identified by the Organisation
for Economic Cooperation and Development (OECD), the world’s
30 wealthiest economies, as 1 of 35 countries whose financial laws
were inadequate to prevent large scale tax evasion and possible
money laundering. The government has since taken measures to meet
the OECD’s desires. Most foodstuffs and virtually all other
products must be imported, mainly from the United States of America,
although oil is purchased primarily from Indonesia
and Saudi Arabia. Other than the United States of America, The Bahamas’
major trading partners are the United Kingdom and
Puerto Rico.
Business
General courtesies are observed, appointments are
made and calling cards are exchanged.
Usual office
hours are Monday to Friday 9.00 am to 5.00 am and government
office hours are 9.00 am to 5.30 pm.
Commercial
Information
The following association can offer advice:
Bahamas Chamber of Commerce
Address: PO Box 40808, Freeport, Grand Bahama
Telephone: 352 8329.
Website address: www.thegrandbahamachamberofcommerce.com
Conferences/Conventions
Conference venues in The Bahamas can seat up to 2,000 people. Information
may be acquired from the Bahamas Tourist Office or the Bahamas Ministry
of Tourism in Nassau. |
