Prime Minister Phillip Davis, Wednesday said economic instability, geopolitical realignments, and shifting power dynamics have left many countries grappling with questions of security, growth, and relevance in an ever-evolving global landscape.
Addressing the annual RF Bahamas Economic Outlook (RFBEO) conference, Davis said yet, if history offers any guidance, it is that such moments, though fraught with peril , have also been the catalysts for the most significant advancements in civilization.
“The international economic system that has governed global commerce for decades was conceived in the aftermath of war and depression. It is in uncertainty that societies are tested, and in challenge that the true measure of leadership is revealed.
“For small island states such as ours, the stakes of this new global reality are particularly high. We do not have the luxury of retreating behind vast industrial economies or self-sufficient markets. Our prosperity has always been intertwined with the global order, our financial sector, our tourism industry, and our trade partnerships. ”
Davis said that the task therefore is not to lament uncertainty but to recognize the opportunity to define “our own place in the world,” adding that “this moment requires something deeper than mere reaction. It calls for a vision that acknowledges present instability, yet seeks to shape the future in our favour”.
The Royal Fidelity Merchant Bank & Trust Limited, which is part of the Fidelity Group of Companies, organizes the RF Bahamas Economic Outlook (RFBEO) conference that brings together international and local leaders to discuss current global issues, make predictions, and provide solutions to potential economic challenges.
Prime Minister Davis told delegates that as a nation, Bahamans must ask themselves whether they will be mere spectators in the shifting tides of global realignment, or assert their voices with clarity and resolve.
“Will we allow external shocks to dictate our trajectory, or will we forge strategic partnerships that reinforce our resilience? And when we embrace partnerships, will we ensure that they are mutually and equally beneficial, serving our short and long-term interests?”
Davis said the Bahamas must look inward to find a sense of certainty in the direction the country is heading amid changing global circumstances.
“Uncertainty is not the enemy. We must not shrink from the challenge. We should embrace it. We are engaged in external dialogue and relationships not because they are a preference but because they are a necessity.
“Isolationism is not a strategy for success; it is a recipe for decline. Globalization, for all its imperfections, has fundamentally reshaped the modern economy. It has lifted millions out of poverty, spurred innovation, and created unprecedented interconnectivity. ”
Prime Minister Davis said that the challenges of globalization, such as economic imbalances, shifting labour markets, and external vulnerabilities, are real. But, he said they cannot be addressed through disengagement.
“The economic pressures we face, from inflation to supply chain disruptions, are not born within our borders. They are the consequences of a world in flux, where economic decisions made in distant boardrooms and capitals shape the realities of our people.
“Our prosperity depends on access to markets, to investment, to technological progress. And access is only secured through engagement.”
Davis told the conference that through engagement, Bahamians have positioned themselves as leaders in the global discussions most relevant to their future as a nation.
He said alongside Caribbean Community (CARICOM) leaders, “we have greatly influenced the global discussion on climate change” leading to millions of dollars in funding for climate resilience and green economy initiatives, “as we protect lives and preserve livelihoods from the projected destruction of climate change.
“We have spoken up for fair global policies related to financial services and wealth management, calling out the imbalanced and biased policies that judge small nations like ours by one standard, yet do not apply those same standards to those who promulgate those policies.”
Davis said that under his administration, The Bahamas has positioned itself as a leading international advocate for fair and equitable treatment in global tax policy and regulation.
“We were among the first countries to voice strong objections to the inequitable approach taken by the OECD (Organisation for Economic Co-operation and Development) and its member states, particularly toward small international financial centers like ours. More importantly, we were early champions of a United Nations Convention on International Tax Cooperation.”
He said through its advocacy, The Bahamas has secured a seat at the table as a proactive and influential member of the Intergovernmental Negotiating Committee on the United Nations Framework Convention on International Tax Cooperation.
Davis said this committee is responsible for developing the United Nations Convention on International Tax Cooperation and its protocols to ensure that all countries, regardless of size, have an equal voice, equal representation, and a fair stake in international taxation.
He said Attorney General, Ryan Pinder, KC, will represented The Bahamas “in these critical negotiations at the United Nations and will continue to serve as a member of the Intergovernmental Negotiating Committee.
“Additionally, he will represent CARICOM countries on the Bureau, which will oversee the development of the Convention’s framework and work plan. This will help to end the cycle of sudden, extreme changes to the financial services sector with little warning.”
Davis said that forging partnerships and speaking up for regional interests made this possible.
“We must build coalitions, reinforce strategic partnerships, and assert our interests with clarity and confidence. And we must remain open to the possibilities brought about by partnerships, because history does not favor the rigid.
“The defining characteristic of those who endure is not merely strength, but agility, the ability to pivot, to anticipate shifts before they arrive, and to seize opportunities in the midst of disorder. Agility, however, must not be mistaken for uncertainty. ”
He said that a nation that merely reacts to events is not agile, it is rudderless.
“True agility is rooted in preparation, in the ability to anticipate the contours of change and to position ourselves to benefit from what comes next. That is the task before us. We must ask ourselves: are we ready to take advantage of the new economic realities being shaped around us?
Do we have the institutional resilience to adjust to rapid technological disruptions? Have we built the diplomatic and economic relationships necessary to secure our place in a changing world?
“We cannot afford to be passive observers of global transformation,” Davis told the conference, adding “the nations that will thrive in the coming decades will not be those that cling desperately to the old ways, but those that move decisively toward the new”.
Source- CMC
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