GRAND BAHAMA TALK – Minister for Grand Bahama, the Hon. Dr. Michael Darville as he addressed members of the Bahamas Institute of Chartered Accountants at the Pelican Bay Resort on Thursday morning. The minister focused on Grand Bahama’s Economic Highlights. (BIS Photo/Vandyke Hepburn)

FREEPORT, Grand Bahama – Grand Bahama economy is unquestionably on the rebound and 2014 will be a year marked by expansion and diversification says the Minister for Grand Bahama, Dr. Michael Darville.

The Member of Parliament for Pineridge was on Thursday morning addressing members of the Bahamas Institute of Chartered accountants during a seminar at the Pelican Bay Resort.

The theme for the seminar was “Broadening your Expertise to Support the Changing Economic Environment.” Dr. Darville described that theme as being truly timely, stating that he is of the view that accountants have the potential to assist this administration and the private sector on Grand Bahama to safeguard the fragile economy, and to actively contribute to the recovery, restoration, and revitalisation of the local economy.

He told the gathering that to understand where Grand Bahama is going sight must not be lost of where it is and where it came from. He said the belief has to be firm that the success of Grand Bahama is crucial to the economic success of the entire country.

“That is why my ministry was created with specific key mandates to ensure that for the first time in the history of Grand Bahama, a focus driven approach to governance was put on the ground in order to wake up this sleeping industrial giant, police all our agreements, attract both local and direct foreign investments and to capitalise on all the infrastructural assets this island has to offer.

“As an entrepreneur who came to this island 31 years ago I am convinced that finally our time has come, but we must work together because we cannot afford to drop the ball,” he said.

Dr. Darville pointed out that over the past decade, jobs and homes have been lost, businesses downsized and closed, and families torn apart due to the compulsion for spouses to find employment elsewhere.

“These were all clear indicators that we were truly in the midst of crisis on Grand Bahama Island. Nevertheless, this administration made a collective decision to lead a comprehensive approach to restoring our ailing economy and bringing much needed relief to the residents of this island.

“Ensuring that our local economy works for every Bahamian, drives everything that we do at the Ministry for Grand Bahama, and it is also at the very core of this administration’s principal objectives and initiatives, which are to strengthen the economy of Grand Bahama, create jobs, address social ills in the community and ultimately improve the overall quality of life for all Bahamians,” he stressed.

The Minister said moving forward, it is essential that everyone has a clearer understanding of what the Ministry for Grand Bahama is all about in order to appreciate its function and mandates.

He said they are growing to meet the demands of Grand Bahama and the entire northern Bahamas, and that the government is working with all stake holders to restore the local economy and bring relief to the residents as they set out to accomplish the following mandates:

Improving Relations with the Grand Bahama Port Authority

Revitalisation and promotion of Grand Bahama as a Tourism & Industrial centre

Extension of duty free concessions to East & West GBI

Promotion of agricultural development in GBI

Advancement of health & educational infrastructure

Promotion of employment & entrepreneurial opportunities in GBI

Social services for GBI

Community relocation of Pinder’s Point & Lewis Yard

Environmental protection for GBI

Further, he said that the state of the economy of Grand Bahama calls for bold, swift and collective action and this administration has resolved to act, not only to create new jobs, but to lay a new foundation for diversification and economic growth.

“I am of the view that the private sector is an important partner in achieving economic growth and prosperity, as both government and the private sector have their specific strengths that, if combined, can accomplish the shared goal of national development.

“In countries that are thriving, both the public and private sectors adhere to the view that the nation is a corporate or business entity, jointly owned by both sectors and therefore collaboration is a must. Therefore, it is my sincere belief that as professional accountants, you can provide this administration with recommendations that will help us to improve our efficiency and reduce the overall cost of doing business throughout the country.

“This will certainly help us to make more strategic decisions, keep on the cutting edge of business, and compete more successfully in the global economy, which will undoubtedly attract both foreign and local investments ensuring the long term health of our economy,” the Minister said.