The Tribune

Grand Bahama's small businesses met with three major companies at a Business-to-Business Expo yesterday in a bid to generate new commercial opportunities.

Senator Kwasi Thompson, previewing the event, said it was a partnership with the Grand Bahama Chamber of Commerce. It featured Statoil, the oil storage facility; PharmaChem Technologies, the fine chemical contract manufacturer; and Quality Services, the steel fabrication company.

"The objective of the Business to Business initiative is to generate much-needed economic growth in our local economy here in Grand Bahama, while providing our anchor companies with local options for some of the goods and services currently imported," Mr Thompson said.

"We are confident that, with the right collaboration, many of the goods and services now imported can instead be delivered by Grand Bahamian businesses of a comparative quality, and with availability and reliability required for their operations."

The minister of state for Grand Bahama said the initiative was originally launched in September 2017, with the Grand Bahama Shipyard and Buckeye Partners as the focused businesses then. They provided information on their vendor requirements, and shared opportunities for businesses to win contracts, and purchase or provide services for the companies.

The three companies selected for 2018 are all undergoing some form of expansion, and will need various degrees of services offered. Statoil is presently undergoing a $20 million repair project, and briefed companies present on their vetting and procurement processes. Small businesses that provide maintenance services, fabrication and welding services, and offer electrical and chemical supplies, IT, safety and security equipment and supplies, are among the potential beneficiaries.

PharmaChem recently unveiled its $180 million expansion, and shared opportunities available to sub-contractors, skilled and semi-skilled workers. Quality Services also spoke to local contractors.

"The Government is focused on small business development and providing opportunities for SMEs," Mr Thompson said. "This initiative directly accesses opportunities already existing in Grand Bahama.

"We already have a number of large businesses in Grand Bahama who spend millions of dollars outside of the Bahamas. This is an opportunity to match small businesses with these larger businesses, so that we can ensure we can do our best to have more of that spending done in Grand Bahama and more of that spending done with local businesses.

"We are also confident this initiative can deliver tangible short-term results, with many opportunities for further sustained development and diversification of our local Grand Bahama economy."

Mick Holding, the Grand Bahama Chamber of Commerce's president, said there was a lot of potential for small businesses to make money. "There are tens of millions of dollars that are currently being spent off the island that may be available to either existing or new Bahamian businesses," he added.