Bahamas’ Tourism Sector Set for Significant Investment Boost
Billion-dollar Investments to Revive Island’s Tourism
In a recent announcement, the Deputy Prime Minister and Minister of Tourism Investments and Aviation, Chester Cooper, revealed that a significant boost in tourism investments is on the horizon for the Bahamas. The nation is all set to receive approximately $6 billion in investments across its islands. This substantial financial injection is predicted to create around 3,000 jobs, contributing to the growth of the nation’s economy and expanding the room capacity in the country’s hotels.
Major Projects Underway
Among the major projects under development is the forthcoming opening of a Hilton hotel, which is expected to significant add rooms to the nation’s total capacity. Melia, another major project, is likewise anticipated to contribute significantly to the total hotel room capacity. Other large-scale projects include Hog Cay and Exumas, with an estimated joint investment value of $300 million, and Montage Cay in Abaco, where construction is already in full swing.
Investments in Exumas
In the Exumas alone, around $1.5 billion is being invested in various projects. These include those on Elizabeth Island and Hog Cay, where construction is already underway, as well as Cave Cay and Samson Cay, where renovations have started or are planned. These investments reflect the confidence in the Exumas as a prime tourist destination and its potential for further growth.
Promising Future for Bahamian Tourism
Cooper expressed optimism about the future of the nation’s tourism sector, noting that these investments will allow for an increase in the proportion of stop-over visitors in the coming years. He also emphasized the necessity to increase room capacity and projected a 30 to 40 percent increase in the next three years. He stated that with a better developed downtown to complement the new cruise port and added destinations within The Bahamas, the numbers will only continue to grow if they continue to deliver great service and experiences.
Large-Scale Projects in South Eleuthera and South Abaco
In South Eleuthera, significant progress has been made on the construction of the Ritz, and there are also large-scale projects in South Abaco valued at around $800 million. These projects signal a strong commitment to developing the nation’s tourism infrastructure and enhancing the Bahamian tourism experience.
A Call for More Bahamian Investment
In his statement, Cooper also expressed his hope to see more Bahamian investment in the Bahamian economy, even as foreign direct investments continue to drive economic growth. He emphasized that there is massive potential for ownership and that the government is putting systems in place to allow Bahamians access to the training, certification, support, and capital they need to take advantage of the country’s popularity as a tourist destination.
Subscribe to BNN Breaking
Sign up for our daily newsletter covering global breaking news around the world.