The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

MINISTER of State for Grand Bahama Kwasi Thompson revealed that an investment unit to mirror the Bahamas Investment Authority in New Providence is planned for Grand Bahama so that investment projects will be processed on the island.

He also announced that the Office of the Prime Minister (OPM) in Grand Bahama proposes to spend $1m on small and medium size businesses in the upcoming fiscal year.

The news drew applause from those attending the Grand Bahama Port Authority's Innovative Business Bootcamp conference.

The proposed investment unit, Senator Thompson said, will significantly shorten the time investments are approved in Freeport by the government.

Currently, investors wishing to invest in Freeport have to file applications at the OPM in Nassau to be processed and approved.

While addressing the opening of the conference held at the Grand Lucayan Resort, Mr Thompson said that investors wanting to come to Freeport would no longer have to submit documents in Nassau.

"It makes no sense to me… to file documents within OPM in Nassau and have someone in Nassau do the processing, and do the follow-up in Nassau when we are quite capable of doing that here in Grand Bahama," he said, drawing applause from the audience.

"It is our hope that business deals will become increasingly easier to facilitate if an investor does not have to go through Nassau, at least at the processing level."

According to Mr Thompson, the OPM in Grand Bahama has set out to establish in an Investment Promotion Board with the sole purpose of promoting the island as a place for business to attract new and targeted investments.

He stressed that they are also meeting with potential investors in Grand Bahama, particularly regarding the Lucaya hotel strip.

"We have had several meetings with those involved in the sale and redevelopment of this strip. Our aggressive discussions continue as to re-opening and the redevelopment of this strip which is a priority for our government," he said.

The senator also revealed that the government is committed to assisting and supporting small and medium local businesses in Grand Bahama.

Mr Thompson noted that under the direction of Prime Minister Dr Hubert Minnis and the FNM government, focus would also be given on industries, such as maritime, aviation, technology, medical and eco-tourism, as well as media production.

He stated that the Minnis administration is committed to the development of Freeport as a technology hub and to create incentives to establish a financial services centre in Grand Bahama.

He stressed that the state of the national economy is "worse than they possibly could have anticipated."

The FNM government, he said, has to borrow more than $700m to cover the bills of the previous administration and the funding of the new fiscal year's expenditures.

"The difficult reality we face is that the government must collect more, spend less, and spend more efficiently and receive more value for money spent. This will be a reality for Grand Bahama," he said.

Mr Thompson, however, is optimistic about their efforts to bring about economic change and recovery.

"I believe we started to achieve the first step to recovery. May 10 we not only brought a new government but also a new sense of optimism in Grand Bahama. People have hope that things will change for the better. This is not a win, however, but is a window. It is an opportunity that must be taken advantage of," he said.

"If we truly want to achieve a different result we must begin to do things differently. Grand Bahama must be willing to change. For decades, this great nation and island have placed dependence on tourism and banking industries as the primary contributors to our economy.

"However, the new age of the Grand Bahama demands that we expand our way of thinking to facilitate further development. It will not be easy; it will require more from government, more from you in the private sector, more from the GBPA, including its partners and companies," he said.

He commended the GBPA for hosting such events to motivate and equip entrepreneurs to operate successful businesses that aid in the economic development of Grand Bahama.