BAIC's Mandate is to stimulate and encourage the creation, expansion and promotion of small and medium-sized Bahamian business and to assist those business in developing and enhancing profitable opportunities for Domestic and International Trade BAIC was formed specifically to assist in the creation and development of commerce and industry within the Bahamas, as well as expand and create opportunities for Bahamians to participate in the economic development of The Bahamas. The Corporation had placed great focus on promoting the Bahamas, processing investment inquires, attracting manufacturing and related ventures, and stimulating the productive sector. For short time, BAIC assumed responsibility for the marketing of agricultural produce purchased through the Ministry of Agriculture’s packinghouses and produce exchange system ensure that the products of agriculture reached the desired markets. In its early stage, BAIC was placed under the Ministry of Economic Development but was later moved to the Ministry of Agriculture, Trade and Industry. In late 1992, when the government of The Bahamas changed, responsibility for BAIC was transferred into the Office of the Prime Minister, whose portfolio included Trade and Industry. In early 1993, following a study on the country’s investment approval process, the government announced plans to establish a Central Investment Facilitation Centre that would be responsible for the identification, promotion and facilitation of all potential foreign investment. As result, BAIC was given specific directives to manage the properties vested in it by the government and facilitate all aspects of business development in the country with emphasis on small business and cottage industries. At the end of 1993, BAIC was again placed under the umbrella of Ministry of Agriculture and Fisheries and in 1995 it was transferred to the Ministry of Finance. In 1997, BAIC was placed under the ministry of Labour, Immigration and Training and was given the mandate of facilitating the diversification of the Bahamian economy through the creation and expansion of small and medium size enterprises by promoting, encouraging and stimulating business development in The Bahamas. Increased attention was placed on small manufacturing operations and cottage industries. In 2000, the Ministry of Commerce, Agriculture and Industry was formed and BAIC was placed under that Ministry. In 2002 when the Government of The Bahamas changed, responsibility for Corporation was placed under the Ministry of Trade and Industry. In November 2003, the BAIC was transferred to the Ministry of Finance. BAIC is presently under the Ministry of Labour and Financial Investments since February 2006. BAIC was established by an ACT of Parliament on December 30th, 1981 and became operational in April 1982. This Act repealed the Bahamas Development Corporation (BDC) Act, 1971 and The Bahamas Agricultural Corporation(BAC) Act, 1975, which had formed the Bahamas Development Corporation and The Bahamas Agricultural Corporation, respectively. All rights and vested in the BDC and BAC became the responsibility of BAIC.
