FAMILY ISLAND BUSINESSES NEED 80,000 NASSAUVIANS

By NATARIO McKENZIE

Tribune Business 
Reporter

 

 

A leading small business consultant yesterday called for more incentives to foster Family Island development, telling Tribune Business that New Providence had “maxed out” and a population shift off at least 80,000 was needed.

 

Mark A Turnquest, of Mark A. Turnquest & Company, said Family Island development was key to this nation’s economic progress.

 

“The Family Islands are the key to the progress of the entire Bahamas because Nassau is maxed out,” he said.

 

“Clearly we are in that position now based on this existing model that Nassau is the hub for the whole Bahamas. We really need to look at all the Family Islands and try to get people to move back to the islands and start businesses there.

 

“We can’t go on and not take major consideration of the economic impact of each island, and determine, based on its heritage, culture and economic capacity, development strategies for each island individually, so we can move businesses to those islands.”

 

Ensuring that the necessary infrastructure is in place is key to a healthy business environment, Mr Turnquest added.

 

“We have to make sure that infrastructure is in place. The roads are one of the most important things that need to be addressed,” Mr Turnquest said.

 

“The businesses of the Family Islands can prosper once you are serious in diversifying the economy by addressing the needs of the Family Island business people, and bring more economic value by providing more funding and concessions for individuals who want to start businesses in the islands.

 

“I feel we need to move at least 80,000 people out of Nassau, and once those people move to the Family Islands in the next three to five years it would reduce the burden on this island.”