Mario Carey Calls for Creation of Economic Zones | Bahamas Real Estate

Creation Of Economic Zones – The word SEZ rolls off Mario Carey’s tongue with such conviction you’d think he had discovered a single pill to cure a common cold and create peace in the world.

“SEZ,” he says, “stands for special economic zones and it’s not the common cold a SEZ can cure, but the too common ailment of an economy stuck in neutral. To move it forward takes momentum and special economic zones create that energy, that horsepower.”

Special economic zones (SEZ) were first employed in 1980 to move China from its labor-intensive agricultural communist economy to something more closely resembling capitalism. Four zones were established allowing investors to come in, establish their own infrastructure, set up shop and create the industrial environment and legislation they needed to grow. Numerous other countries from Honduras to Singapore have tried individual versions of SEZs with varying degrees of success, each allowing for different rules than surrounding districts, but all sharing one common theme and multiple results – SEZs attract investment, fuel capital expansion and, just as importantly, says Carey, lure new expertise.

Carey, with 32 years in the real estate industry, is one of the country’s top brokers. Now head of Better Homes and Gardens Real Estate/MCR Group, he is also one of only three percent of NAR Realtors with a degree in real estate. Beyond that, Carey has always had an eye and a knack for what drives business.

“I am fascinated by business,” says the broker with a record of more than $2 billion in transactions. “Fascinated by how it jumpstarts, rises, falls, how vulnerable it is to outside influences and how quickly it can turn around and rebound. When business is good, the economy is showing growth and the public is demonstrating confidence, that’s when property sales are good. Prices remain stable or start to appreciate, banks or other institutions compete for lenders and that positive economic cycle is self-fulfilling, self-generating. It’s powerful and exciting and it’s healthy for everyone, not just for those of us in real estate.”

Now with the Bahamian economy continuing to face challenges that show little sign of abating, a series of SEZs could be the solution – and could lead to centers of excellence in the country. A calls for the creation of economic zones.

“I look at the reality – 15% unemployment, nearly twice that for the younger population, estimates of growth at less than 1%, a government with a debt of US$6.8 billion, and recent concerns about the possibility of devaluation – and I think there are two choices. You can either bury your head in the sand and keep doing what you’ve been doing but somehow expect a different result or you can say ‘What will it take to fix it?’ And I believe in the latter approach. The Bahamas has so much untapped potential. We remain one of the most desirable places in the world to live whether full or part-time. We have a stable democracy, are blessed with year-round warmth and geographical proximity to the U.S., Canada and South America with ease of travel anywhere. We have a population that is incredibly talented. We just need, to be frank in our examination of how we do business and develop innovative measures to improve it. One of those measures, I am convinced, is the creation of special economic zones.”

Specifically, Carey says SEZs could be established in New Providence and on at least two other islands.

“If we look at New Providence, we could create two special economic zones, one within a four-mile radius of Lynden Pindling International Airport with a thrust toward technology, light manufacturing and design and another surrounding the southern end of Carmichael Road focusing on service and retail businesses,” he said. “There could be an economic zone in Long Island for carpentry-related products as well as agricultural interests and another in Grand Bahama for medical research, treatment, and education.

“Once you begin to think in terms of a SEZ with tax incentives and liberalized legislation – though fair wages must always be extended and labor laws and the environment must always be respected — once you begin to think that way, the sky’s the limit.”

Carey, who opened the first Better Homes and Gardens franchise in the Caribbean region, earlier this year after a 32-year career both as independent and as a director of another successful firm, is a frequent contributor to innovation in business conferences. A licensed appraiser and broker who holds the highest luxury market certifications, he oversees a real estate firm with some 20 agents and associates and offices in the Shoppes of Cable Beach.

Mario Carey Calls for Creation of Economic Zones  – By Diane Phillips & Associates