The Tribune

Top officials from the Grand Bahama Authority (GBPA) are in Panama on a week-long trade mission to attract new business to Grand Bahama.

The marketing thrust is a joint effort between the GBPA, the Ministry for Grand Bahama, Ministry of Financial Services, Hutchison Port Holdings, and the Bahamas Chamber of Commerce to find ways to bring additional foreign direct investment (FDI) to the island.

“The importance of government and private sector relationships is critical to Grand Bahama’s future economic success,” said GBPA president, Ian Rolle, from Panama.

“We just concluded a successful marketing initiative at the Americas Lodging Investment Summit in Los Angeles last week along with Khaalis Rolle, minister of state for investments, and Bahamas Investment Authority officials. Now, we’re pleased to be part of yet another joint delegation as we seek out opportunities for investment within the Latin American market.”

During their Panama visit, members of the Bahamian delegation will visit the Panama Canal, Colon Free Zone and Panama Pacifica, with the aim of identifying joint ventures and new supply sources.

Thus far, talks have been held to discuss possible ventures as it relates to the Freeport harbour and logistics transportation, as well as meetings with key Colon Free Trade Zone executives and industry and trade government officials from Panama.

“Discussions have been fruitful and we are optimistic that many of the industries being advanced in Panama can definitely be done in Freeport,” Mr Rolle added. “The Port Authority is firmly committed to positioning Grand Bahama as a dominant trade hub for Latin America.”

The Panama trade mission is one of several joint ventures planned for 2013. On February 20-21, Freeport will host the Bahamas International Investment and Business Forum under the theme, ‘At the Crossroads of 21st Century Trade and Investment’.

Organised by the Government, GBPA and the Commonwealth Business Council, the two-day event will provide opportunities for direct meetings with potential investors from around the world in sectors including maritime, logistics, banking and financial services, tourism, real estate, ICT, energy exploration, renewable energy, agriculture and manufacturing.

Continuing their international marketing initiative, GBPA and government officials plan to head to Brazil in April, and a European trade mission is scheduled for mid-2013.