The Tribune

The Grand Bahama Chamber of Commerce has presented its Vision 2015 paper to the Government, outlining the private sector’s goals for Freeport and Grand Bahama over the Hawksbill Creek Agreement’s remaining 40 years.

The Chamber said the document is an analysis of targeted development opportunities, with specific recommendations for structuring the economic future of Freeport and Grand Bahama upon expiration of key provisions of the Hawksbill Creek Agreement in August next year.

The document, directed to the Office of the Prime Minister, was presented to Dr Michael Darville, minister of Grand Bahama, at the Ministry of Grand Bahama on Friday.

The Chamber’s Vision Paper suggests a strategy and a range of options for the Government’s consideration in its engagement with the Grand Bahama Port Authority and Hutchison Whampoa.

This comes as all parties ready to negotiate over next year’s expiration of real property tax exemptions and other incentives, and develop the economic strategy for Freeport’s success as an International Trade Centre beyond 2015.

While the expiration of certain tax incentives under the Hawksbill Creek Agreement was initially the focus, the Chamber decided to produce an evaluation and a set of recommendations that addressed the broader perspective of the whole Agreement and future structure for operating iGrand Bahama under it.

The Chamber created a Vision Paper that sought to speak to choosing a structure that would best serve the interests of all Port Authority licensees who, by their investment and commitment, have created the successes on this island so far.

The Chamber’s Board of Directors, led by its ethics and legislative committee, produced a document outlining what they feel is the best way forward. A full year was spent on the project, and included extensive input from stakeholders in every commercial and industrial sector.

Upon completion the document was reviewed informally with the Ministry for Grand Bahama, as it had invited the Chamber to develop solutions that would take Grand Bahama out of the current economic mire and fulfill the mandate of the Hawksbill Creek Agreement.

Barry Malcolm, the Chamber’s president, said recently: “At present there is no greater issue for Grand Bahama than the refinement and renegotiation of terms and the mandate of the Hawksbill Creek Agreement, occasioned by the expiration of the certain provisions thereof that happens next year.

“The work that has to be done, and the decisions to be made by and on behalf of all stakeholders are, in our opinion, more important to the future of Freeport (and the country) than the implementation of VAT.

“The decisions made regarding the mandate and economic strategy for Freeport by Government, the GBPA, licensees, Hutchison and other vested stakeholders, between now and next August, will ‘set in stone’ economic possibilities for this place for the remaining years of the Hawksbill Creek Agreement.”

Dr Darville received the Vision Paper, and reassured the Chamber directors that the Government was directing its full attention to the negotiations required with the Grand Bahama Port Authority to address the fears and concerns of business on the island.

The Chamber will be having follow-up meetings with the Grand Bahama Port Authority and its members to present the Vision Paper in full.

The Vision Paper’s release marks the end of the current Board’s term. The annual general meeting and election of Chamber officers takes place on Wednesday, November 5.