The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Government ministers are this week promoting pharmaceutical manufacturing opportunities in Grand Bahama to the world’s largest investment conference, as they seek to generate “tremendous interest in doing business in the Bahamas”.

Khaalis Rolle, minister of state for investments, told Tribune Business that this week’s World Investment Forum represented a prime opportunity for the Bahamas “to get its name out there”.

Describing the gathering as the “creme de la creme” of investment conferences, Mr Rolle said he and Dr Michael Darville, minister for Grand Bahama, would seek to promote industrial opportunities on that island during their time in Geneva.

“There are a couple of European manufacturing companies in Grand Bahama, and we see the opportunity to encourage pharmaceutical manufacturing in Grand Bahama,” Mr Rolle told Tribune Business from Miami International Airport, en route to Geneva.

“We’re going to take the opportunity to highlight that we have strategic advantages in shipping, logistics and manufacturing in Grand Bahama. That’s going to be a big focus.”

The potential trail for pharmaceutical manufacturing on the island has already been blazed by Pharmachem, which makes anti-retroviral drugs used in the treatment of HIV/AIDS by Gilead.

The company, the brainchild of Italian entrepreneur Pietro Steffanutti, is now owned by France-based Groupe Novasep. Tribune Business revealed, though, how Mr Steffanutti had been attempting to buy back the controlling equity interest in Pharmachem.

Mr Rolle, meanwhile, said the Bahamas would employ a variety of tactics to place itself on the map at the World Investment Forum. Apart from hosting a reception, he will himself be a presenter on various panels and “talk on a wide variety of topics”.

“This is the creme de la creme of investment proponents globally,” Mr Rolle told Tribune Business. “It’s very important. Your name has to be out there, and you have to chase the opportunities you want.

“We can’t sit down and wait for it to come to us. We have to go out and get it. We’re looking. We’re convinced we have a strategic competitive advantage. We will highlight it, and explain how businesses can benefit from that advantage.

“Hopefully, there will be a tremendous amount of interest in doing business in the Bahamas.”

The World Investment Forum, which started yesterday and will close tomorrow, has around 4,000 registered participants. It is organised by the World Investment Promotion Agency.