The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Grand Bahama Chamber of Commerce’s president yesterday said “positive” things are happening for the island’s economy despite strained relations between its quasi-governmental authority and the Government.

James Carey told Tribune Business he believes the island’s investment outlook has changed and now is a “great time” for persons to acquire a second home or start a business because Grand Bahama is “certainly on a rebound”.

He added: “The positive thing is that Derek Newbold (chief investment officer at the GBPA) has come in and said that the GBPA has been talking about $1.5bn in investment for Freeport, and is now saying it’s more in the area of $1.8bn.

“I’m not sure if this is the same $1.5bn that the Prime Minister is talking about when he mentioned it on the campaign trail, but I’m hoping it’s two separate pools of money, and when it comes together it spells great things for us.”

While there has been no mention yet of where the extra $300m is coming from, Mr Carey added: “I know Mr Newbold has just now come back to the island from an extended trip because he’s been travelling for almost two months, so let’s hope he’s come back with some more goodies in his bag, but I can’t say for sure. But I want to remain all positive.”

“I don’t think we are going out of 2023 with a bang or a whimper, but I think there is a certain buzz in the air and there seems to be a little more activity on the ground with people starting to move around and that spells good news.

“Spending a few dollars during the Christmas, whether they have something or not, and credit cards will also get a pretty good burn on them during the holidays, but that’s just the way business goes.” All these developments are “small steps, but leading in the right direction” for Freeport.