The Tribune

By NATARIO MCKENZIE

Tribune Business Editor

nmckenzie@tribunemedia.net

The total infrastructure investment in Freeport today is worth $11 billion, the Grand Bahama Port Authority’s (GBPA) chairman yesterday saying this exceeded annual Bahamian GDP and “could not be replicated.

Disclosing that the GBPA had engaged in an economic study of Freeport to determine how much has been invested in the city to-date, Ian Fair said: “Initially, we all thought perhaps it was in the $2-$4 billion range.

“Our work was completed last weekend, and I can tell you that in terms of today’s dollars and the replacement value thereof, we have close to $11 billion of investment on Grand Bahama.

“By way of comparison, the GDP of the Bahamas is approximately $7.8 billion annually. Simply put, you probably could not replicate Freeport today, but we have it and we need to take full advantage of what it has to offer,” said Mr Fair.

“Many countries in this region and elsewhere would salivate at the thought of having a city like Freeport and an island like Grand Bahama within their boundaries.”

Meanwhile, Mr Fair said the Freeport Container Port saw a 10 per cent increase in container volumes year-over-year for 2012, which led to the creation of 80 new jobs.

He added that for the first two months of 2013, the Container Port has experienced a 65 per cent increase in throughput activity compared to the same periodlast year.

“Positive reports emanate from the Freeport Container Port, which is steadily approaching its pre-2008 numbers, with over a million TEUs per annum,” Mr Fair said.

“There was a 100 per cent increase in container volume in 2012 over 2011, which has caused an additional 80 to be employed. The expansion of the Panama Canal is eagerly anticipated to bring even more business to the Container Port, which has positioned itself well in advance to capitalise on the projected high volume of calls by post-Panamax ships. As the adage states: ‘Build it and they will come’.”