Major Projects Underway for the Country Forecast to Further Reduce Unemployment

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Sen Hon. Michael Halkitis

NASSAU, The Bahamas —  The government’s strategy to attract investments to spur economic activity is “paying off,” said Minister of Economic Affairs, Senator the Hon. Michael Halkitis during his contribution to the 2024/25 Budget Debate on Wednesday, 19th June in the Senate.

“We have seen unprecedented investments in major projects already underway throughout our islands,” said Mr. Halkitis.  “The  Royal Beach Club on Paradise Island, Celebration Key on Grand Bahama, and Lookout Cay on Eleuthera are  examples of major ongoing investments.”

He said that a total of over $8 billion in investments have been approved. This amount includes eight and nine figure investments on various  Family Islands and over $2 billion in investments on Grand  Bahama.

“We are targeting investments on all islands and moving away from overly Nassau-centric investment models,” he said. He said that these investments will not only expand employment  opportunities, but will also expand business opportunities as Bahamian vendors, suppliers, and service providers benefit as well.

Consequently, he said that last year, the employment rate went down to 8.8  percent.  “That was the lowest rate seen since 2008. The National Statistical Institute is currently conducting the 2024 Labour Force Survey,” said Senator Halkitis.  “We are anticipating more good news as we continue to prioritize getting Bahamians working again.”