By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
THE Grand Bahama Chamber of Commerce has commended the government for successfully negotiating a memorandum of understanding with the Grand Bahama Port Authority that is expected to bring about much-needed economic revitalisation for Grand Bahama.
In a statement to The Tribune, Adrian Carey, first vice-president of the GBCC, said the group congratulates the government on the move.
He said the chamber supports the “quid pro quo” approach whereby in return for the tax incentives granted, there must be concomitant investment by existing as well as new investors.
On Monday, Prime Minister Perry Christie revealed in the House of Assembly that his government had entered into a MOU with GBPA and key entities controlled by it.
Additionally, he stated that the government had also executed a waiver of exclusivity agreement with Freeport Harbour Company Ltd with respect to the operation of cruise ports on Grand Bahama.
This will pave the way for the construction of a new cruise port by Carnival Cruise Lines in east Grand Bahama, which is expected to stimulate economic activity in that part of the island.
The prime minister said: “The agreements and similar ones to be made with other licensees aim to fundamentally shift the investment climate and economic prospects in Grand Bahama in a dynamic and positive way for all concerned.”
The Tribune attempted to speak with several licensees of Freeport, but all declined to comment saying that they had not yet finished reading or had not read Mr Christie’s communication.
Mr Christie said the negotiations of the MOU were complex, involving multiple counterparties, but the result is a comprehensive approach to development that includes short-term stimuli in the form of specific investments, as well as longer-term investments in the governance and infrastructure of Freeport.
“We are competing in an increasingly global economy, and this MOU charts a path for us to create a new vision for Freeport as a special investment zone, as well as mechanisms for the government to deliver our part in creating an investor-friendly environment,” he said.
Meanwhile, Mr Carey noted that the GBCC supports the recommendations made by the Hawksbill Creek Agreement Review Committee and will continue to work assiduously with key stakeholders.
Mr Carey emphasised that stakeholders must also do their part to ensure the economic success of Grand Bahama.
“The resurgence of Grand Bahama as an economic powerhouse in the Bahamas and indeed the region will require a collective and coordinated effort from all key stakeholders.
“No longer can licensees sit back and wait for the GBPA and or the central government to make things happen,” he said.
Mr Carey said that GBCC President Kevin Seymour is currently leading a trade mission to Houston, Texas, accompanied by representatives from the GBPA and certain licensees.
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