The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

FAMILY Island investment projects will not succeed if local communities are unable to keep pace with them, a private sector executive said yesterday, urging the Government to foster the growth of local businesses via incentives offered to foreign investors.

Thomas Sands, head of the Eleuthera Chamber of Commerce, told Tribune Business it was important for the Government to support Bahamian-owned businesses in Family Island communities to go “hand in hand” with major investment projects.

“I think it’s very important that the Bahamian government look at ensuring support for the businesses that make up that community, and also attracting new entrepreneurs into those environments to go hand-in-hand with those developments,” Mr Sands said.

“The developments will not succeed if the community does not grow at the same pace. I think it is time for the Bahamas government to begin to partner directly with businesses to provide the same level of partnership it does to the non-Bahamian investor on the resort side, and these incentives should be used to encourage new investment and encourage other smaller foreign investors to invest in the areas of service that Bahamians cannot provide.”

Mr Sands said he was pleased to hear Prime Minister Christie’s comments at the Bahamas Business Outlook Conference regarding the Government’s efforts to attract investment to Eleuthera, particularly south Eleuthera.

Mr Christie said: “In Eleuthera the most notable new development is proposed for Cotton Bay. The Sarmiento interests and representatives of Four Seasons are in discussions with the Office of the Prime Minister for the construction of a five-star resort, which pending the necessary approvals, building should commence before year end.”

He added: “This project will bring much-needed jobs and entrepreneurial opportunities to the people of South Eleuthera. It will undoubtedly be the catalyst to jump start other resort development in Eleuthera. We are also this year engaging in initiatives which should result in other resort development activities in Eleuthera.”

Mr Sands said in response: “We are very pleased to hear a confirmation from the Prime Minister that the original Cotton Bay with Mr Louis Carlos Sarmiento and the Four Seasons Hotel are moving forward on an agreement, and that the Government has received an official proposal from them.

“We believe that it will have a positive impact on South Eleuthera, which has been economically challenged for some time. It has remained challenged over the last 20-plus years. The Four Seasons is a reputable brand . We believe it will give a lot of room for growth and opportunities.”