The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT was prominently featured as the free trade zone of The Bahamas to hundreds of Chinese investors at the Free Trade Zone & Special Economic Zone Summit (FTZ) recently held in Shanghai, China.

The Grand Bahama Port Authority Ltd (GBPA) attended the summit to promote Freeport and attract possible direct foreign investment to the island.

More than 400 senior executives and investors from China’s most powerful private and state-owned enterprises, along with representatives from countries around the world attended.

Derek Newbold, senior manager of business development for GBPA, told potential investors that Freeport’s free trade zone status, and its close proximity and access to key western markets in North, Central and South America makes it an attractive place to invest.

“Most FTZs/SEZs are directly or indirectly administered by governments with the ability to legislate. However, our centralised location in the Western Hemisphere, modern infrastructure and low-tax environment remain attractive features,” he said.

Mr Newbold also held one-on-one meetings, speaking with first-rate prospective investors to explore outbound investment opportunities.

He noted that preliminary discussions on attracting significant investment projects appeared promising as potential investors showed keen interest in regional collaboration.

“It was encouraging to see the interest level in Freeport among participating companies seeking to expand to foreign jurisdictions,” he added.

GBPA President Ian Rolle believes it is important for the GBPA to continually take advantage of opportunities to promote Freeport, the FTZ of The Bahamas, at premium platforms for business development, since numerous companies across the globe are now seeking to expand to foreign territories.