The Tribune

A Panama-based logistics provider has expressed interest in establishing a Freeport-based warehouse to serve the North American market, with Grand Bahama Port Authority (GBPA) officials moving to build on the recent Trade Mission to that nation in discussions with other entities.

The GBPA, along with officials from the Ministry for Grand Bahama, Ministry of Financial Services and Trade, Hutchison Port Holdings (HPH) and The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) recently returned from a week-long mission to Panama to seek out opportunities for investment within the Latin American market.

A a result of their visit, Air Sea Land Logistics has expressed strong interest in setting up a warehouse in Freeport to provide greater access to the North American market for its existing customer base, plus directly service the Bahamas and Caribbean markets and improve its competitive edge.

Freeport’s Sea Air Business Centre is a 741-acre industrial and distribution park, located within a tax free zone between the Container Port and the Grand Bahama International Airport.

Derek Newbold, GBPA’s business development manager, added: “It is the perfect location for large warehousing, distribution, trans-shipping and light industry companies.”

Air Sea Land Logistics was founded in 2009 in Panama City to operate as a filler to give special attention to ports and airports, offering management in international transport and foreign trade.

GBPA officials also met wth the Panama Maritime Authority, an autonomous state agency that promotes national and international investment, as well as the development of that country’s Transhipment Centre.

Ian Rolle, the GBPA’s president, said: “As the agency responsible for promoting the maritime sector, and providing ship registry services, they are inundated with calls regarding viable options for ship repair services in the Atlantic.

“Therefore, it was recommended that they view Grand Bahama as a strategic partner in this regard, and suggestions were made for them to visit Freeport to get a better appreciation of the facility and services offered here.”

According to the 2010 World Economic Forum – Global Competitiveness Report – Panama is the second most competitive country in Latin America, after Chile. Panama boasts of having one of the most improved economies within the region, and the self-proclaimed ‘Hub of the Americas’ has an unemployment rate equal to, or less than, 4 per cent.

“The forgoing factors, coupled with Panama’s growth trajectory, led GBPA to visit, explore and seek out potential opportunities or synergies that may exist between Panama and Grand Bahama, and by extension, the Bahamas,” said Mr Rolle.

“The level of cooperation from key stakeholders was unprecedented. It was refreshing to see the Bahamas Government, GBPA, HPH and others all selling Freeport, Grand Bahama and the opportunities that exist therein.”