Sailing with the new tide
Vote of confidence
The Baha Mar project is the first of its kind to be financed by Exim Bank, which is usually involved in infrastructure or mining projects.
As Izmirlian noted: "I think this shows a big vote of confidence in the Bahamas, and also shows how strategic and strong the relationship is between the Bahamas and China. I will always be thankful to Exim Bank because they stayed with us as partners. Chairman of Exim Bank Li Ruogu is a very strong supporter of the project.
"Baha Mar will be a symbol of what China can do here in the Bahamas and this part of the world. I think it will be an amazing showcase for the craftsmanship of Chinese companies and workers. My goal is to have people come here and just say 'Wow!'"
Izmirlian and his team are hoping to attract more Chinese travelers to this beautiful resort.
"We are not that far away," he said. "We are working to create direct airlift from China to the Bahamas. The Chinese and Bahamaian governments are working closely to ease the visa procedure. We have to be competitive to attract Chinese tourists and the only way to do it is to make it simple for them.
"The Chinese market is important for us. We launched our residential sales last spring. The first markets we approached were Beijing, Shanghai and Hong Kong and there has already been huge demand.
"People are realizing the advantages of investing in the Bahamas. We offer prime level residences, there is no taxation, there is a clean offshore financial sector, but most importantly, you are in Baha Mar. You can choose one of three brands: each has different characteristics, designs and appeals to different types of customers. Through our residential program, you can occupy the residence for three months of the year and for the rest, rent it out as a hotel suite. You get a very good return on investment that way."
For Minister of State for Investments Khaalis E. Rolle, the Bahamas' popularity with investors has been increased by transparent system of governance.
"We have been the largest hub for FDI among the small island states for many years. In the past year alone, the Bahamas has received $1.5 billion," he said. "We have done an excellent job in promoting the Bahamas and will continue to do so."
As well as tourism opportunities, Rolle is keen to grow the agricultural sector. The Bahamas currently imports 95 percent of food but hopes to benefit from Chinese know-how and technologies to increase the scope of the partnership it is currently enjoying.
Joy Jibrilu, director of Investments at the Bahamas Investment Authority said: "Chinese tourists will be attracted by Baha Mar - it is being built with an understanding of Chinese culture so we will be ready to welcome Asian clientele in terms of services as well as teaching the languages. Thanks to the Confucius Institute, more Bahamaians will be able to speak Mandarin and students will have an opportunity to study in China, understand its culture and so on. We have a stable democracy, high literacy rates and great transport links with flight connections to Europe, and the Americas."
"We have a very high quality of life and a high level of technology-visitors can use all devices here and keep in contact with anyone else in the world."
Geoff Houston, CEO of the recently privatized Bahamas Telecommunications Co, said: "We are quickly becoming a more customer-focused organization. We are getting the business ready for 2014 when the market will be liberalized. "We have spent around $35 million improving the service and modernizing the facilities and will continue to invest, introducing new technologies and offering clients a unique experience."
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Morning scenery of local residences in Hongcun, China's Anhui |
