The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

OPPOSITION deputy leader and East Grand Bahama MP K Peter Turnquest yesterday slammed the Grand Bahama (Port Area) Investment Incentives Bill 2016 as an “investment killing bill”, arguing that it would not bring about the the investment needed on the island.

“The Grand Bahama ecomony has declined tremendously and instead of giving incentives to further expand or grow the economy this government is seeking to further tax it to cause a sell-off,” Mr Turnquest asserted.

“This Bill will not bring about the level of of investment that we seek or we need in Grand Bahama because it does not affect the major offender of this so-called land banking. What it can do is to force a sell off,” he said. According to Mr Turnquest, adding to the cost and complexity of business in Grand Bahama and adding more government involvement would not fix the current state of affairs.

Minister for Grand Bahama Dr Michael Darville argued, however, that the Bill would allow the government a seat at the table with an equity stake to help improve the ease of doing business and attract direct foreign investment. Mr Darville asserted that the government is seeking to create the environment to attract more investment to Grand Bahama.

Prime Minister Perry Christie tabled the Grand Bahama (Port Area) Investment Incentives Bill, 2016 last week, noting that it is envisaged that the Memorandum of Understanding and agreements to be made with licensees will aim to shift fundamentally the investment climate and economic prospects in Grand Bahama, with the government seeking to create a new economic development framework that can jumpstart and sustain growth in Grand Bahama.