Mission

The mission of the Government of the Bahamas is to improve the quality of life for all the Bahamian people through the creation of a stable, fully employed society in which every Bahamian who is willing and able will become economically empowered.

A vibrant small business sector can be the basis of a fully employed Bahamas

Properly operated small business enterprises by independent entrepreneurs can provide a needed goods and services in the economy and in that spirit, the Bahamas Government, through the Bahamas Agricultural and Industrial Corporation (BAIC), continues its strategies and policies to expand the Bahamian economy with emphasis on the domestic enterprise sector and Bahamian entrepreneurship.

There has been established at BAIC a one-stop-shop agency to assist small business persons with business plans, research, sourcing funding, business advice / Counselling, implementation and follow-up. As an encouragement for the development of business in the Family Islands, start-up capital through small business window loans from The Bahamas Development Bank (BDB), The Bahamas Entrepreneurial Venture Fund, and the grant of Crown Land are available to Bahamians.

The functions of BAIC under the Bahamas Agricultural and Industrial Corporation Act, 1981 are as follows:
 

• To stimulate, facilitate and encourage the development of agriculture in the Bahamas.
• To process the produce of agriculture in The Bahamas; process being defined as milling, canning, packaging, and preparing agricultural produce for market.
• To market the produce of agriculture within or outside The Bahamas.
• To carry out, operate, and participate in any agricultural projects as the Minister may approve.
• To assist in the creation and development of commerce and industry in the Bahamas.
• To expand and create opportunities for Bahamians, to participate in the economic development of the country.
  

In order to perform its functions, the Act provides the Corporation with the following powers:
 

• To carry on in The Bahamas any business which appears to the Corporation to be needed for the performance of its functions.
• To carry on any activities incidental to any business which appear to the Corporation to be necessary for the promotion of the business.
• To acquire, manage and dispose of land and other property.
• To form subsidiary companies to assist the Corporation in the performance of its functions, after prior approval of the Minister.
• To take part in the formation and operation of other companies, after prior approval of The Minister.
• To engage in any other activity designed to promote the agricultural, commercial and industrial development of The Bahamas.
  

Mandate

BAIC's Mandate is to stimulate and encourage the creation, expansion and promotion of small and medium-sized Bahamian business and to assist those business in developing and enhancing profitable opportunities for Domestic and International Trade. This is done by providing research and feasibility studies, industrial land / Industrial parks for lease at concessionary rates, access to development funding, access to buyer markets, and business monitoring and evaluation.

BAIC's History

BAIC was formed specifically to assist in the creation and development of commerce and industry within the Bahamas, as well as expand and create opportunities for Bahamians to participate in the economic development of The Bahamas. The Corporation had placed great focus on promoting the Bahamas, processing investment inquires, attracting manufacturing and related ventures, and stimulating the productive sector. BAIC undertook those projects that proved difficult for the Ministry of Agriculture and Fisheries. For short time, BAIC assumed responsibility for the marketing of agricultural produce purchased through the Ministry of Agriculture’s packinghouses and produce exchange system ensure that the products of agriculture reached the desired markets.

In its early stage, BAIC was placed under the Ministry of Economic Development but was later moved to the Ministry of Agriculture, Trade and Industry. In late 1992, when the government of The Bahamas changed, responsibility for BAIC was transferred into the Office of the Prime Minister, whose portfolio included Trade and Industry. In early 1993, following a study on the country’s investment approval process, the government announced plans to establish a Central Investment Facilitation Centre that would be responsible for the identification, promotion and facilitation of all potential foreign investment. As result, BAIC was given specific directives to manage the properties vested in it by the government and facilitate all aspects of business development in the country with emphasis on small business and cottage industries. At the end of 1993, BAIC was again placed under the umbrella of Ministry of Agriculture and Fisheries and in 1995 it was transferred to the Ministry of Finance.

In 1997, BAIC was placed under the ministry of Labour, Immigration and Training and was given the mandate of facilitating the diversification of the Bahamian economy through the creation and expansion of small and medium size enterprises by promoting, encouraging and stimulating business development in The Bahamas. Increased attention was placed on small manufacturing operations and cottage industries.

In 2000, the Ministry of Commerce, Agriculture and Industry was formed and BAIC was placed under that Ministry.

In 2002 when the Government of The Bahamas changed, responsibility for Corporation was placed under the Ministry of Trade and Industry. Increased attention was placed on Domestic Investment.

In November 2003, the BAIC was transferred to the Ministry of Finance. BAIC is presently under the Ministry of Labour and Financial Investments since February 2006.