The Tribune

GRAND Bahama will get a “shot in the arm” before the end of the year when Hutchison Whampoa invests nearly $300m in the expansion of the Freeport Container Port, Prime Minister Perry Christie said.

Mr Christie made the comment last week as he and a delegation were in London, England promoting investment in the Bahamas. While there, Mr Christie also gave the keynote speech at the 2015 Caribbean Investment Summit.

While in London, Mr Christie with Minister of Tourism Obie Wilchcombe; Minister for Grand Bahama Dr Michael Darville and a representative of the Bahamas Investment Authority, met with officials of Hutchison Whampoa, the company responsible for Freeport Container Port.

“Mr Canning Fok (of Hutchison Whampoa) head of an arm of the company confirmed that by the end of the year or likely sometime in October or November, they (will) invest some $280m, up to $300m for the expansion of the container port, that means hundreds of new jobs, and hundreds of new jobs before Christmas,” Mr Christie said, according to a press release issued yesterday. “So therefore it is a tremendous shot in the arm for Grand Bahama.”

The government wants to strengthen its relationship with Hutchison Whampoa and be collaborative in its efforts to strengthen the economy of Grand Bahama and provide sustained growth for the nation’s second city, the press release added.

Hutchison Whampoa officials have said Mediterranean Shipping Company (MSC), the cargo and cruise ship arm of the company, will develop a new destination in the Bahamas and inject between $100m and $200m.

“They plan on starting an academy in Grand Bahama that will train young people to work on their cargo ships and their cruise ships. They will be bringing online a significant number of cruise ships, huge cruise ships. The island that the company plan on using for leasing purposes and even a small hotel,” Mr Christie also said.

Hutchison Whampoa has also decided to open another hotel, The Lighthouse Club in Grand Bahama by December, where 200 additional rooms are expected to be open for the winter season, the press release said.

At last week’s summit, Mr Christie told investors and entrepreneurs that the tourism sector and its specialised industries will continue to be the engine of economic growth, employment, industry diversification and business improvement for most of the 40 million citizens of the Caribbean.

“This year, there has been more resilience seen in those economies in the region with rebounding tourism which has been supported by a rejuvenated US economy, lowered fuel prices and an improved investment climate,” Mr Christie said.

“The climate is indeed ripe for inward investment in the Caribbean which has re-doubled its efforts toward implementing energy and fiscal reforms, promotion of investment incentives, strengthening of compliance frameworks and continued redress of social ills in the wake of the global economic crisis.”

The prime minister and his delegation returned to The Bahamas on Friday.