Nassau, Bahamas - The following is a press statement provided by Fred Mitchell MP, Minister of Foreign Affair and Immigration

I simply wanted by this sit down with the press to put a cap on the work over the past two weeks in the Middle East in the United Arab Emirates and Qatar.

You will remember that one year ago I announced that I would be spending time abroad for a year trying to forge new ties and find money for our country. The year is now ended and the results are beginning to come in.

We have forged new relationships with two countries that will assist significantly in the development of business and investment in this country.

We settled diplomatic relations with Qatar. An Ambassador from that country came to The Bahamas and did extensive tours in economic areas of interest in Grand Bahama. There is a similar story with the United Emirates whose Minister of Foreign Affairs chose The Bahamas as the only Caricom country which he visited on a hemispheric wide tour over the past month.

This is likely to mean the settling of the following agreements with these two countries: an investment protection act, an air services agreement, a visa waiver agreement, a general cooperation agreement and double taxation agreement. There is a lot of work to be done if this is to be settled before the General Assembly at the United Nations in September. Our presence in consular or diplomatic form may be necessary to support what we plan to do.

When this began, the point we made is one I make here again: the countries in the Middle East are surplus capital countries as is China. The Bahamas and the Caricom region have a capital deficit. We can make this deficit up to aid our development either by soliciting donations or by seeking to attract investment.

The Bahamas has chosen the latter.

We have offered to these countries sound investments for their sovereign wealth funds, cooperation in tourism, and investments in private sector projects including attracting high net worth individuals to bank in The Bahamas.

Travelling with me to Qatar last week was the Minister for Grand Bahama, Dr. Michael Darville and the President of the Grand Bahama Port Authority, Ian Rolle. They were able to make extensive presentations to the Qatar Investment Authority.

I believe that with that presentation and those made in the United Arab Emirates, and with careful nurturing of the relationship, there will be tangible benefits for The Bahamas. We are dealing with two countries with impeccable reputations as friends of the West. We are doing this in concert with our traditional trading partners who have indicated no opposition to what we are doing and plan to do. Our Caricom neighbours are also involved in similar outreaches.

I look forward therefore to beneficial outcome for The Bahamas.