Trade export strategy part of economic diversification effortsCommonwealth Brewery and John Watlings Distillery tapped as immediate beneficiaries
BRUSSELS, BELGIUM In an ongoing effort to support the government of The Bahamas initiatives for economic diversification, Ambassador Extraordinaire and Plenipotentiary of The Bahamas to the Kingdom of Belgium and Head of Mission to the European Union Maria OBrien sought assistance under the African, Caribbean, Pacific-European Union (ACP-EU) TradeComm II Programme to develop a trade export strategy for the Commonwealth of The Bahamas.
The ACP-EU TradeComm II Programme aims to reduce poverty, improve sustainable economic development and encourage regional integration through capacity-building, which is critical in The Bahamas efforts to recover from the COVID-19 pandemic.
The expectation is that the exports of goods and services in traditional emerging sectors, including micro, small and medium-sized enterprises (MSME), will strengthen a viable sector of The Bahamas. The assistance provided by the TradeComm II Programme will be implemented in conjunction with the Ministry of Financial Services, Trade and Industry and Immigration to assist with streamlining bureaucratic procedures, market intelligence gaps and logistical constraints in the complex business environment that Bahamian exporters encounter.
This technical assistance will create a framework that provides timely and reliable trade information for business decision-making, enabling Bahamian businesses to have easier access to the export markets.
OBrien stated that the project would access approximately $30 million (24 million) in financial support implemented by the Caribbean Export Development Agency under the 11th European Development Fund (EDF) Regional Private Sector Development programme.
This targeted support to develop the export strategy of the Commonwealth of The Bahamas will be bundled with support for the local rum sector. Industry research discovered that rum production relied heavily on consumption at a national level and that the tourism industry was ineffective in sustaining consumption levels through the COVID-19 pandemic.
While some of the raw materials required for manufacturing rum locally are imported from European countries, there is minimum export of the final product. Export opportunities will focus on existing markets that were successfully penetrated by the United Kingdom and Cuba, including Spain, Germany, Australia and the Czech Republic. Notably, Ireland ranked 36th in rum imports, with The Bahamas accounting for U$4.5 million of rum exports to Ireland in 2017. However, the research conducted by the EU indicated that The Bahamas could provide 73.3 percent of the total Irish rum imports.
The bundle project will have access to the Caribbean Rum Programme under the ninth and tenth EDF original budget of approximately $83 million (70 million). The project is expected to provide the government with a comprehensive export strategy that prioritizes export sectors based on competitiveness, job creation, foreign exchange earnings and value-addition, capacity building and training activities for private and public sectors to be export-ready and to improve regulatory and operational for exports to emerging markets.
OBrien identified Commonwealth Brewery Ltd and John Watlings Distillery as the immediate beneficiaries of the project, but expects that newcomers to the industry will also benefit from this programme.
The Ministry of Financial Services, Trade and Industries and Immigration for the trade export strategy and the rum sector project will be supported by local technical experts Robby Thompson and Edison Sumner, chairman of the Bahamas eCommerce Advisory Board.
Go here to read the rest:
- Cruise bound for Bahamas rerouted to Boston because of storm - CBS Boston - December 19th, 2023 [December 19th, 2023]
- Cruise ship originally headed for Bahamas to stop in Portland due to storm - NewsCenterMaine.com WCSH-WLBZ - December 19th, 2023 [December 19th, 2023]
- Inside Lionel Richie's Star-Studded 'Dancing on the Sand' Weekend In the Bahamas - PEOPLE - December 19th, 2023 [December 19th, 2023]
- 7 Top-Rated Bahamas All-Inclusive Resorts You Should Book - TheTravel - December 19th, 2023 [December 19th, 2023]
- December Cruise To Bahamas Rerouted To Canada - Jalopnik - December 19th, 2023 [December 19th, 2023]
- Alaska Airlines starts flying to the Bahamas from Seattle and Los Angeles - The Points Guy - December 19th, 2023 [December 19th, 2023]
- You Can Now Fly Nonstop From Los Angeles to Nassau, The Bahamas - Caribbean Journal - December 19th, 2023 [December 19th, 2023]
- THE BAHAMAS AND ALASKA AIRLINES CELEBRATE FIRST-EVER NONSTOP ROUTES CONNECTING WEST ... - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Cruise ship originally en route to Bahamas docks in Boston due to weather - CBS Boston - December 19th, 2023 [December 19th, 2023]
- Cruise Ship Originally En Route To Bahamas Docks In Boston Due To Weather - Patch - December 19th, 2023 [December 19th, 2023]
- Alaska Airlines Launches First-Ever Routes to Guatemala and the Bahamas - Business Traveler USA - December 19th, 2023 [December 19th, 2023]
- Kickin' It With Q: Cowgirls in the Bahamas (E.5) - Oklahoma State Athletics - December 19th, 2023 [December 19th, 2023]
- Atlantis Paradise Island Bahamas hotel resort review - The Week - December 19th, 2023 [December 19th, 2023]
- A Black Girl's Guide To Celebrating Junkanoo In Bahamas - Refinery29 - December 19th, 2023 [December 19th, 2023]
- The Bahamas and Alaska Airlines Celebrate First-Ever Nonstop Routes - eTurboNews | eTN - December 19th, 2023 [December 19th, 2023]
- Live from AMERICANAFEST 2023: Brennen Leigh & Bahamas : World Cafe Words and Music Podcast - NPR - December 19th, 2023 [December 19th, 2023]
- World Series of Poker Paradise part of growing sports scene in Bahamas - Fox News - December 19th, 2023 [December 19th, 2023]
- TCI young men performing well at Blazer Elite Sports Academy in The Bahamas - Turks and Caicos Sun - December 19th, 2023 [December 19th, 2023]
- Royal Caribbean Closes In on New Resort in Freeport, Bahamas - Cruise Hive - December 19th, 2023 [December 19th, 2023]
- Bahamas: Spilligate'23 concert featuring Burna Boy postponed - St Vincent Times - December 19th, 2023 [December 19th, 2023]
- Snaresbrook Manor is a Luxury Oasis in Governor's Harbour Bahamas - stupidDOPE.com - December 19th, 2023 [December 19th, 2023]
- KU falls to Bahamas in rematch, 87-81 - KUsports - August 8th, 2023 [August 8th, 2023]
- Lindsay Shiver's alleged Bahamas lover downplays plot to kill husband - New York Post - August 8th, 2023 [August 8th, 2023]
- 5 Reasons To Visit This Lesser-Known Island In The Bahamas - Travel Off Path - August 8th, 2023 [August 8th, 2023]
- Ohio or the Bahamas? This kayaking paradise has crystal clear water - 614NOW - August 8th, 2023 [August 8th, 2023]
- Eric Gordon to reportedly represent Team Bahamas - Eurohoops - August 8th, 2023 [August 8th, 2023]
- Sebastian Walcott Is the Rangers'and the Bahamas'Future - D Magazine - August 8th, 2023 [August 8th, 2023]
- These Are The 10 Best Things To Do On Grand Bahama Island - TheTravel - August 8th, 2023 [August 8th, 2023]
- WHAT'S NEW IN THE BAHAMAS IN AUGUST 2023 - PR Newswire - August 8th, 2023 [August 8th, 2023]
- Deandre Ayton, Kai Jones to rep The Bahamas at Olympic qualifiers ... - Loop News Caribbean - August 8th, 2023 [August 8th, 2023]
- Reliving the Legend: Michael Jordan's Bahamas Pick-Up Trash-Talk ... - Landon Buford - August 8th, 2023 [August 8th, 2023]
- For Mayor Adams, Any Day Has the Makings of Flag Day - The New York Times - August 8th, 2023 [August 8th, 2023]
- MAKING HISTORY: 80-member team named for the CARIFTA Games - March 31st, 2023 [March 31st, 2023]
- Bahamas geography, maps, climate, environment and terrain from Bahamas ... - March 24th, 2023 [March 24th, 2023]
- Bahamas | Culture, Facts & Travel | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas government structure and political parties. - CountryReports - March 24th, 2023 [March 24th, 2023]
- Is Bahamas a poor country? | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas Population and Demographics from Bahamas | - CountryReports - March 24th, 2023 [March 24th, 2023]
- Bahamas interception of sea-borne Cuban migrants jumps in 2022 - January 17th, 2023 [January 17th, 2023]
- Bahamas national football team - Wikipedia - December 28th, 2022 [December 28th, 2022]
- LeBron James Sipped Champagne and Vodka All Night Alongside Katy Perry in Crazy Bahamas Party in 2010 - EssentiallySports - December 28th, 2022 [December 28th, 2022]
- Hidden Worlds and The Islands of The Bahamas Bringing Awareness to Ocean Conservation - South Florida Caribbean News - December 28th, 2022 [December 28th, 2022]
- 'Smoking a big spliff in the Bahamas': Nick's 10-year plan, and why his 'secret weapon' has him high on life - The Roar - December 23rd, 2022 [December 23rd, 2022]
- SBF's parents visited Bahamas prison where he's in custody - Business Insider - December 18th, 2022 [December 18th, 2022]
- Alex Rodriguez and Jaclyn Cordeiro share Instagram video of their stunning private vacation in the Northeastern Bahamas - Sportskeeda - December 12th, 2022 [December 12th, 2022]
- @realGeorgeHotz More Than Just a Polycule in the Bahamas, That's for Sure! - Latest Tweet by Elon Musk - LatestLY - December 12th, 2022 [December 12th, 2022]
- Bahamas' Attorney General Defends Country's Regulatory Regime Amid FTX 'Debacle' - CoinDesk - November 30th, 2022 [November 30th, 2022]
- Dayton regroups with two home games this week after 0-3 finish in Bahamas - Dayton Daily News - November 30th, 2022 [November 30th, 2022]
- The Bahamas' Club Med Columbus Set To Reopen This Month - TravelPulse - October 15th, 2022 [October 15th, 2022]
- UH, U of the Bahamas partner in island sustainability, disaster risk reduction | University of Hawaii System News - University of Hawaii - October 15th, 2022 [October 15th, 2022]
- Government agencies collaborating to restore East Grand Bahama - Magnetic Media - October 15th, 2022 [October 15th, 2022]
- The Bahamas Welcomes Everyone This Winter - Vax-Before-Travel - October 15th, 2022 [October 15th, 2022]
- Call for Entries : Development of a Private Island in The Bahamas - ArchDaily - October 15th, 2022 [October 15th, 2022]
- VALOR OF THE VANQUISHED: PM tours Lucayans exhibit - EyeWitness News - October 15th, 2022 [October 15th, 2022]
- Henfield: Immigration's shanty town efforts should be sustained - Bahamas Tribune - October 15th, 2022 [October 15th, 2022]
- Rent-to-own housing initiative to provide 50 homes in pilot phase - Bahamas Tribune - October 15th, 2022 [October 15th, 2022]
- 'Come out and support' the Fight for the Cure - Bahamas Tribune - October 15th, 2022 [October 15th, 2022]
- Turks and Caicos thanks for Bahamas police link - Bahamas Tribune - October 13th, 2022 [October 13th, 2022]
- Trinidad and Tobago beach soccer teams to play in Bahamas Cup - TT Newsday - October 13th, 2022 [October 13th, 2022]
- 'Move the needle': IMF puts Bahamas growth back to 8% - Bahamas Tribune - October 13th, 2022 [October 13th, 2022]
- Why did 'Renovation Island' stars Bryan and Sarah Baeumler not sell their Bahamas resort? - MEAWW - October 13th, 2022 [October 13th, 2022]
- IMMIGRATION TO SEND IN OFFICERS: The Farm reported to have quadrupled in size since Dorian - Bahamas Tribune - October 13th, 2022 [October 13th, 2022]
- CBS PROstore goes hands-on with fall workshop - EyeWitness News - October 13th, 2022 [October 13th, 2022]
- Bahamas Population 2022 (Demographics, Maps, Graphs) - October 8th, 2022 [October 8th, 2022]
- WHAT'S NEW IN THE BAHAMAS IN OCTOBER 2022 - PR Newswire - October 8th, 2022 [October 8th, 2022]
- These Twin Beachfront Bahamas Mansions Just Hit the Market for $30 Million Each - Robb Report - October 8th, 2022 [October 8th, 2022]
- Unraveling the Links Between the Bahamas' Junkanoo Festival and Folk Hero John Canoe | History - Smithsonian Magazine - October 8th, 2022 [October 8th, 2022]
- The Bahamas PM says the country is in a much better place than 12 months ago, reviewing one year in office - Magnetic Media - October 8th, 2022 [October 8th, 2022]
- Bahamas Police first to answer call for help, as TCI grapples with deadly gang turf war - Magnetic Media - October 8th, 2022 [October 8th, 2022]
- MSC Cruises Seashore to Homeport at Port Canaveral for 2023 Winter Season, Will Sail to Bahamas, Western Caribbean - SpaceCoastDaily.com - October 8th, 2022 [October 8th, 2022]
- Regressive recession looming, forces UN to issue Cease and Desist message to big countries - Magnetic Media - October 8th, 2022 [October 8th, 2022]
- The best 8 places to visit in the Bahamas - Lonely Planet Travel News - October 2nd, 2022 [October 2nd, 2022]
- Take 5: What will 399000 buy in the Bahamas, Greece, France, Romania and Carlow? - The Irish Times - October 2nd, 2022 [October 2nd, 2022]
- ATLANTIS PARADISE ISLAND ANNOUNCES PARTY LIKE A ROYAL NEW YEAR'S EVE CELEBRATION AND THE CHAINSMOKERS PERFORMING ON NEW YEAR'S DAY - PR Newswire - October 2nd, 2022 [October 2nd, 2022]
- Statement to Update on the Sale of the Grand Lucayan - Magnetic Media - October 2nd, 2022 [October 2nd, 2022]
- Another Carnival Cruise Canceled Due to Hurricane Ian - Cruise Hive - October 2nd, 2022 [October 2nd, 2022]
- Coup's Notebook Vol. 26: The Toughest Job At Training Camp, Checking In On Nikola Jovi, The Next Developmental Project And Spoelstra In The Lab -... - October 2nd, 2022 [October 2nd, 2022]
- Glass Window Bridge envisioned as a symbol of resilience and sustainability says Works and Utilities Minister - Magnetic Media - October 2nd, 2022 [October 2nd, 2022]
- BUT president: Ensure there are sufficient teachers in Family Islands - Bahamas Tribune - October 2nd, 2022 [October 2nd, 2022]
- Pitch In For Youth Baseball makes inaugural visit to The Bahamas - Bahamas Tribune - September 29th, 2022 [September 29th, 2022]