18TheBahamasInvestor

TheBahamasInvestor19ParadiseBahamas Investment Authority promotesjurisdiction for foreign direct investmentInterview with Viana Gardiner, acting director of investments at BIA, by Tosheena Robinson-BlairBARBARA CHRISTOFILIS/©DUPUCHfor many reasonsForeign direct investment(FDI) into TheBahamas has helped to accelerate economic growth,providing jobs and injecting capital. Efforts toattract an even greater flow of FDI to the islandnation are ongoing, with the government providingnumerous investment incentives.One of the first stops for potential foreigninvestors is the Bahamas Investment Authority(BIA). The BIA's primary function is to serve as theadministrative arm of the National EconomicCouncil (NEC)-a Cabinet sub-committee headedby Prime Minister Hubert Ingraham. The councilevaluates proposals and decides which projects canproceed. The BIA implements the government'snational investment policy and helps to facilitatethose projects that receive the green light.Viana Gardiner, acting director of investmentsfor Joy Carey Jibrilu, has been heading the BIA formost of the last two years. Gardiner began herpublic service career in 1996, as an officerfacilitating and coordinating FDI. She has heldmany positions in the BIA and is the substantivedeputy director of investments.Gardiner, an attorney with a masters ininternational affairs, has coordinated investmentpromotion trips to the People's Republic of Chinaand Canada under the agency's tag line of "TheBahamas-A paradise for many reasons." She alsoserves as a member of the negotiating team for theaccession of The Bahamas into the World TradeOrganization (WTO). The following are excerptsfrom the interview:Q:What types of services do youprovide to foreign investors? A:We identify areas for investment where thegovernment is seeking to attract business and, inparticular, areas where the level of capitalinvestments that the investor hasavailable would be best served. Forexample, the government isparticularly interested in boutiqueresorts. We want small high-endhotels throughout the FamilyIslands. We may suggest to someonewith, for instance, $5 million that they may want todevelop a small bed and breakfast on one of theFamily Islands.Certain areas are targeted at overseas investors.These include condominiums and time shares,second-home developments, international businesscentres, marinas, information and data processing".the government is particularlyinterested in boutique resorts. We want small high-end hotelsthroughout the Family Islands."INVESTING