Government pledges B$500k to Grand Bahama Development Board
Monday February 28 2011 | 03:49 AM

THE GOVERNMENT has pledged $500,000 towards the establishment of a new team to drive focused investment promotion of Grand Bahama.

State minister for finance, Zhivargo Laing, announced yesterday that the Grand Bahama Business Development Board will marry and independently sustain the efforts of the Grand Bahama Chamber of Commerce, the Grand Bahama Port Authority (GBPA) and the Government in promoting, examining and developing strategies for growth and development on the island.

Speaking at the Grand Bahama Business Outlook, Mr Laing advised the business community that the island's potential for economic fortune could only be realised through the united and sustained action of all stakeholders.

Mr Laing said: "Current investments support the viability of the island. However, the island is not receiving the kind and level of sustained investment promotion it needs. We need the right and enough persons on board to get the work done, and they must be willing to work together to do so - putting politics, religion, class, status aside for the common mission of the bringing the Magic back to our city, and the Grand back to our island."

The minister explained that $250,000 will be immediately available for investment promotion through the budget of the Office of the Prime Minister, with the remaining balance to be funded through the 2011-2012 Budget exercise in July. Matching funds are expected from both the GBPA and the Chamber.

Addressing the theme, Grand Bahama Game Plan 2011: Review, Re-strategize, Reposition, Mr Laing spoke to Grand Bahama's "spotty" economic state.

Mr Laing said: "[GB] needs and can have a larger and more prosperous population, driven by a sensible permanent residency policy geared toward attracting high net worth and ultra-high net worth individuals, namely from Europe and Latin America.

"It can be an offshore finance centre satellite for an emerging super economy; can be an offshore medical and education district within the Americas; second home market and recreational spot for the wealth of Latin America, namely Brazil and Mexico; can be a host to an LNG plant, providing new energy options for the Bahamas; can be a hub for regional power supply between Grand Bahama and Abaco, increasing scale and lower energy costs for both islands; have a meaningful yacht and aircraft registry; can be a high-end retail centre for offshore shopping; can be a major entertainment centre in all the Americas"

Mr Laing explained that although the island boasts broad sector diversity, which remains unparalleled in the Bahamas, economic progress across-the-board was marginal.

Over the next 12 months, Mr Laing estimated that BORCO and Statoil will continue to stimulate the economy through additional jobs, sub-contract business, rental revenue and broad spending. However, the tourism and construction sectors will remain subdued with no future hotel or resort developments planned.

Mr Laing added: "There is every reason to believe that the island has a bright future. It has the capacity for significant growth, and no feud between the owners of the Port or anything else stands in the way of that other than focused, deliberate and sustained effort on the part of those who should take up the charge."