Prime Minister Davis delivered a speech at the 9th ALM Africa Summit

Dear guests, distinguished guests, distinguished guests…

ladies and gentlemen…

Good morning.

I am very happy to be with you this morning.

Just a month ago, we in the Bahamas were pleased to host the 2024 Afreximbank Annual Meeting and the Africa-Caribbean Trade and Investment Forum.

It was truly a major event with over 5,000 delegates in attendance.

At the time, I noted that we hoped to demonstrate “the Bahamas’ resolve and commitment to leverage the shared history, identity and culture of African Caribbean nations to build greater trade, investment and direct shipping links”.

“We firmly believe that by doing so we will stimulate economic growth and development and have the opportunity to speak with a unified voice on issues such as ensuring effective global action to address climate change.”

The event was a success on many levels and we congratulate the Bank and the Forum on all their achievements.

I understand that some of you were present at the meeting in person.

I hope that, beyond the days of intense discussion and deal-making, you will seize the opportunity to learn a little about our beautiful country.

But if you don’t leave the Bahamas with a little sand between your toes, can you really say you’ve been there?!

But I went further.

Until you have had meaningful engagement with the Bahamian people, until you have immersed yourself in certain aspects of our culture, you can’t truly say you’ve experienced why “The Bahamas is Better.”

While this may seem obvious, it is true for all of us.

Our nation is defined by our people: by their individual talents and wisdom and by the collective cultural expressions they produce.

To know our people is to know who we are.

The 20 countries of the CARICOM region and the 54 countries of the African continent are similar in many ways.

This is not surprising given our shared history.

But in fact, we are also different in many ways.

As we celebrate these differences and the diversity of thought and expression that comes with them, we also find in these areas the focus of this Summit – disruption and opportunity.

There are many kinds of disruptions: some are long-term and seem ingrained, while others are short-term but equally disruptive.

For example:

Consider the legacy of colonialism and the plunder of resources for which no compensation has ever been paid, which has meant that our country’s development has been stunted from the first moments of independence.

The negative impacts of climate change are a double whammy, wreaking havoc on us on two fronts.

In the Bahamas and other Caribbean nations, we are considered one of the most vulnerable places on earth.

Our carbon emissions are among the lowest in the world, yet we are one of the worst affected.

We also face the threat of an existential cost from rising sea levels, unpredictable weather patterns, and increasingly frequent and severe catastrophic hurricanes.

Despite claims to the contrary, the largest polluters, industrialized nations, have yet to live up to their promises to compensate for the loss and damage we suffer, particularly from hurricanes.

Moves to cancel some forms of debt have also not made much progress.

For a country like ours, where more than a third of the debt is due to the effects of climate change, we are caught in a vicious cycle of “disaster, debt, reconstruction… and then another ‘disaster’.”

The hurricane swept through our island, causing widespread destruction.

We then had to borrow money to repair homes, restore infrastructure, and so on, but a year later another hurricane came and caused even more damage to the already fragile buildings, and we had to borrow money again.

Some of you will experience similar disasters on the African continent. Our hurricanes are your floods, wildfires, and droughts.

Recent events have highlighted some extremely harsh truths.

The COVID-19 pandemic may be over, but just as the virus remains dormant, the effects of the crisis continue, in the form of rising prices, deteriorating health care infrastructure, and, as I said, a massive debt burden.

Many countries in both of our regions face crumbling infrastructure and weak energy supplies.

Many of our countries have young populations who are desperate for jobs and opportunities and are increasingly willing to take to the streets to fight for their rights.

We work to improve our ability to provide good health care, fight poverty, and promote better education for all.

Despite the devastation these events have wreaked, we still see much hope and opportunity.

For example:

In the Bahamas, we are pioneering efforts to monetize our native seagrasses, which absorb more carbon than the Amazon, using carbon credits.

We have implemented groundbreaking legislation and regulatory frameworks to facilitate the trading and responsible management of digital assets, notably through our Digital Assets and Registered Exchanges Act.

We are the first country to launch a central bank digital currency, the Sand Dollar.

We are also tackling unfair practices in our regulation of money fraud, tax evasion and terrorist financing.

We played a leading role in building a coalition of support for fundamental reform of the global tax and fiscal architecture, currently being developed by a UN working group.

We have promoted peace and stability in the region by actively participating in de-escalation of the conflict between Guyana and Venezuela and by contributing to multilateral efforts to help the Haitian people find a long-term solution.

I think it is fair to say that few people would have thought that a small country like ours would take such a step.

Perhaps we have been too successful in our tourism efforts, and few people imagine that we can have more than just sun, sand and sea.

ladies and gentlemen:

Our ability to prevent or reduce distractions on our path may be limited, as may the opportunities presented to us by others, but we can control to a great extent how we respond to the situations we face.

So, my African and Caribbean brothers and sisters, what examples can we offer from the Bahamian experience that might hopefully shed at least a little light on the path ahead?

First, never give up that sense of “agency” in which you can just sit back and be content with being a “rule follower” rather than a “rule maker.”

Size, geography, history and all other obvious limitations are no longer obstacles.

While we loudly call for redress for various grievances and injustices, let us also focus on what we can do to promote our own progress.

Next, get involved!

Appear!

Engage!

invest!

Few things are meant to be done alone.

We can achieve more by working together.

We are here because we believe participation is the foundation of progress.

We all stand to benefit whether this cooperation is bilateral or multilateral, and whether it takes place at the individual, local, national or regional level.

Finally, leadership is the core concept of this summit.

The Bahamas consists of more than 700 islands and a population of only 400,000 people spread over 16 main islands.

But for issues big and small that affect us, we don’t hesitate to stand up, step up, and move forward.

I hope more voices will join us.

May our chorus be louder.

I have expressed before that I hope our visitors leave with sand between their toes and Bahamian friendship in their hearts.

This is more than just a whimsical wish.

You see, in the Bahamas, this is how we do business.

We know that God has given us the sun, the beach, and the sea, which makes us long to travel.

But we also understand that it is because of our Bahamian culture that people want to come back again and again, or even want to stay.

We recognize that the character and spirit of the Bahamas must be nurtured and promoted in order to attract investors from around the world.

I pray that our example will inspire you to overcome the difficulties and seize the opportunities of your time.

As the power of Africa is unleashed, and the continent’s potential and long-term promise is realized, my brothers and sisters, you should know: The Bahamas is open for business!

We warmly welcome you in friendship and cooperation, partnership and solidarity!

Thanks.