NASSAU, The Bahamas – During his Address at the Royal Fidelity Bahamas Economic Outlook, on March 12, 2025, Prime Minister and Minister of Finance the Hon. Philip Davis said that, as trade alliances shift and potential tariff wars emerge, The Bahamas can and will navigate those tumultuous times through “intentional trade diversification strategies that will bolster our resilience to shocks from any single source market”.
“This is by no means the only solution to this particular problem,” Prime Minister Davis said at the event held at Baha Mar Convention Centre. “As we forge new trade partnerships, we are also investing in agriculture because lowering our food import bill is another means through which we can bolster our resilience.”
He added: “We will start with egg production. Next up is the poultry industry, and eventually, similarly large investments in meats, fruits, and vegetables, as well as specialty Bahamian produce.”
Prime Minister Davis noted that the dual objectives of expanded partnerships and investments in domestic opportunities were not mutually exclusive as long as they drove progress towards the same goal.
“So, trade diversification and local food production both serve a need in different ways,” he stated. “We must be pragmatic and strategic in how these solutions are implemented with the goal of including more opportunities for Bahamians."
Prime Minister Davis continued: “This is also true for foreign direct and domestic investments.
"We must leverage the synergies and be guided by a strategic sustainable development agenda, which outlines the best approach to filling our needs in the short, medium, and long term.”
“Where we are currently limited in capacity, we must move with purpose.”
He pointed out that, especially, in times of uncertain change, well-positioned economies with strong governance and strategic foresight can attract and generate the needed capital and human resources.
“And despite our small size, we have already proven that a small nation with a clear agenda can influence the direction of global events, and also the impact felt by its people,” Prime Minister Davis said.
He added: “The question is – who will emerge from this period of change positioned for long-term success? Those who remain paralyzed by uncertainty will find themselves dictated to by events. And those who navigate the moment with strategic clarity will define their own future.
"The Bahamas must ensure that we are counted among the latter.”
Prime Minister Davis stated that The Bahamas is a small nation, but its size had never defined its influence.
“We have always understood that a country’s voice is not measured by its size, but by the clarity of its convictions, the consistency of its engagement, and the strength of its alliances,” he said. “We’ve always believed that we are the best little country in the world. That belief is what fuels our high expectations for ourselves.”
“We will not allow our voices to be dulled,” Prime Minister Davis added. “Our national interests are not served by silence. They are served by engagement.”
He pointed out that engagement does not mean compromise.
“We will not abandon our national priorities to fit neatly within the designs of others,” Prime Minister Davis stated. “We will not be pressured into choices that do not serve the best interests of our people.”
“Within our strategic development framework, we must ensure that our solutions, even when reliant on international support and partnerships, always prioritise the well-being of our people first,” he added.
Prime Minister Davis said that The Bahamas “has made its choice.”
“We embrace international opportunities as a partnership between equals,” he stated. “We will not be dictated to, and we will not be sidelined.”
“When the future is written, it will be clear,” Prime Minister Davis added. “The Bahamas stood firm, spoke with clarity, and claimed its place in the world.”
(BIS Photos/Eric Rose)
Prime Minister and Minister of Finance the Hon. Philip Davis speaks during his Address at the Royal Fidelity Bahamas Economic Outlook, on March 12, 2025, held at Baha Mar Convention Centre.
