By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
THE Prime Minister described the Bahamas as having a "constant and reliable electricity supply of North American standards" as he sought to 'sell' this nation to technology investors.
Dr Hubert Minnis's speech to the Austin Technology Council and Texas Association of Business, part of his visit to the 'Lone Star' state, is likely to raise eyebrows among some local observers given that several assertions appear to contradict the reality on the ground.
In particular, his comments on energy supply reliability appear at odds with the frequent outages that Bahamas Power & Light (BPL) customers continue to endure. "Grand Bahama and the Bahamas possess modern and superior infrastructure, modern roads, constant and reliable electricity supply of North American standards, fully digital telecommunications and high quality, high-speed Internet," Dr Minnis said.
The Prime Minister was on a mission to promote the benefits of the recently-passed Commercial Enterprises Act, and his plans for Grand Bahama to become a technology hub - both of which are key elements of the Government's GDP growth and job creation strategy. Confirming his administration's desire for economic diversification, Dr Minnis said: "With this in mind, late last year we passed legislation known as the Commercial Enterprises Act.
"The intent of this Act is to offer incentives to investors who establish businesses in the Bahamas that would help us in our diversification drive, while also creating higher-paying jobs and long-term job security.
"Under this legislation, investors in captive insurance, reinsurance, arbitration, wealth management, computer programming, maritime trade, nanotechnology, biomedical industries, data storage, call centers, software design and writing will be given a number of concessions and incentives if they were to locate in the Bahamas."
The only 'concession' addressed by the Commercial Enterprises Act is the fast-track work permit process, where companies in these industries can obtain a certificate from the Commercial Enterprises Board allowing them to bring in top executives, management and specialist personnel on work permits.
Such persons can enter the Bahamas without possessing a work permit, but must apply for one within 30 days of arrival. If no answer is received from the Department of Immigration within 14 days, the permit is automatically deemed to have been granted.
The Government's goal of establishing Grand Bahama as a technology hub occupied much of Dr Minnis's speech, as he sought to attract US and Texas-based investors and companies in the sector to the island.
Talking up the recent Grand Bahama Technology Summit, the Prime Minister said: "Grand Bahama has proven to be an attractive place for manufacturing cutting-edge technology.
"Carnival Corporation has identified Grand Bahama as the ideal location to configure and assemble the Ocean Medallion concierge system. This interactive technology is expected to change the cruise experience, and we are proud to house its development centre in Grand Bahama.
"I am pleased to say that Grand Bahama Power Company has expressed its preparedness to be flexible in rates, particularly for new technology companies."
Dr Minnis pledged that the Bahamas was "currently finalising" initiatives to exploit blockchain technology, financial technology (FinTech) and cryptocurrencies, adding that the Government will market blockchain technology as "a sub-industry within information communications technology".
He said: "We are currently engaged in discussions on how we can fast-track work permits and ensure that companies who employ US and foreign talent can retain these employees in the Bahamas.
"We remain open to tailor-making packages specific to a company's needs, allowing them to retain their talent without increasing cost."
Comments
The_Oracle 6 years, 10 months ago
"I am pleased to say that Grand Bahama Power Company has expressed its preparedness to be flexible in rates, particularly for new technology companies."
So, GBPC will give discount rates to tech firms, and recoup the revenue how? Add it to the rates/bills of existing customers? Not to mention the horrible quality of electric supply. The power may not go out as often as Nassau, but it sure fries AC compressors, Fridges, freezers, Ice machine compressors and Industrial Motor control boards, and plays havoc with basic internet reliability. The GBPA is even less qualified than URCA with respect to technical "policing" or quality control of GBPC. Both are basically "rate approval boards"
joeblow 6 years, 10 months ago
Electricity supply is quite reliable if you have solar panels AND a generator!
becks 6 years, 10 months ago
Compared to some other Caricom and Central American countries our electricity supply is fairly reliable.
Greentea 6 years, 10 months ago
Having travelled to many Caribbean countries- I think the Bahamas is one of the WORSE in terms of the frequency of black outs.
The_Oracle 6 years, 10 months ago
Reliability (or lack thereof, Nassau, Abaco, Exuma etc) is one issue, Stability ( lack thereof) is the issue in Grand Bahama. Rates are everyones problem. Ask any Hotel what their AC/Ice machine/Pool pump repairs/renewal budget is per property as compared to any other like hotel property worldwide. Medical facility bills for Medical equipment repairs/replacement. Failure rates on anything plugged into the grid.
sucteeth 6 years, 10 months ago
Reliable what a joke.. Why would any company want to relocate to Bahamas with a high crime rate, unreliable power, internet, phones, banks, skilled labor force, language barrier, high cost of living etc., Now that Trump lowered taxes there is no need to relocate but repatriate !! Go Trump go !!
killemwitdakno 6 years, 10 months ago
Freeport's power is stable.
However tech giants don't like 0% corporate tax jurisdictions. It makes them look bad. If you wanted to fix Freeport , you can do it in a day by imposing the 1% tax of foreign multiobillion daollar conapnies.
sheeprunner12 6 years, 10 months ago
Reliable??????? .......... at 40 cents per kwH????? ........ and surges and blackouts and loadshedding and union sabotage and slow response and poor CSR?????????
Or does he mean that the new BPL Board will clean up the former PowerSecure mess???
What about the almost $1 Billion debt legacy of BEC????? ........ Reliable????????
The_Oracle 6 years, 10 months ago
Freeport power is anything but stable. Low speed Diesel generation without turbine spinning reserve creates fluctuating frequency, a huge issue for Motors, compressors, Sensitive electronics including servers, routers, modems, medical equipment. And then we can talk Phase angle between current and Voltage. Horrible. Uncorrected by the utility in substations per feeder/branch circuit. Freeport may not have as many power cuts as Nassau or Abaco, but make no mistake, it is garbage. How about 17 minutes advancing clock speeds per day? (actually cumulative over speed as it actually retards and advances rapidly, advancing in the aggregate.)
Porcupine 6 years, 10 months ago
Dr Minnis must be prescribing himself some medicine which makes the imaginary seem real. Seems they are already grasping at straws, this administration.
realitycheck242 6 years, 10 months ago
Maybe some the Dreamers in the tech areas will locate here and start companies here instead of going back to their central and south american countries if Trump have his way ..They are mostly Mellinniial,s who are , tech savy ...Freeport would be a great fit
proudloudandfnm 6 years, 10 months ago
Electricity is most definitely reliable. We can rely on it to go off daily. This is the most trump like claim Minnis has ever made...
Muddos!!!
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