The government of The Bahamas has given the green light to its embassy in Beijing, China, to further pursue a possible agriculture and fisheries partnership with the Chinese
The deal reportedly with pump $2.1 billion into the Bahamian economy over a period of 10 years as an equal partnership between Bahamians and the People’s Republic of China. Here are some of the details of the proposal:
- the incorporation of 100 Bahamian companies under the Companies Act of 1992, each of which would be owned 50-50 by both China and by Bahamians or Bahamian entities
- China would contribute to the 100 companies $2.1 billion in cash for working capital, agricultural and farming equipment, as well as skilled expertise.
- Bahamas government would lease to all 100 companies 10,000 acres of Crown land in Andros, with lease renewal options available.
- each company could lease an additional 100 acres of land if certain benchmarks are achieved.
- Bahamas government would also grant each of the companies fishing licenses within the current Bahamian laws.
While realization of a reasonable return on an investiment in agriculture is a relatively slow process, requiring substantial capitalization over many years, participating companies in the initiative will within months of commencement of operations realize positive cash flow from the sale of seafood.
The government has stated that no foreigner will be allowed to physically fish in Bahamian waters and therefore only Bahamians would be allow on the fishing vessels.
This sounds like a terrible idea and inevitable exploitation of the country’s national resources. Please take a quick second and follow this link to the Petition site where you can help reach the goal of 10,000 signatures!
Source: China in $2 bil. deal proposal