The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Opposition yesterday warned the Government against "repealing and replacing" Freeport's investment incentive regime, the former Grand Bahama minister branding it "transformative".

Senator Dr Michael Darville told Tribune Business: "The Opposition is very concerned about this because the Grand Bahama (Port Area) Investments Incentives Act 2016 is an evidence-based piece of legislation that has a lot to do with land reform in the Port area.

"We would urge the new Government to move very cautiously with this statement and look at all the factors associated with repealing the Act. We do not have a problem with them making amendments to improve upon what we have left in place, but we feel that this Act is not only transformative but will lead the way for further growth and development of the economy of Grand Bahama.

"I'm very concerned, as the former Minister for Grand Bahama, considering the amount of work done by the Hawksbill Creek Review Committee as well as our consultants, McKinsey, who have been guiding us on the new paradigm that is necessary for Grand Bahama."

Dr Darville said the Opposition was pleased the Government has decided to keep the Ministry of Grand Bahama in place. "It was something that was birthed during our term in office," he added.

"I believe that we planted some deep roots. I believe that it will play an interesting role in the future for the further growth and development of Grand Bahama, particularly in the free trade zone. It will definitely be a mechanism for direct foreign investment to have the necessary framework in place, so that when they do come into the Grand Bahama area we would have the legislative framework for them to be productive.

Mr Darville continued: "I also note that they spoke about a one-stop shop. That is something that we have been in discussions with our stakeholders with over the past six months, particularly the Grand Bahama Port Authority, to establish a one-stop shop in the free trade zone that would help with the ease of doing business and create a framework that exists in all free trade zones, particularly our competitors like Panama and Singapore. "

He added that the 'one-stop shop' initiative was necessary to increase the ease of doing business. "We realise that the one-stop shop is something that is necessary so that we can increase the ease of doing business, so that when we attract direct foreign investment we do not allow the frustration that follows with the establishment of business in the area."