The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Bahama Chamber of Commerce’s outgoing president says the island’s economy is “by no means broken”, despite “the gut punch and setbacks” delivered by Hurricane Matthew.

Kevin Seymour, addressing the Chamber’s annual meeting, urged his successor to further strengthen the organisation’s relationship with the Government and the Grand Bahama Port Authority (GBPA) to ensure the private sector can influence key policy decisions.

Mr Seymour suggested that he had managed to achieve this during his presidency, as he was appointed as a member of the Government’s Hawksbill Creek Agreement Review Committee, which was charged with assessing - and recommending improvements to - Freeport’s founding agreement.

He argued that it had been necessary for the Chamber “to move from being mere spectators” to “having a permanent seat at the table” with the likes of the Government and GBPA when key economic policies and initiatives were being discussed.

Calling on the Chamber to “add value” and ensure it was respected by the other parties moving forward, Mr Seymour said the Hawksbill Creek Agreement Review Committee’s work was “currently incomplete” and continuing.

“A word of advice to my successor, now that we are in the room and around the table; I strongly suggest that you seek to further strengthen the Chamber’s relationship with these key stakeholders,” Mr Seymour added of the Government and the GBPA.

“A wise person once said that if you are not around the table, chances are you are being served on the menu.”

The outgoing president acknowledged the Category Four Storm’s impact on Grand Bahama, but added: “While the gut punch delivered by Hurricane Matthew may have temporarily bent us over, I am comforted by that fact that we as a community are by no means broken.”

Mr Seymour said the elimination of duty and Value-Added Tax (VAT) on building materials and other components of the Government’s Matthew relief programme amounted to a major incentive for Bahamians to shop at home.

“I am also advised that the Government will be launching its ‘Loan Assistance Programme’, which will give eligible SMEs affected by the ravages of Matthew access to low interest rates loans, in order to assist in bringing enterprises in this important job creating sector back on stream as quickly as possible,” the outgoing president said.

Mr Seymour said the Chamber had met in recent weeks with Customs and Ministry of Finance officials “to work through logistical and reporting issues” related to the hurricane relief programmes, plus concerns over VAT reporting.

He praised the GBPA, Grand Bahama Power Company, other utilities and the likes of the Bahamas Telecommunications Company (BTC) and Cable Bahamas, commending them for “text book execution” on Matthew-related repairs.