The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Freeport’s economy will receive “a transformational shot in the arm” from a 300-acre light industrial park venture, which will see an $18 million first phase investment.

Henry St George, the Grand Bahama Port Authority’s (GBPA) vice-president, said the Freeport Light Industrial Park (FLIP) would create a “new paradigm” for when it launches next month.

Addressing the Grand Bahama Business Outlook conference last week, he said FLIP’s site-wide infrastructure would require a $7.5 million investment.

Mr St George added that FLIP would make investing in Grand Bahama “friction free and cost effective”.

“We envisage that the development of the Freeport Light Industrial Park will be a transformational shot in the arm to the local economy, not just in the construction sector, but due to the potential job creation that will occur as new international and Bahamian business operators see the benefit of this new platform and locate their businesses here,” said Mr St George.

He added that the site will be developed in four phases through a partnership between the GBPA and its Freeport Commercial and Industrial subsidiary as the land owner. Its joint venture partner, and the developer, is Gold Rock Corporation.

Mr St George said FLIP would address the concerns international business owners have about moving their existing business to Grand Bahama.

He added that among these concerns are site selection, ease of establishing a business, licensing, Immigration and other approvals.

“A business owner approaching FLIP will be given a menu of site options within the park, ranging in size from three to 11 acres,” Mr St George said.

“Once a site has been selected, a customisable turnkey business headquarters can be built for them. In addition to removing the largest headache for a new entrant to Freeport, business operators within FLIP will also have access to license fees that are structured to catalyse economic development.

“Each new business owner will have the full support of the dedicated GBPA’s dedicated FLIP business concierge team to ensure the most seamless, cost effective and timely establishment of their operation.”

FLIP tenants will also benefit from the Grand Bahama Power Company’s economic development rate, said Mr St George, adding that property improvements and landscaping will also be dealt with by FLIP’s owners.