While the Commonwealth of The Bahamas and the People’s Republic of China established diplomatic relations in 1997, a robust relationship between the two countries -- created through trade, investment and the movement of people -- has existed for decades. Michael Craton and Gail Saunders (1998), in their seminal work on the modern history of The Bahamas, note that this relationship goes back to the late 1870s with the arrival of Chinese families in Nassau. Today Bahamians of Chinese descent occupy prominent places in industry, commerce, civics and philanthropy. The Bahamas and China continue to enjoy harmonious relations with deep cooperation in areas such as tourism, financial services, agriculture, medicine, education and manufacturing. China is The Bahamas’ third most important import partner and tenth most important export partner.
Friendship through Education and Cultural Exchange
The Bahamas and China both enjoy a strong appreciation of educational excellence. Since the establishment of diplomatic relations in 1997, the Chinese Government has awarded 58 scholarships to Bahamian students to study in China, on language programmes and in a variety of academic disciplines. This collaborative effort in the development of Bahamian students affords the opportunity for immersion into Chinese culture as well as receipt of a high quality of tertiary education. Bahamians also have been afforded numerous opportunities for cultural exchange in China and participation in short term training programmes.
Friendship Through Investment: The Baha Mar Resort and Thomas A. Robinson National Stadium Project
Tourism is the primary engine that drives the Bahamian economy, accounting for just over 50% of GDP and about equal that amount of employment. The world famous Cable Beach strip in Nassau is being completely overhauled with the new Baha Mar Resort Project -- situated on just over 1.5 miles (400 hectares) of unblemished sandy beaches. The property will feature a collection of luxury hotel brands including: Rosewood, SLS Hotel, Grand Hyatt, and The Baha Mar Casino and Hotel, combining “world-class hospitality and authentic Bahamian culture”. This venture is a product of a $2.45 billion commercial loan by the Export-Import Bank of China and an investment of $150 million by China Construction America, and is a testament to the strength of investment cooperation between the two countries.
Together with the resort area on Paradise Island, connected to New Providence by twin bridges, The Baha Mar project will ensure that the Bahamian hospitality experience remains “best in class”. It has been estimated that when completed Baha Mar will create approximately 7,000 employment opportunities resulting in a tremendous boost to The Bahamian economy.
In 2009, construction began on a world-class, 15,000 seat sports stadium, the Thomas A. Robinson National Stadium built near the site of an older stadium of the same name. This $30 million investment serves as another success story of Bahamian-Chinese collaboration.
Indeed, this state-of-the-art stadium is more than a sporting facility for The Bahamas. It is an investment that allows for the diversification of the tourism industry through the development of a “sports tourism” sector. In 2014, for example, The Bahamas hosted the Inaugural IAAF World Relays at the stadium. This event brought together the best athletes in the world and attracted many of the top sprint and middle distance medalists from the 2012 Olympic Games as well as the 2013 IAAF World Championships. The Bahamas is poised to host the games again in 2015 along with other international, regional and domestic sporting events.
Friendship Through Economic and Technical Cooperation
The Bahamas and China continue to engage in fruitful bi-lateral relations through a series of agreements geared towards the advancement of the two economies.
On 16th October, 2013, the countries signed an agreement on economic and technical cooperation granting 50 million Renminbi to The Bahamas to be used for the implementation of economic and technical cooperative projects. The Bahamian Government continues to examine the opportunities available for future initiatives that will be mutually beneficial. This Agreement followed its predecessor which was signed on 10 September 2011 and which granted funding to The Bahamas in the amount of 30 million Renminbi.
Friendship through Trade and Travel
In 2014, The Bahamas and China signed a bilateral air-services agreement that in effect provides operating rights to the national air carriers from both countries. The anticipated increase in transport services reduces the barriers to trade and creates further opportunities for Bahamian-Chinese business relations.
On 19th December, 2013, the Commonwealth of The Bahamas and the People’s Republic of China signed a Mutual Visa Exemption Agreement. The Agreement provides for persons holding a valid Diplomatic, Official, Service, Public Affairs, or Ordinary passport from either country to travel to the other, visa-free, for up to 30 days. The agreement took effect in both countries on 12th February, 2014. The Government of the Commonwealth of The Bahamas enjoys the opportunities made available through the waiver of visa requirements as it deepens accessibility “vis-à-vis” the countries.
Friendship Through Financial Services
As the second pillar of the economy, the financial services industry accounts for approximately 15% of the Bahamian GDP. Established over 80 years, the Bahamian financial services centre is mature, offering a myriad of products and hosting many of the world’s top financial institutions while also offering an attractive location for smaller independent operations. The sector is both deep and wide in its product offerings with specialties in wealth management, banking and trust services, investment funds, captive insurance and company services management. The Bahamas also prides itself on its regulatory excellence which underpins the safety and soundness of the centre. The Bahamas is a Class-A IOSCO signatory in the funds sector and also has been recognized as having strong regulatory and transparency standards through its assessments by the International Monetary Fund and the Global Forum.
In 2012, the Ministry of Financial Services was re-established to bring Cabinet level oversight to the development and promotion of the financial services sector. Together with The Bahamas Financial Services Board, an entity jointly funded by the Ministry and the financial services industry, new markets for the development of the financial services sector continue to be explored. Asia and China, in particular, offer new opportunities for The Bahamas to further intensify the synergies between the two countries. The Ministry of Financial Services views China as a critical new market for exchange of financial services.
Conclusion
The Bahamas and China, on the face of it, are very different countries – different in size, different in culture and different in history - but our Peoples share many commonalities. We share a strong belief in sovereignty and territorial integrity, a purposeful spirit with a tendency towards ambition and a desire for comprehensive and sustainable development. The Bahamas looks forward to the continuation of productive relations between our two countries.
