The Tribune

FRESH on the heels of a Panama trade mission, officials of The Grand Bahama Port Authority, Limited confirmed that discussions are already underway with several key entities who have expressed possible interest in doing business in Freeport.

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

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 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 four 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,” explained GBPA President Ian Rolle.

Freeport’s Sea Air Business Centre is a 741-acre industrial and distribution park, located within a tax-free zone between the deep-sea container port and the Grand Bahama International Airport. According to Derek Newbold, GBPA’s Business Development Manager, “it is the perfect location for large warehousing, distribution, trans-shipping and light industry companies.”

The delegation was able to promote facilities such as this to businesses in Panama and as a result of their visit, a reputable company, 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, directly service The Bahamas and Caribbean markets, and improve its competitive edge. Air Sea Land Logistics was founded in 2009 in Panama City with its main objective to operate as a filler to give special attention to ports and airports, offering an integrated and highly professional management in international transport and foreign trade.

The Panama Maritime Authority, an autonomous state agency, promotes national and international investment as well as the development of the Transhipment Centre in their country. Mr Rolle revealed that after meetings at the Panamanian Chamber of Commerce, Maritime Authority executives were taken aback by the maritime infrastructure in Freeport.

“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,” he said.

“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.”

Public private partnerships such as the Panama trade mission bode well for the growth of foreign direct investment to the island. Mr Rolle is optimistic that this and future missions will yield positive results.

“The level of co-operation 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,” he commented.

Other potential opportunities for investment in The Bahamas, and Grand Bahama in particular, will be the major focus of yet another collaborative effort as local and international delegates convene for The Bahamas International Investment and Business Forum, February 20 – 21, at the Grand Lucayan Resort in Freeport.

Held under the theme “At the Crossroads of 21st Century Trade and Investment”, the forum is organised by the Government of The Bahamas, the Commonwealth Business Council and The Grand Bahama Port Authority, Limited.