The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Grand Bahama Chamber of Commerce’s president yesterday urged the Government “not to get sidetracked” by the furore over the Prime Minister suggesting investor confidence is “waning”.

Greg Laroda told Tribune Business it was more important for the Davis administration and Grand Bahama Port Authority (GBPA) to “get on the same page” over how to move the island’s economy forward than engage in a public debate over the strength of investor sentiment.

Unsure whether Philip Davis QC based his comments on what one potential investor told him during his visit to Dubai, the Chamber chief added that it was more important for the Government and GBPA to translate investor interest into actual investment and business activity on the ground so Grand Bahama residents can benefit from job and entrepreneurial spin-off opportunities.

The Prime Minister’s comments, and the newspaper headlines they generated earlier this week, became one focus during yesterday’s House of Assembly debate as the Opposition’s three Grand Bahama-based MPs argued that they had sent the wrong message to both Bahamian and international investors potentially eyeing the island.

Mr Laroda said Ian Rolle, the GBPA’s president, had publicly denied investor confidence in Grand Bahama was ebbing away in response to coverage of the Prime Minister’s remarks, which he argued “highlights the need” for government and Port Authority to work together on reviving Freeport and the wider island.

“Whether investor confidence in Grand Bahama is high, middle or waning as the Prime Minister said, what we need to do is get together to get business to Grand Bahama,” the GB Chamber chief told this newspaper. “It doesn’t matter if interest is high or interest is low if we’re not getting business.

“We have to see what we can do to raise that confidence level so that get some projects on the ground here on the ground in Grand Bahama to get the economy going in the right direction. We don’t need the two of them [government and GBPA] to get into a debate as to whether interest is high. That would be the wrong focus.

“We need to focus on how we’re going to get business on the ground and started up so that it brings jobs and opportunities to the residents in Grand Bahama.”

Mr Laroda acknowledged “there’s always that concern” that Bahamian and foreign investors could be deterred from selecting Grand Bahama after hearing comments about “waning confidence” from someone of the Prime Minister’s stature.

He added: “Moving forward we need to focus on trying to encourage people to invest in Grand Bahama as opposed to maybe sending mixed signals and causing an already-bad situation to get worse. That’s where the focus needs to be.

“Don’t get into the back and forth in the media about confidence waning and why. Let’s talk about what we can do to make things happen. I think that’s key in the message we send to potential investors. We need to be on the same page and paint a positive picture so that folks can be encouraged to invest in Grand Bahama and see it as a real business opportunity.

“I think when you say investor confidence is waning in a jurisdiction, and more specifically Grand Bahama, you open yourself up to people speculating and wondering why. If someone is looking to do business in Grand Bahama, and hears that and do no hear the why, they may err on the side of caution and decide not to invest,” Mr Laroda continued.

“You always run that risk, so you have to be careful what you say in public. Let’s focus on the positive and what we can do, no matter the level of confidence. We need to move it a lot higher so that people not only want to invest, but can and actually do something.

“We mustn’t get sidetracked by a debate as to whether confidence levels are high or not. To me that’s not as important as what can be done to improve the situation from whatever it is now.”

Among the investments underway or in the pipeline for Grand Bahama are the Carnival cruise port; Royal Caribbean’s additional berths and revamp of Freeport Harbour; the Western Atlantic University Medical School; the Milo Butler group’s downtown redevelopment; Weller Development’s project; and the Grand Bahama Shipyard’s investment in the world’s largest dry dock.