T
ister, and the bicameral parliament consists of the Senate
and the House of Assembly representing 31 districts.
Since achieving independence from the United Kingdom
in 1973, The Bahamas has become one of the wealthiest Caribbean countries through tourism, international
banking, and investment management. The Office of the
Prime Minister is responsible for direct foreign investment in the country where tourism and tourism-driven
construction and manufacturing account for approximately 60% of GDP and directly or indirectly employ
half of the nation’s labor force. Financial services are the
second-most important sector of the Bahamian economy
and, when combined with business services, account for
about 35% of GDP. The country also has one of the
world’s largest open-registry shipping fleets.
Natural resources of The Bahamas include salt, aragonite,
timber, and arable land. Agriculture products include citrus, vegetables, and poultry. Exports also include commodities such as crawfish, aragonite, crude salt, and polystyrene products. Major exports partners are Singapore,
the USA, Dominican Republic, Ecuador, Canada, Switzerland, and China, while imports partners include the
USA, India, Singapore, South Korea, China, , and Canada.
Utilities are modern and highly developed. The major
seaports are located in Freeport and Nassau.
The Bahamas has become a particularly favorable location
for international investment. It has established generous
legal incentives to attract foreign investors and has streamlined government bureaucracy for expeditious project approval. The country possesses an outstanding infrastructure for commercial and industrial activity, and offers a
highly-skilled workforce. The large professional community of accountants, international bankers, trustees, and investment specialists is diverse and highly skilled with a full
complement of respected and experienced law firms. The
climate for foreign investment is particularly favorable to
the finance industry, insurance, manufacturing, shipping,
import & export trade, and tourism development.
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