The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE MINISTER of Financial Services, Ryan Pinder, said he plans to work closely with the Grand Bahama Port Authority (GBPA) to position Freeport as the “dominant trade hub” for Latin America, while also noting that December 2014 was the target for full World Trade Organisation (WTO) membership.

Mr Pinder, who participated in trade talks in Brazil late last month, said: “I have worked very closely with the Grand Bahama Port Authority. Freeport is a tremendous asset for us, not only in being a free trade zone, but it has the infrastructure that may be the best in this region with the container port and all the manufacturing that occurs in Freeport.

“We’re looking to do a follow-up trip on Brazil because we see so many trade and industry opportunities, as well as financial services. Early in the New Year, we’re looking at maybe a March trip with the Port Authority to really position Freeport as the dominant trade hub for Latin America and Brazil, and to really highlight that.

“Between now and March we’re going to further develop the leads and opportunities we identified down there, and when we go with the Port Authority we can really have a more substantive pitch. If you don’t operate in cooperation, especially in the trade agenda, with the Port Authority in Freeport, you will never have a true agenda.”

Mr Pinder, who spoke yesterday at the opening of a Trade in Services workshop, said Latin American was one of the primary targets for expansion and growth.

“We see tremendous opportunities in Brazil and in Panama,” he added. “When I was in Brazil I spoke to the poultry association, and I spoke to them in the context of using them as a trade hub rather than domestic production.

“That can provide a number of trade opportunities in Grand Bahama. We spoke to one of the largest ethanol producers in Brazil and they have such a high consumption of ethanol that they have to look for export markets. I have proposed Grand Bahama because of the container port there, the closeness to Andros, where you may be able to utilize the land to grow the sugar cane,” the minister added.

“Their estimates were 3,000-4,000 jobs can come out of that one initiative, so we are actively looking to see if your soil quality is good enough to meet the standards to grow the sugar cane and all the technical components to be able to say the Bahamas is a good access point for North America.”

Mr Pinder said that despite its challenges, Europe was still a key market for the Bahamas.

He added: “I think Canada provides tremendous opportunities given our tax information agreement there. I have always said that I see a presence of the Bahamas in the United States. You don’t want to spread yourself overly thin grasping at straws in certain jurisdictions. It’s very important that when you travel you do real time assessments of the opportunities, and then you could refocus your efforts as a country to try and build those various areas in the economy.”

Addressing the Bahamas’ accession to the WTO, Mr Pidner said: “We have set a goal of December 2014 to complete both our legalislative agenda as well as our negotiation agenda, and we are doing everything we can to stick to that timeline.”