DAPHNE DEGREGORY MIAOULIS, president of the Abaco Chamber of Commerce said that Hope Town has developed music festivals and has become a known destination because of it. “Hope Town developed that market. The mainland of Abaco and the other cays have been more geared towards families, eco and agro tourism,” she said. “Those are areas that I certainly think are wide open for investment.” Photo: Timothy Roberts
FOUR years after the devastating impact of Hurricane Dorian, Abaco is emerging as a thriving hub of economic activity, with businesses now being encouraged to capitalise on this opportunity by investing in the island and providing key services as it undergoes a remarkable revival.
One notable area brimming with opportunities for investment lies in the demand for additional housing and accommodations, according to Daphne Degregory Miaoulis, president of the Abaco Chamber of Commerce.
“There are not enough rooms. Abaco is overflowing with business. Abaco is a hotspot and people want to come here,” says Degregory Miaoulis.
She added, “We need more businesses to come in and offer services. We had hoped that more of our Bahamian-owned mega enterprises out of New Providence would see this as an opportunity to invest in Abaco which is going to be the next second city very soon.”
Mrs DeGregory Miaoulis made the comments during the latest episode of You and Your Money, outlining the numerous economic opportunities available in the Abacos. Mrs DeGregory Miaoulis will be a presenter at the upcoming 19th Abaco Business Outlook set for Thursday, September 21, 2023 at the Abaco Beach Resort, where she and other stakeholders will discuss various opportunities available in Abaco.
According to Mrs DeGregory-Miaoulis, the event tourism segment has provided tremendous economic benefits and business opportunities for the Abaco community.
“The festivals have been excellent revenue generators for the cays, particularly Hope Town with music festivals. Abaco in the past has not really been a music festival destination, Hope Town developed that market. The mainland of Abaco and the other cays have been more geared towards families, eco and agro tourism. Those are areas that I certainly think are wide open for investment. The local farmers markets have been great. Some farmers have started farm tours and petting zoos for example. Abaco is such an amazing destination for people who love nature and perhaps want to get away from the noise of the city. I think there is lots of room for well trained tour operators on the island,” DeGregory-Miaoulis said.
Roscoe Thompson, head of the Marsh Harbour/Spring City Township says that events such as the regattas and music festivals have provided significant economic benefits for Abaco, with further opportunities available to attract more visitors through partnerships between local businesses and key stakeholders.
“I believe in our slower tourism months the resorts, the airbnb and car rental businesses can all team up with Bahamasair, combining their services and maybe offering packages,” says Mr Thompson.
Mr Thompson notes that since Hurricane Dorian a number of local businesses have bounced back and new businesses have emerged to service the Abaco community.
According to De Gregory-Miaoulis, there is a significant need for skilled labour on Abaco post Hurricane Dorian, with the relocation of a considerable number of Abaconians after the storm having contributed to the issue.
“We need more Abaconians to come back to Abaco and not to the Abaco of the past but to the Abaco of the future with the new opportunities that are being presented,” says De Gregory-Miaoulis. She adds, “We need more skilled labour so we can provide the quality of service we need and not just in construction.”
Mrs DeGregory Miaoulis says she believes Abaco's future shines bright with exciting business prospects and attractive investment opportunities.
Comments
JackArawak 7 months, 4 weeks ago
One notable area brimming with opportunities for investment lies in the demand for additional housing and accommodations
Ms Miaoulis is correct, there is a severe shortage of affordable housing for Bahamians. The govt is doing everything in it's power to assist foreign investors but what incentives are offered to Bahamian investors to invest in the housing market?
While the rampant pace of development continues, what is the govt doing to ensure that a Haitian with a gardeners work permit isn't running a property management business?
Foreign land owners are allowed to build their own homes; I would imagine this policy was put in place to encourage development decades ago when things were a lot slower, and allowing an individual the opportunity to own their dream cottage in The Bahamas. Nowadays you have people buying land, building a house (often with little to no Bahamian labour) and immediately putting it on the market.
There is an environmental price to pay for all this development as well, please see recent letter to the editor from Fred Gottlieb in the Nassau Guardian. It would appear to me that the govt is solely focused on one side of the equation, bringing in investment but they are completely ignoring the other side, what is happening to these island and their inhabitants? What are the real impacts of all this development?
There's a lot that can be said on this subject but I honestly feel it's falling on deaf ears as administration after administration continues to do the same thing and that is operate in secrecy and not give local boards any real decision making power on local affairs.
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