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Last updated : Nov 2009
 
Bahamas Business
Bahamas Business Overview - TravelPuppy.com
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.