Bahamas poised for emerging digital ecosystem, says Minister Cooper

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NASSAU, The Bahamas – The Bahamas is poised to thrive in an emerging digital ecosystem by inspiring confidence and facilitating investments, announced the Hon. I. Chester Cooper, Acting Prime Minister, and the Minister of Tourism, Investments and Aviation.
He brought remarks at the ArawakX Digital Ecosystem Conference held Monday, January 17, 2022 in the Andros Room, Baha Mar Convention Centre on Cable Beach.

Addressing the topic: “Investment Environment in The Bahamas”, Mr. Cooper said that the country is open for business, particularly the Family Islands. And in this vein, he said his Ministry would undertake this year, along with stakeholders in the financial services and banking community, to lead a financial literacy national campaign to ultimately encourage savings and investing. “It is essential to build capital markets and spur national growth. At the same time, it is the intention of the Davis-Cooper Administration to earnestly tackle the predicament of the unbanked, especially in the Family Islands.”

ArawakX hosted the Pendry Cannon event in The Bahamas in order to help develop investor ecosystems in an ever dynamic and ever changing industry.

“As I understand it, all gathered here are a part of the creative team for a new digital ecosystem. If I am not mistaken, ecosystems of any kind, are about creating balance,” said the minister. “Doing so digitally must present its unique challenges, but I am confident that all players involved are up to the task. The impressive credentials of all of you speak to the successful outcomes to be borne,” he said.

Another objective is to cause there to be deal flow, bringing together investors and those seeking investments. “This is significant, considering that you already know that the activities from direct and indirect investments are responsible for a significant component of the Bahamas’ economic activity,” said the minister. He then thanked Pendry Cannon and ArawakX for this collaboration. And, noted that through their efforts, this gathering of companies are also keen on education and empowerment.

“It is my understanding that represented here today are internationally recognized companies, one in the area of digital marketing and advertising technology, powering billions of interactions across six continents and billions of dollars in online transactions,” said the minister. In this vein, he said he was proud to see The Bahamas being a part of such ventures, which also attracted financial publishers, and crypto currency experts. “I have a good feeling about this,” the minister said, adding that through the strategic partnership of ArawaxX and Pendry Cannon, forms the first Pan Caribbean Securities Exchange. “When a team (like Pendry Cannon) responsible for building digital platforms and communities with a reach of over six million individual retail investors partners its resources with a Bahamian digital platform (ArawakX) which allows direct investment in equities, in debt securities, and in revenue share opportunities, imagine the possibilities!

“As for our participants, I applaud your focus on the individual investor. This sector has seen exponential growth in the past two years. This represents significant potential to spur growth and opportunities and
create wealth,” he said.

The minister also applauded ArawakX’s Chairman and CEO, Mr. D’Arcy Rahming, Sr. — whom he described as a passionate Bahamian entrepreneur — for having a vested interest in the industry.

“ArawakX and this new ecosystem are seeking to be as all-inclusive as possible. These objectives intersect with those of our Government as we seek to provide means for empowerment for Bahamian investors,” he said.

Source: Bahamas Information Services

By Lindsay Thompson

BIS Photos/Kemuel Stubbs