NASSAU, Bahamas, February 23, 2024 – As much as $2 billion in projects are pledged or underway on Grand Bahama, Minister for Grand Bahama Ginger Moxey revealed yesterday during the Grand Bahama Business Outlook, The Nassau Guardian reported today in an article written by Senior Business Reporter Chester Robards.
Grand Bahama Port Authority (GBPA) Director Rupert Hayward said while the island has attracted $2 billion in investments, it is in need of $10 billion and could attract $100 billion with the right model.
He said yesterday that the government, the private sector and the GBPA have to work together in unison to turn the tide on Grand Bahama’s economy.
The government and GBPA were at odds for some months, as the government chided the port authority for not doing enough to grow the city of Freeport.
Hayward said yesterday that the GBPA’s collaboration with the government and licensees tops the list of pillars that need to be erected to begin to fix Grand Bahama’s economy.
“Freeport was originally conceived as a groundbreaking public-private partnership (PPP) – emphasis on the third P, partnership – where the government and GBPA worked hand in glove, tapping into global financial markets to deliver considerable economic benefits to Grand Bahama and the country as a whole,” said Hayward.
“We must return to this foundation, his time creating a true PPP between the port authority, its licensees, the government and every resident of every community on the island and across our nation; a partnership characterized by broad representation, integration, and above all deep collaboration.”
Another pillar, he said, is to build the GBPA as a world-class institution, providing a high level of service to it clients, while attracting forward-thinking investors.
“The port must be supervised by a progressive and inclusive board of directors and a team of top-class experts capable of catching the eye of blue-chip foreign investment, and willing and able to serve the interests of all the island’s stakeholders,” he said. “We remain open to listening and engaging with all on the future Freeport.”
Hayward said the third pillar has to be built upon an updated and progressive regulatory regime.
“The rules governing Freeport are 70 years old, and have been significantly diluted since the signing of the HCA [Hawksbill Creek Agreement] in 1955, precisely when they desperately needed to be strengthened and updated to cope with economic shocks, stronger storms and a more competitive global environment,” he said. “It is past time for a comprehensive overhaul, one that allows the city’s managers to perform their caretaker role more effectively, with supercharged bylaws that facilitate city development.”
He added: “When the Hawksbill Creek Agreement was signed in 1955, Freeport was one of only two free trade zones in the world. Now, 70 percent of countries around the work have a free trade zone – most with a considerably more competitive regulatory regime and more ease of doing business than ours. We live in a highly competitive international environment and despite our proximity to the US and our infrastructure, it is not easy to attract the quantity and quality of foreign investment needed for Freeport to reach its full potential.
“When we do bring businesses here, like Weller [Six Senses], and Carnival Cruise Line, it takes a Herculean effort to get these projects over the line.
“Crucially, the new regulatory regime must resolve uncertainties concerning current and future tax obligations, a gray area that causes a great deal of anxiety among prospective investors and our current business owners and residents. As the old adage goes, ‘Nothing kills investment like uncertainty’.”
The fourth pillar, he said, is building climate sustainability into every aspect of what is done on the island.
See article in The Nassau Guardian at https://www.thenassauguardian.com/business/gb-could-attract-100-bil-in-investments-with-right-model-says-hayward/article_3654e28c-d1cb-11ee-b330-1bbfa3d901e3.html
