The Tribune

BY FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

BIMINI’S MP, and the Ministry of Tourism’s parliamentary secretary, yesterday said more work needs to be done to maximise foreign direct investment’s (FDI) benefits for Bahamians as he hailed the opening of Westgate Resorts’ first Caribbean destination on the island.

Randy Rolle said the move is expected to expand Bimini’s limited room inventory, and create new opportunities for Bahamian businesses to service increased visitor demand, after Westgate unveiled the opening of Westgate Bimini Bay.

The move follows last year’s announcment featuring Westgate, Gissy Family Investments and other partners working with RAV Bahamas on the Banyan Tree Bimini Resort & Residences on Rockwell Island project. RAV Bahamas, led by developer Gerardo Capo, was identified at the time as the developer behind the $850m Bimini Bay project.

Mr Rolle yesterday welcomed the project as an important investment in Bimini’s tourism future, noting the additional accommodation will help address the island’s limited room stock for stopover visitors.

“As we work to make Bimini the go-to island in The Bahamas, this investment aligns with our plans to strengthen and expand the island’s tourism product and create more opportunities for visitors to experience Bimini’s unique culture, food, history and people,” he said. “Bimini currently has a limited number of rooms for stopover visitors, so this additional capacity will allow more people to stay on the island and experience Bimini year-round.”

Mr Rolle added that increased visitor numbers should also create opportunities for locals to establish and expand businesses providing transportation, excursions, dining, entertainment and other visitor services.

“This is a great investment and a testament to the viability of Bimini and the Berry Islands - our community, our culture, our history and, most importantly, our people,” said Mr Rolle.

Located in North Bimini, the Westgate property features newly renovated studio and two-bedroom villas and is accessible by commercial airline, ferry or private boat.  Westgate said rental and owner exchange reservations are available for arrivals beginning October 1.

The company said the property is being managed locally by G&G Luxury Property Management, which it described as a Bimini-based property management company.  And its latest announcement said the opening of Westgate Bimini Bay “builds upon” that strategic investment and further expands the company's presence in the region.

Mr Rolle, however, warned that the benefits of foreign investment must extend beyond employment and include opportunities for Bahamian-owned businesses.

“At the same time, we must be intentional about ensuring that Bahamians benefit first from the opportunities created by foreign investment,” he said. Mr Rolle added that second-home residents and owners must respect the rules governing businesses and jobs reserved for Bahamians.

“We see too often investors creating side-business opportunities that ultimately benefit non-Bahamians while locals are left on the sidelines,” said Mr Rolle. “Biminites are not prepared to tolerate that kind of economic abuse.”

He added that the Government's approach to foreign investment has to move beyond measuring success through the number of jobs created. “We have moved beyond the idea that foreign investment simply means jobs,” he said. “Foreign investment must also mean business spin-off opportunities for Bahamians.”

Mr Rolle said the Government has to ensure that locals are positioned to benefit as the island's tourism economy expands. “It will be incumbent on the central government to navigate these waters and ensure that, as Bimini grows, our people grow with it,” he added.

Westgate said Bimini's proximity to Florida, natural environment and established tourism appeal made it an attractive location for its first Caribbean destination. The company said the new property will give guests access to boating, fishing, snorkelling, diving and other water-based activities, while allowing visitors to experience Bimini's local culture.

For Mr Rolle, the expansion represents an opportunity to strengthen Bimini's position as a year-round destination while ensuring that the economic activity generated by tourism growth reaches Bahamian businesses and residents.