The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

OF the $50m spent by the Grand Bahama Shipyard in its first eight months this year, only $18m or 36 per cent of that stayed in The Bahamas, according to the company’s CEO Dave Skentelbery.

Many persons packed the Delphine Room of the Pelican Bay Resort on Thursday for the Grand Bahama Business to Business Expo 2017, to learn of the various business opportunities that exist within the industrial sector.

Mr Skentelbery said many service opportunities exist at the shipyard, including services for the recycling of hazardous materials and for equipment supply, as well as travel agency and laundry services, among others.

He reported that the company spent more than half a million dollars on welding consumables that were flown in from Florida.

“We fly in from Florida, fasteners, nuts, bolts, screws, nails, tape, plywood and welding consumables. Last year, we brought in welding rods and wires probably more than half a million dollars spent at the shipyard,” he said.

Mr Skentelbery said the company also purchases things such as electrical tape, masking tape, gloves, boots, overalls, installation material, and duct tape.

“We buy things we cannot buy on the island and in large quantities. If you are interested in doing that come and talk to us; it is not going to make your business, it will be a part of your business. But if your cost is competitive, then do it,” he told participants.

There are other opportunities too that exist, including the need for local transportation and a local supplier of life rafts and life-saving equipment, tank cleaning and tank blasting services.

Mr Skentelbery was one of two featured presenters at the expo. A representative of Buckeye also spoke about some of the opportunities at the oil storage terminal.

The expo was the first in a series of such events hosted by the Office of the Prime Minister, the Grand Bahama Chamber of Commerce, and the Grand Bahama Port Authority.

Kim Miller, senior manager of group corporate affairs, announced that the GBPA had allocated some $80,000 in capital for the start-up of four new businesses and the expansion of four existing businesses in Freeport. Businesses will have to square off in a ‘Shark Tank’ scenario to sell their business idea and why they should be given the money.

Minister of Grand Bahama Kwasi Thompson called on anchor businesses and companies in Grand Bahama to engage the services of local businesses where possible to improve the economy by spending and keeping some of their millions here on the island.

“All of the industrial companies we want them to fulfil their role by ensuring that they engage and use businesses that are in this room,” he said. “If a Grand Bahama business or entrepreneur can provide the service at a reasonable price give them the contract.”

He indicated that the business-to-business expo is expected to generate much-needed growth in the local economy.

“Grand Bahama is called the industrial capital of The Bahamas. We cannot forget we have one of the largest shipyards in the world right in our backyard.

“So the purpose of this expo is to cause as much of their millions of dollars to remain here in Grand Bahama. We want to ensure that businesses are able to take advantage of every opportunity that exists here in Grand Bahama,” he said.

“We must ensure that local businesses and entrepreneurs are in a position to provide ancillary services to our anchor companies in the industrial sector.

“We are learning a painful lesson of why we must diversify our economy. Tourism alone is not enough,” Mr Thompson said.

The minister of state also indicated that the Office of the Prime Minister remains focused on the economic revitalisation of the island.

“The government has a focus strategy to improve our economy here in Grand Bahama. We are painfully aware of the present state of affairs in Grand Bahama. It does not make sense to sugarcoat it,” he said.

“It will require a focus on the opening and redevelopment of the Lucayan Strip, focusing on iconic properties like Xanadu Resort and Royal Oasis. You should be assured that these are being aggressively pursued,” he said.

Mr Thompson noted that improving the ease of doing business must also be addressed in Grand Bahama. He stated that there is need to actively market Grand Bahama as a place to do business in the technology industry.