Speeches

2006 Business Development Seminar

Opening Remarks by Ambassador John Rood

April 20, 2006

 

Welcome to the 2006 Business Development Seminar.  I am very pleased that the Embassy is again partnering with the Bahamas Chamber of Commerce and the Bahamas Development Bank to highlight the strong commercial relationship between The Bahamas and the U.S.

I would first like to recognize Philip Simon and Tanya Wright of the Bahamas Chamber of Commerce.  Thank you for your work on this conference -- a testament to the outstanding relationship between the Embassy and the Chamber.  I would also like to recognize Neville Adderly from the Bahamas Development Bank.  Thank you for your support of this conference and assistance to small businesses – the lifeblood of any economy.  A tremendous word of thanks also goes to Anne Marie Bain, our Commercial Specialist at the Embassy.  None of our activities would be possible without Anne Marie's hard work and dedication.

I would also like to welcome Asher Epstein, the Director of the Dingman Center for Entrepreneurship at the University of Maryland, and John Hayes of Hayes Worldwide Marketing.  Welcome to the Bahamas, and thank you for taking the time to educate us about globalization, franchising and entrepreneurship.

I give a special welcome to the American companies visiting us today.  I hope you enjoy your visit to this beautiful country.  Please take the time to enjoy yourselves while you are here – we promise not to tell your tax accountants that you had fun on your business trip.

Finally, to our other distinguished guests, speakers, Bahamian businessmen and officials: Welcome!

I do a lot of outreach as Ambassador, and am proud to represent the United States in The Bahamas.  But as a businessman, it seems to me that the commercial relationship between our nations is too often taken for granted.  So, I am honored to help host this seminar and give our commercial relationship the attention it deserves.

Our commercial relationship could not be stronger.  The United States does about 2 billion dollars in trade with The Bahamas each year.  85 percent of all Bahamian trade is with the US, and most Bahamian purchases of third-country exports are acquired through American distributors.   Florida is particularly well connected with the Bahamas – with 1.4 billion dollars in trade! The Bahamas is Florida’s #19 trading partner, and #13 export destination -- more than Canada and more than China.

This trade is not only one way – especially if one considers trade in services.  The Bahamas trades us its beautiful beaches, weather and hospitality.  And, 4 million American tourists travel to The Bahamas each year.   Not only does this show the strong market for American business in The Bahamas, it shows the love that Americans have for this beautiful country. 

Despite my time as Ambassador, I think I can understand the perspective you bring to this conference.  I have a real estate development business in Jacksonville, one that I built from nothing.  I was a small business owner, an entrepreneur working to grow.  In many ways I continue to see myself as a businessman, and I apply business principles to my work in government. 

In both business and government, there is never any substitute for strong leadership.  Every organization needs someone to set its direction, make the tough decisions, and be accountable for achieving its goals.  Without effective leadership, organizations stagnate or see their energies go off in many different directions instead of focusing on the most important strategic objectives.

Both business and government must be committed to constant organizational improvement on all levels.  If you stand still, someone else will figure out a way to surpass you.  Your competitiveness will suffer.  The goal may differ (profitability in business vs. effectiveness in government), but the need for organizational improvement is the same.  To be successful you simply cannot conduct business (or run government) the same way it was done in the past.

Finally, in business or government, you must spend time to listen and learn.  I am a fan of Stephen Covey, Author of the Seven Habits of Highly Successful People.  My favorite habit is to “seek first to understand and then to be understood.”  Those of us in business know how important this is.  If we don’t know what the customer wants it is hard to sell it.  We must learn quickly.  Government is not always this attentive.  But governments that listen build successful partnerships.  They build successful relationships.  I try to do a lot of listening to Bahamians -- and a lot of learning – and, as a result, we have an even closer, stronger relationship with the Bahamas.

Over the next two days, I challenge you to do more than expand your business opportunities.  Take time to listen and learn.  Seek to become better leaders, build better organizations and better partnerships.

 

Thank you.