NASSAU, The Bahamas — During her Speech from the Throne on October 4, 2023, Governor General Her Excellency the Most Hon. Cynthia Pratt said that her Government will introduce a number of Bills to help grow and diversify the economy.
In order to lay the strategic foundation for the future, her Government will introduce The Bahamas National Development Plan Bill, Her Excellency explained during the Opening of the New Session of Parliament in Parliament Square.
“By putting the National Development Plan on a statutory footing, My Government seeks to ensure that the next 50 years of our national life, will have a firm strategic underpinning and focus.”
Her Excellency said, “My Government will introduce Economic Empowerment Zone Legislation that will set out a range of incentives and concessions to support specific industries in specific geographic areas.
“Intellectual Property Legislation will be introduced to protect the country’s Creative Industries, and empower our Orange Economy. This legislation will unlock paths to job and wealth creation.”
Her Excellency said new opportunities will be created by legislation regulating Cannabis and Hemp. “Several rounds of public consultations have already been completed, and my Government notes the widespread enthusiasm amongst the public for this new health and economic sector.”
Her Excellency said her Government will propose legislation to introduce a Yacht Registry.
Furthermore, she said a new Legal Profession Amendment Bill will be advanced that will establish a modern approach to the oversight of the legal profession.
Her Excellency said, “My Government remains committed to development and innovation in the Financial Services industry. It is committed to compliance with international best practice, while being innovative in new product and service development.
“A new Securities Industry Bill will be presented that will ensure that our financial services industry and its regulation, maintain the highest level of regulatory integrity.”
Her Excellency said a new Digital Assets Registered Exchanges Bill will also be advanced, which will ensure that the country continues to lead from the front in the digital assets industry. (BIS Photos/Eric Rose)