By NEIL HARTNELL Tribune Business Editor The Prime Minister yesterday pledged that the upcoming 2025-2026 Budget will be pro-economic growth, and asserted that it “will not introduce measures that hurt the business community”. Philip Davis KC, in a read-out of a meeting with senior private sector executives including bankers, real estate developers and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said the new Budget - set to be presented on May 28 - will provide “targeted tax incentives” for businesses as well as attempt to further slash Customs duties on “essential goods”. However, he reiterated his administration’s previously-unveiled policy position that foreign firms who profit financially from exploiting The Bahamas’ natural assets - namely its ocean and land environment - “must pay their fair share” in taxes and contribute to the country’s economic and social development. Gowon Bowe, the Fidelity Bank (Bahamas) chief executive, who was present at the breakfast meeting, told Tribune Business that no “specific announcements” or policy “directives” were unveiled by the Government as this was not the event’s purpose or focus. A similar meeting with the business community was held prior to the Budget two years ago, and Mr Bowe said there was a consensus that more frequent encounters between the Government and private sector to discuss economic matters - possibly even on an industry-by-industry basis - would be beneficial to both sides. Noting that while the Government’s economic “objectives may be noble, the road to hell is paved with good intentions”, he voiced hope that yesterday’s encounter could be “tone setting” in terms of fostering greater collaboration between the private and public sectors. Mr Bowe told this newspaper The Bahamas has to move away from the oft-repeated situation where the Government unveils a new policy initiative, without warning to or consultation with the industry impacted, and then has to “reverse course” within days or weeks due to the public outcry that follows. He added that the end result is that the Government “loses credibility” from having to make such u-turns. “It gave an opportunity, and I’ll leave it to the Government to say what was formally addressed, but there were several questions and recommendations that came from various business sectors that looked some of the topical issues,” the Fidelity Bank (Bahamas) chief said of yesterday’s meeting. “The Prime Minister’s viewpoint was that the previous meetings at least provided them with insight into some of the matters. The general sentiment is that it’s far better to have these meetings and do things collaboratively as opposed to where things are just announced and decided.” Besides more frequent meetings and contacts between government policymakers and the Bahamian private sector, Mr Bowe said “more important is take the same concept and use it for better or, I should say, more informed decision-making... “It’s far better to have these sessions where we ventilate matters as opposed to just taking decisions,” he added. “Far better to hear it than not to hear it. There was nothing ground-breaking or any announcements made in this forum, but collaboration is required to be more frequent and meaningful. “My words not their’s: Collaboration is not dictating, telling me what you’re going to do, but getting feedback on the hurdles, pitfalls and challenges, and having more input on policy positions from all the sectors impacted and who feel they have contributed.” Also present at yesterday’s meeting were Michael Pintard, the Opposition’s leader, and Shannendon Cartwright, its deputy leader. Mr Bowe said his “personal observation” is that Mr Davis is “a consensus builder, but his team does not follow his lead’, and the Government’s “execution team needs to embrace he same style” that was detailed yesterday. “I think it’s important there is at least a powerful message that says the substantive minister wants this input, and wants this collaboration and feedback,” he told Tribune Business. “Hopefully this is one of those tone-setting exercises. “The Prime Minister was very explicit that he wants the feedback, positive or negative, and prefers to have a dialogue before persons agitate against it. Hopefully that’s a message head and embraced by those carrying out his policies.” Suggesting that The Bahamas needs to emulate what happened with VAT’s 2015 implementation, when what started out as a “dictatorship from the Ministry of Finance” ended in collaboration with the private sector, Mr Bowe said: “It’s far better to hear criticism upfront than address things at the end and having to reverse course. “We’ve seen too much of that as a country. An announcement is made, we see it reversed in days or weeks. We lose credibility with that rather than ventilating the issues properly, having feedback, the issues are known, and we address them upfront.” Mr Bowe also argued that The Bahamas has reached “a point in its maturity where it can follow the lead established by the US, UK and other major economies, and provide the likes of the Fiscal Responsibility Council, think-tanks and accounting firms with details of the annual Budget in advance so that they can analyse and publish research papers on the impact the same day it is released. Those provided with such information would have to sign non-disclosure agreements (NDAs). Mr Davis, who shared an economic and fiscal update at yesterday’s meeting, was reported to have said of the upcoming 2025-2026 Budget: “This Budget will not introduce measures that hurt the business community. Instead, we are focused on expanding opportunity, delivering targeted tax incentives, cutting Customs duties on essential goods, and investing in digital modernisation and public infrastructure.” Reiterating his administration’s policy position, he added: “Those who come into our country and use our natural resources must pay their fair share. We’re creating a system that supports our local businesses while ensuring that international firms also contribute to the nation’s development.” Touting the Government’s progress in reducing the fiscal deficit, debt-to-GDP ratio and energy reforms, the Prime Minister said: “The progress we’ve made was far from inevitable. The magnitude of the challenges we faced required innovative, strategic and disciplined policy choices.... “These are not just numbers on a page. They represent our national comeback — built on tough choices, clear priorities and a willingness to confront what others ignored.” As for energy reform, Mr Davis added: “Our own electricity sector has been a drag on Bahamian businesses for too long. “But we couldn’t build a 21st century economy on a 20th century grid, so we’ve worked hard to create a wide-ranging package of reforms that are already delivering results.”