Region cautioned on mega projects

Article by GERALYN EDWARD

A REGIONAL PRIVATE SECTOR group is warning Caribbean governments about massive foreign direct investment (FDI) projects that if they failed had the potential to pull the economy down with them.

President of the Caribbean Association of Industry and Commerce (CAIC), Ramesh Dookhoo, made the comments against the backdrop of a decision by investors behind the US$3.5 billion Baha Mar project in The Bahamas to file for bankruptcy.

Described as the Western Hemisphere’s biggest resort project, Baha Mar had already hired about 2 000 Bahamians and was projected to employ a further 1 000.

The latest financial troubles in the problem-plagued project caused Bahamas Prime Minister Perry Christie to cut short his attendance at the CARICOM Heads of Government Conference here and head back home to work on a solution. (GE)

Please read the full story in today’s Sunday Sun, or in the eNATION edition.