The Tribune

BY DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT – Minister of State for Investments Khaalis Rolle said the government is working on an economic recovery strategy that will allow Bahamian entities to reap significant benefits from large direct foreign investments.

Mr Rolle was speaking at the Bahamas Society of Engineers (BSE) luncheon at the Ruby Swiss Restaurant. He said: “One of the things we have done over the years is not plan our economic development properly, so you have record levels of direct foreign investment, but the downstream benefit is very minimal.

“We are working on an economic recovery strategy and the role that direct foreign investment is going to play in that.”

Minister Rolle indicated that small business legislation will be enacted shortly to allow entities in the Bahamas to benefit from large foreign investment projects that come to the country.

He said there are a number of investment initiatives on stream for Grand Bahama.

The opening of the $10 million Blue Marlin Cove in Bootle Bay, Mr Rolle said, is one of those new projects.

Blue Marlin Cove is a 60-room oceanfront resort. The property has various amenities, including an 18 slip marina, restaurant, recreation centre, conference/meeting space, and a health and beauty spa.

“We just opened the new resort project in Bootle Bay, and you will see us here frequently as we continue to go through the investment process,” Mr Rolle said.

“We have a number of investments in the pipeline and over a period of time you will see as they come to executable phase. I don’t want to go in details on what they are, but I can tell you we have a strong team of individuals that are working on Grand Bahama to get this island back on track,” he said.

Mr Rolle noted that the participation of the Bahamas Society of Engineers will be very important as more and more investments come to the Bahamas.

The Bahamas Society of Engineers launched its northern branch in Freeport on Friday – the first branch formed outside of New Providence.

Engineer Melanie Roach, BSE president, presented the branch with its official charter.

The new executive board members are: Darius Williams, president of northern branch; Dudley Francis, vice president; Jamaal Gomez, treasurer; and directors Remington Wilchcombe, Joy Johnson, Roger Johnson, and Ryan Herry.