by Simon
The Bahamas has various agencies dedicated to attracting overseas investments, including the Bahamas Maritime Authority which recently opened its third overseas office. Today, the country enjoys one of the more successful international ship registries. That success is measured by both gross tonnage and attention to high international standards.
Our diplomatic missions also promote The Bahamas as an attractive destination for international business and foreign capital. However, the country’s lead investment arm is The Bahamas Investment Authority. Its website notes:
“The proactive economic growth and development policies of the government of the Bahamas are guided by The Bahamas Investment Authority (BIA), established to "cut red tape and lay out the red carpet" for investors. Operating from the Office of the Prime Minister, the BIA has been designated as a "one-stop shop" designed to simplify investing in The Bahamas.”
The attraction of such capital is essential to economic growth. So too is the cultivation of another source of capital. Just as foreign direct investment is critical to national development, so is tapping into a wealth of Bahamian talent overseas and the economic resources of this talent currently resident abroad.
A country’s success in the global commons and marketplace is dependent on attracting a dynamic mix of financial and human capital from around the world. There is the story, perhaps apocryphal, about an employee in one of the Rockefeller brother’s firms who stared through a window year after year, seemingly accomplishing very little.
Exasperated and envious at the high salary the apparent daydreamer drew, with nothing to show for it, some employees complained bitterly and often to Rockefeller. Fed up with the relentless carping, the business titan unleashed a furious response: “That man gave me an idea once that made me millions of dollars. I’m waiting for his second idea!”
ARDUOUS
The search for good international talent is arduous and highly competitive. Even more developed countries with large pools to draw on vigorously compete for world class human capital. So must a much smaller Bahamas.
The College of The Bahamas engaged an international educational search agency to coordinate its search for a new president. As is usual in such searches, the process has taken some time and is relatively expensive. This is typical in the global hunt for prime talent.
A friend of a friend runs an international search agency that helps high-tech firms to find senior executives. With only three successful placements a year she earns nearly a million dollars. But her work is considerably harder than one might think. Still, her fees are a proverbial drop in the bucket as the incoming talent may earn their new firms many times the expenses incurred in the scouting process.
Quality education remains one of our primary developmental challenges. This includes general retraining for current Bahamian workers. It also includes educating and getting high level professionals and entrepreneurs to remain at or return home. This is no easy challenge for various reasons. But it is getting easier.
Asked about the reasons for the success of the Union Army in the U.S. Civil War, Abraham Lincoln had a quick reply: leadership. He was referring to the strategic and tactical brilliance of Ulysses S. Grant, who Lincoln found after firing general after failed general.
Lincoln intuitively appreciated that all other things being relatively equal, superior human capital is indispensable for great success. This is certainly the case in terms of what The Bahamas will need if we wish to be a regional and global centre of excellence in various areas.
Even as we address our problems, we should celebrate our success, championing Bahamians of excellence who combine native wisdom and world class abilities to meet and surpass international standards.
CHAMPIONS
Many of these Bahamian champions have been contributing to national development for some time, while others have more recently returned home. And, there are yet others who need to be identified and actively recruited in our search for top-notch talent.
Ian Hepburn and his Providence Technologies offer first class information technology solutions. Providence became the first Bahamian-owned company to manage the Ministry of Tourism’s web presence and is also the first Microsoft Gold Certified Partner in the country.
Dwight Higgs and his 20-year-old company, Superior Maintenance, has provided general contracting and hotel maintenance for numerous projects at Atlantis. His firm managed the construction of St. Anselm’s Church in Fox Hill, which is one of the finest built churches in the country, combining world-class artistry in its design and construction. It is a thing of beauty.
In recognition of his superior work and extraordinary generosity, Roman Catholic Archbishop Patrick Pinder recently dedicated “Higgs Way” at the new Aquinas College in honour of Mr. Higgs. Aquinas is but one of the many projects he has brought to life with great passion and dedication.
Today, our wealth of Bahamian world-class talent like Ian Hepburn and Dwight Higgs is being boosted by Bahamian talent overseas now returning home to make a good living as well as a contribution to national development.
An educator, fluent in French, and with a law degree and considerable international experience, Mrs. Joy Jibrilu returned to The Bahamas to help the country attract foreign investment. By her example she may also help to attract similarly talented Bahamians with global exposure.
Like Mrs. Jibrilu, there is an extraordinary pool of Bahamian talent overseas waiting to be tapped. Therese Turner Jones, a senior official at the World Bank and Dr. Darien Davis of Middlebury College, a Latin American scholar fluent in Portuguese, are both internationally recognized in their respective fields.
NECESSITY
An increasing number of Bahamian professionals are returning home for a variety of reasons. Necessity also being the mother of reinvention, some have returned to The Bahamas to take advantage of opportunities not as easily found abroad following the global economic meltdown.
Opportunities abound for Bahamians with the skill sets, including language skills, necessary to fill prime vacancies in areas ranging from international banking to environmental management services to graphic design.
Still, while some Bahamians may return home permanently, others may choose to capitalize on various opportunities as consultants, though remaining abroad. Yet others are hungry for investment possibilities.
So, just as the country vigorously pursues foreign investment, it should also pursue Bahamian capital overseas, both financial and human. But this cannot be done on an ad hoc basis.
It must be a deliberate, consistent policy, including the creation of an international data bank of Bahamians overseas interested in investing their time, talent and resources in a Bahamian economy exploding with extraordinary potential, despite the current economic difficulties.
Such an idea, of course, is not new. Indeed, a number of efforts are being made in this direction by public officials and private groups. What may be required is heightened cooperation and a more vigorous marketing and recruitment programme geared towards this offshore Bahamian capital.
In a future column we will explore ways that we can repatriate some of this overseas Bahamian talent and treasure to a growing and globalized Bahamian economy with much of its dynamism and potential yet untapped.
Exasperated and envious at the high salary the apparent daydreamer drew, with nothing to show for it, some employees complained bitterly and often to Rockefeller. Fed up with the relentless carping, the business titan unleashed a furious response: “That man gave me an idea once that made me millions of dollars. I’m waiting for his second idea!”
ARDUOUS
The search for good international talent is arduous and highly competitive. Even more developed countries with large pools to draw on vigorously compete for world class human capital. So must a much smaller Bahamas.
The College of The Bahamas engaged an international educational search agency to coordinate its search for a new president. As is usual in such searches, the process has taken some time and is relatively expensive. This is typical in the global hunt for prime talent.
A friend of a friend runs an international search agency that helps high-tech firms to find senior executives. With only three successful placements a year she earns nearly a million dollars. But her work is considerably harder than one might think. Still, her fees are a proverbial drop in the bucket as the incoming talent may earn their new firms many times the expenses incurred in the scouting process.
Quality education remains one of our primary developmental challenges. This includes general retraining for current Bahamian workers. It also includes educating and getting high level professionals and entrepreneurs to remain at or return home. This is no easy challenge for various reasons. But it is getting easier.
Asked about the reasons for the success of the Union Army in the U.S. Civil War, Abraham Lincoln had a quick reply: leadership. He was referring to the strategic and tactical brilliance of Ulysses S. Grant, who Lincoln found after firing general after failed general.
Lincoln intuitively appreciated that all other things being relatively equal, superior human capital is indispensable for great success. This is certainly the case in terms of what The Bahamas will need if we wish to be a regional and global centre of excellence in various areas.
Even as we address our problems, we should celebrate our success, championing Bahamians of excellence who combine native wisdom and world class abilities to meet and surpass international standards.
CHAMPIONS
Many of these Bahamian champions have been contributing to national development for some time, while others have more recently returned home. And, there are yet others who need to be identified and actively recruited in our search for top-notch talent.
Ian Hepburn and his Providence Technologies offer first class information technology solutions. Providence became the first Bahamian-owned company to manage the Ministry of Tourism’s web presence and is also the first Microsoft Gold Certified Partner in the country.
Dwight Higgs and his 20-year-old company, Superior Maintenance, has provided general contracting and hotel maintenance for numerous projects at Atlantis. His firm managed the construction of St. Anselm’s Church in Fox Hill, which is one of the finest built churches in the country, combining world-class artistry in its design and construction. It is a thing of beauty.
In recognition of his superior work and extraordinary generosity, Roman Catholic Archbishop Patrick Pinder recently dedicated “Higgs Way” at the new Aquinas College in honour of Mr. Higgs. Aquinas is but one of the many projects he has brought to life with great passion and dedication.
Today, our wealth of Bahamian world-class talent like Ian Hepburn and Dwight Higgs is being boosted by Bahamian talent overseas now returning home to make a good living as well as a contribution to national development.
An educator, fluent in French, and with a law degree and considerable international experience, Mrs. Joy Jibrilu returned to The Bahamas to help the country attract foreign investment. By her example she may also help to attract similarly talented Bahamians with global exposure.
Like Mrs. Jibrilu, there is an extraordinary pool of Bahamian talent overseas waiting to be tapped. Therese Turner Jones, a senior official at the World Bank and Dr. Darien Davis of Middlebury College, a Latin American scholar fluent in Portuguese, are both internationally recognized in their respective fields.
NECESSITY
An increasing number of Bahamian professionals are returning home for a variety of reasons. Necessity also being the mother of reinvention, some have returned to The Bahamas to take advantage of opportunities not as easily found abroad following the global economic meltdown.
Opportunities abound for Bahamians with the skill sets, including language skills, necessary to fill prime vacancies in areas ranging from international banking to environmental management services to graphic design.
Still, while some Bahamians may return home permanently, others may choose to capitalize on various opportunities as consultants, though remaining abroad. Yet others are hungry for investment possibilities.
So, just as the country vigorously pursues foreign investment, it should also pursue Bahamian capital overseas, both financial and human. But this cannot be done on an ad hoc basis.
It must be a deliberate, consistent policy, including the creation of an international data bank of Bahamians overseas interested in investing their time, talent and resources in a Bahamian economy exploding with extraordinary potential, despite the current economic difficulties.
Such an idea, of course, is not new. Indeed, a number of efforts are being made in this direction by public officials and private groups. What may be required is heightened cooperation and a more vigorous marketing and recruitment programme geared towards this offshore Bahamian capital.
In a future column we will explore ways that we can repatriate some of this overseas Bahamian talent and treasure to a growing and globalized Bahamian economy with much of its dynamism and potential yet untapped.
Excellent article which I agree with for the most part. I would suggest one alternate perspective. There are many fields with no comparable positions or opportunities for highly qualified professional abroad to return home to (I suspect such is the case for your friend the headhunter, who earns near seven figures per annum). In the global labour market there is great value to be gained by building a network of Bahamians abroad (access to innovative concepts / technology, experts, research, professional and academic experience) which can be tapped as, and if necessary. Wholesale repatriation efforts may not necessarily be the best (or even a good) option.
Posted by: C Pinder | November 12, 2010 at 02:34 AM