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Last Updated: Feb 13, 2017 - 1:45:37 AM |
MINISTER AND CHAMBER BOARD - The Grand Bahama Chamber of Commerce held its annual Installation Banquet on Saturday at the Grand Bahama Sailing Club, at which Minister for Grand Bahama the Hon. Dr. Michael Darville, centre, gave the keynote address. Also shown are Gowon Bowe, Chairman, The Bahamas Chamber of Commerce and Employers' Confederation, front row, second left; Kevin Seymour, Grand Bahama Chamber President, front row, third left; and other Board Members. (BIS Photo/Vandyke Hepburn)
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FREEPORT, Grand Bahama - Although there has been some growth, the Grand Bahama economy must move to sustain itself, Minister for Grand Bahama the Hon. Dr. Michael Darville said while addressing the Grand Bahama Chamber of Commerce Installation Banquet on Saturday.
The Grand Bahama Chamber of Commerce held its Annual Banquet and Installation of Officers and Directors under the theme, "Time for Action" at the Grand Bahama Sailing Club.
According to Minister Darville (who spoke on the Prime Minister’s behalf), even though the economic climate in Grand Bahama is a difficult one, many Bahamian-owned businesses remain optimistic and are committed to long-term growth. As proof of this, he said, many of them are upgrading such as Bahama Rock, Caribbean Bottling Company, Bahamian Brewery and Island Bedding.
Minister Darville listed some of the infrastructural work currently underway on the island: state of the art fire station; storage facility at the C.A. Smith Complex, (both of which are on schedule and within budget); ground-breaking ceremony in December for the $6 million causeway to replace the Fishing Hole Road -- a public-private partnership between local stakeholders and the Government of The Bahamas; construction of 36 homes in Bahamia by the Ministry of Housing; and renovations of government buildings that are on-going.
He added that there are planned upgrades for the Rand Memorial Hospital and the West End Clinic.
"The government has been quite active in its focus on Grand Bahama, recently approving several projects which will have a significant impact on our local economy. These include the $280 million Phase V investment in the Container Port expansion by Mediterranean Shipping Company (MSC), in partnership with Hutchison Ports, which will see a 40 per cent increase in capacity and output to two million containers per annum and will have a significant impact on production and employment at the Container Port.
“Additionally, Mediterranean Shipping has announced the opening of a maritime academy in Freeport to train and recruit 240 Bahamians over a two-year period for crewing on MSC vessels. MSC is also working with the College of The Bahamas' Northern Campus for the creation of an education module tailored specifically for the maritime industry.
"In Tourism," the Minister continued, "the Government recently approved the $168 million expansion of the Deep Water Cay Resort with Six Senses as operator of a five-star, mixed-use resort. The build-out will be phased over a seven-year period employing more than 120 persons per annum and will include 68 hotel units, including 56 hotel keys and 65 custom-built residences, a 7,000-square-foot, two-storey spa facility and fitness centre, five eateries, including a full-service restaurant, a cooking school for guests, and 2,500 square feet of flexible space for meetings and events."
The Minister added that Hutchison Port Group Holdings has invested $5.5 million to renovate Lighthouse Pointe as an all-inclusive property and their projections are a 70% occupancy level in 2016. Additionally, the Harbour Company is also on schedule with its $17 million upgrade to Freeport Harbour.
These projects are only a few in the positive direction being taken by the licensees of Freeport towards economic growth.
In 2015, there was a 30% increase in international arrivals, largely due to the expanded airlift by Sunwing's operation in Canada and the USA, and from new gateways in Cincinnati, Newark, Dallas and Baltimore. As a result of this, Memories Resort, a property operated by Sunwing, had an occupancy level of 90.4%.
ADDRESSING INSTALLATION BANQUET - Minister for Grand Bahama, the Hon. Dr. Michael Darville, at podium, addresses guests of the Grand Bahama Chamber of Commerce Installation Banquet, which was held on Saturday night at the Grand Bahama Sailing Club. (BIS Photo/Vandyke Hepburn)
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"With that said, Grand Bahama is still not performing to the level of other islands in the Commonwealth, which have less infrastructure and human capital, and it is widely recognized that considerably more investment must be sought and incentivized to increase the level of economic activity in Freeport, and by extension, Grand Bahama.
"The Bahamas government is working diligently to conclude an agreement with Hutchison for a Waiver of Exclusivity on cruise port operations in the Freeport area, which will pave the way for the establishment of a cruise port by Carnival Cruise Lines in East Grand Bahama. This project is critical to the stability and continued viability of Grand Bahama's cruise business.”
Minister Darville further stated duty free concessions were extended to East and West Grand Bahama to further stimulate the economy in those areas. "These concessions have impacted a wide cross-section of registered businesses, and now potential entrepreneurs have the benefit of reduced building costs through duty exemptions on material imports and machinery for the construction of commercial buildings and, I am pleased to report that as a result of these concessions many new businesses opened their doors last year and have created jobs."
He added, "While these initiatives are commendable, there is much more that must be done on the part of the Government and the private sector in partnership to move the Freeport economy to a level of sustainability that will significantly impact not only employment, livelihoods and the long-term economic well-being of Grand Bahama. As the country's second city, and beneficiary of revenues generated from taxes imposed in other parts of The Bahamas, Freeport is expected to carry its weight both in terms of GDP and revenue gains for the government."
The expiration of concessions on real property and capital gains taxes is something that must also be on everyone's mind. The Prime Minister in March 2015 appointed the Hawksbill Creek Agreement Review Committee, which has recently launched a website, www.hcareview.org, and a Facebook page, to provide information on the review process, as well as the committee's scope of work and process.
"The Hawksbill Creek Agreement Review Committee has submitted its recommendations to the cabinet subcommittee; however, its report is incomplete as there is still more input that is required to provide the Cabinet with the information it needs to effectively and intelligently take action in these matters.
"The Government is extremely pleased with the progress that the Committee has made in light of the weight of its mandate, complexity of the task and the short timeframe given to present its recommendations.
"The work of the Hawskbill Creek Agreement Review Committee and broad scope of the recommendations to date, clearly demonstrate that the Committee is up to the task in undertaking and completing such an exercise in spite of its rigor and complexity."
Minister Darville then assured those present that the government will do what it takes to "secure a viable and relevant framework and development strategy in collaboration with stakeholders for moving Grand Bahama upward and onward, together with the rest of The Bahamas."
The elected officers are as follows: Kevin D. Seymour, President; Mick Holding, First Vice-President and Chairman, Economic Development; Adrian Carey, Second Vice-President, Co-Chair, Tax and Research; Christopher Baker, Treasurer, Chairman, Budget and Finance; Dan Romence, Secretary, Co-Chair, Membership; Ralph Hepburn, Co-Chair, Budget and Finance; Charles Pratt, Chairman, Small Business Development; Godfrey Waugh, Chairman, Building and Maintenance; Lawrence Palmer, Co-Chair, Membership; Leslie Davies-Baptista, Co-Chair, Tax and Research; Karin Sanchez, Chair, Fundraising; Edward Marshall II, Chairman, Ethics and Legislative; Dillon F. Knowles, Ethics and Legislative; Erik J. Russell, Chairman, Public Relations; and Jarret Thompson, Co-Chair, Public Relations.
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