The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government's decision to reinstate Exuma's duty-exemption eligibility under the Family Island Development Act was hailed yesterday as a positive step and the "missing piece" towards the stabilisation and improvement of the island's economy.

Floyd Armbrister, head of Exuma's Chamber of Commerce, told Tribune Business: "The Government is to be commended for the reintroduction of duty-free concessions to the island of Exuma. I feel that it's one of the missing pieces in the recent past to the stabilisation and the improvement of the island's economy. I think investors will now look more favourably on Exuma."

Mr Armbrister added: "I know of several investors who had their projects put on hold because they wanted duty-free concessions. It's a good idea, but we have to ensure that this not just a temporary situation where the locals just benefit from jobs and are not really allowed to build and generate wealth.

"I think the Government owes its citizenry the first option for creating wealth. There have been investors who have been sitting and waiting in the wings over the last few years, hoping and wishing that duty-free concessions would return to allow them to take advantage of those investments."

During the Budget communication yesterday, Prime Minister Perry Christie said Exuma is being reinstated for eligibility under the Family Island Development Act.

The Act provides for duty and Excise Tax-free imports of construction materials for use in building new structures, or to work on existing buildings in the Family Islands which fall under the Act. The Act also gives similar tax breaks for those who import machinery to be used for farming or construction activities on these islands.