Bahamas aims for more Chinese investors
Updated: 2008-03-25 10:58
The Bahamas government in the Caribbean is changing its policy and strategy toward China to make it more appealing to Chinese investors.
"We're going to change the visa process to make it easier, install a fully fledged ambassador in Beijing and set up commercial services in Shanghai and Shenzhen in the near future," Michael Scott, chairman of the Hotel Corporation and a senior Bahamas government official, said recently.
"Before, we were primarily focused on the American and European markets. But now (with a change of government) we welcome Chinese investors to the Bahamas," he said.
Bahamas investment to China totaled $666 million at the end of June 2007, while direct investment from China to the Bahamas was $14.69 million, the Ministry of Commerce said.
Scott said the new Bahamas leadership wants to lure more Chinese investors. He was also touting new projects looking for investors for the island of Eleuthera.
Chinese developers will get 3,500 acres on the island to build homes, hotels and tourism infrastructure.
Scott said he has spoken to Chinese investors wanting to buy second homes in the Bahamas for easier access to the North American market.
The archipelago is known for its turquoise waters - and its tax-free status.
"Fresh air and pure water are now valuable commodities for investors," Zhou Diyu, a Chinese investor, said.
"China is becoming more open to the world, and the Caribbean is a very important market for Chinese companies," Li Yuanming, Chinese ambassador to the Bahamas, said.
"Chinese companies now look to the Bahamas for trade partners. I'm sure more Chinese companies will settle here in the future because the Bahamas has a good job market and a good location," he said.
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