By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com

The Chamber head is suggesting local investors "step up to the plate" in order to drive this year's economic growth — a role they may have little choice but to take on given the dearth of Nassau projects on the government's $9-billion list.

"If you take out Atlantis's contribution to the $9 billion in approved projects," Dionisio D'Aguilar told Guardian Business Tuesday, "what's left is less than a $500 million of that investment going to Nassau.

"What that means is New Providence will now have to rely on Bahamians to invest and to drive economic growth."

In many ways it's a new role for domestic players in the local economy. They're more accustoming to capitalizing on opportunities spinning off from large-scale, foreign-direct investment.

That option may simply not exist at this time — despite the extensive list of development projects this government has approved since taking office last year.

In reviewing that list, Guardian Business has identified just over $1 billion worth of development projects set for New Providence. Some, like the $33-million Bonita Bay subdivision for the east-end, represent little more than a change in ownership with no new investment to spur on short-term growth.

Others, given the global credit crunch and little in the way of visible, on-site progress, may fail to engage a construction sector where as many as seven out of 10 contractors are sitting idle.

Further undercutting that $1 billion of development is Kerzner's decision to place on hold most of its $500 million Hurricane Hole redevelopment. The company has cited the global credit crunch as contributing factor to the move.

All told, argues D'Aguilar, Nassau is facing real challenges to significantly adding to economic growth over the next several years.

But the gloomy situation has in fact created real opportunities for local investors looking to capitalize on the current lull in construction. The inactivity is largely owing to the collapse of the $2.3-billion Baha Mar project, the absence of which has likely driven down the cost of building supplies and labor.

"Bahamian business will now have to step up to the plate," D'Aguilar told Guardian Business in an exclusive interview yesterday. "This is the time to take advantage of competitive forces in the construction market if you're in a position to do so at this time.

Starting now means a project would likely come on stream just as the current economic crisis impacting tourism dissipates, he argues

Bahamian investors may also have the inside track as far as debt and equity financing is concerned. While fears of U.S. recession have encouraged several American lenders to throw up onerous terms for borrowers, their Bahamian and regional counterparts haven't yet followed suit, suggests a new KPMG survey of Caribbean bankers.

Chamber head: Bahamians will have to drive Nassau's economy