NASSAU, Bahamas, March 21, 2024 – The Grand Bahama Port Authority (GBPA) has opened an office in Nassau in an effort “to make sure that Bahamians and residents are apprised of what is happening in Freeport to position themselves to be a part of the Grand Bahama economy,” according to GBPA Chief Investment Officer Derek Newbold.
“We felt that it was time to established an investments promotions office here in New Providence to educate the business community on the investment opportunities that exist in Freeport,” Newbold said. “We will be facilitating one on one meetings and consultations regarding investment opportunities: How to establish a business in Freeport and how individuals can take advantage of the unbelievable land offerings available in Freeport for commercial and residential development.”
Noting that the New Providence move will help to build critical mass. Newbold added, “It is also going to introduce Bahamians, in general, to more investment opportunities so that they can become critical stakeholders in this economy. The key advantage and benefit that businesses, local businesses, will be able to take advantage of is being able to operate their business with a customs bond and that customs bond will allow them to take advantage of total import duty exemption on capital equipment and supplies related to the operation of their business.”
The GBPA’s New Providence office is located in the One West Plaza on Windsor Road.
Meanwhile, James Carey, President of the Grand Bahama Chamber of Commerce, has described the GBPA move to open a satellite office in Nassau as a matter of “convenience” for local investors, according to an article in The Nassau Guardia written by Freeport-based reporter Barbara Walkin.
Carey told Guardian Business that the GBPA’s satellite office in New Providence “is what it needed to entice local investors into the opportunities in Freeport and the wider Grand Bahama.”
The article also referred to a statement made by Rupert Hayward, co-chair of the GBPA, who said in an Eyewitness News report: “As Freeport anticipates substantial investment influxes, amounting to $2 billion, it becomes increasingly essential to establish a robust connection with our brothers and sisters in Nassau. This symbiotic relationship facilitates reciprocal advantages, enabling both Nassau and Freeport to leverage Freeport’s emerging investment opportunities. By establishing a physical presence, we aim to solidify our growth strategies by aligning with the Nassau community and nurturing vital partnerships.”
Further commenting on Carey’s remarks, the article noted that he said the Nassau office will be a place where residents can have all of their questions answered about the investment opportunities on Grand Bahama.
“I doubt that this move has just come about overnight, and certainly the office needs licensing to operate in Nassau,” said Carey.
Walkin pointed out that Ginger Moxey, Minister for Grand Bahama, touted the “coming home” initiative during her mid-year budget contribution. The initiative is supposed to find mechanisms to lure Grand Bahamians back home after the exodus that occurred following Hurricane Dorian in 2919.
“I guess she is saying that if we have all the investments that people will have jobs when they come back to do the work,” Carey asserted.
He added: “We lost a fair bit of our critical mass from Hurricane Dorian and from COVID-19, and the numbers haven’t returned to the full strength. We had a lot of small businesses that couldn’t hold up. The economy thrives on population and spending.”
While Grand Bahama can accommodate well over 250,000 people comfortably, the island’s population has dwindled to just under 50,000 over the last five years, due in part to the aforementioned shocks of Dorian and the pandemic.
NOTE: Click on the link below for a report by ZNS Northern Service on the opening of the GBPA New Satellite Office
https://www.youtube.com/watch?v=HFA9MGZUwa0
