Minister Moxey says investor confidence in Grand Bahama is strong

(BIS Photo)

Addressing some important initiatives and developments that are shaping the future of Grand Bahama, Minister for Grand Bahama, the Hon. Ginger Moxey said she was pleased to report that on-going investments on the island demonstrates strong investor confidence in the potential of the Grand Bahamian economy.

Her update also provided insight and information on various opportunities which she anticipates will have a positive impact on the lives of residents of the island.

“The recent developments and investments that have taken place on the island are a testament to the commitment to investments to creating a thriving business environment on Grand Bahama,” said Minister Moxey, during the Office of the Prime Minister’s Weekly Press Briefing, in the conference room of the Ministry of Grand Bahama on Thursday, May 18, 2023.

Minister Moxey pointed to projects like the proposed redevelopment of the Grand Bahama International Airport, the new owners of the former Equinor Terminal, a number of new Resorts expected to come online, as well as a number of local investor companies.

“The Carnival Cruise Port is proceeding very well,” said Minister Moxey. “We get monthly updates on the project and I’m excited about the development taking place there. It’s pretty much on schedule. The Investment of O2 in the Lucayan area is proceeding very well. The land has been cleared and infrastructure is in place. That’s going to create additional opportunities for our people in terms of employment. The Sixth Sense Resort is also on the way and they’re committed to building this in the Discovery Bay area. It will enhance the island’s tourism offering.

“The consistent airline arrivals are encouraging. We have some more work to do, but with the restoration of the new airport, that is expected to increase the numbers. I’m pleased that we are almost there at pre-Dorian, pre-pandemic numbers.

“Equinor was sold to Levithon and it is exciting what’s going to be happening there within two months, during which time there will be some three hundred people on that site with lots of construction for the redevelopment of that industry.”

Minister Moxey said the projects represent diverse assets in the island’s tourism, health care infrastructure and renewable energy sectors. She said she’s committed to creating an environment that supports and encourages such investments in the island’s economy.

“I am committed to working tirelessly to ensure that our island thrives,” she added. “I also want to ensure that our people thrive as well.  So, the question is ‘how do we lift our people up along with the projects and investments? How do we create entrepreneurial opportunities for our people?’

“Together, let us embrace these opportunities and build strong partnerships, as we continue to recover, rebuild and revolutionize Grand Bahama.”

In addition to direct foreign investment, Minister Moxey revealed that the government is taking the initiative to promote the positive opportunities which are available in Grand Bahama. The Minister pointed to several promotion trips and missions which the government have embarked upon recently in North Carolina, Charlotte, Ottawa and Canada, touting the investment opportunities that exist in The Bahamas, Grand Bahama in particular.

“But we’ve been focusing on innovation,” added Minister Moxey. “In our Blueprint for Change we promised that the Digital 700 would herald transformational opportunities, including new jobs, new services, new industries, and new markets. We’ve also committed to focusing on attracting investment and industry across all sectors. To equip and engage with our embassies, consulates, and the diaspora to assist with promotions. To partner with international organizations for business cultural tourism, educational and humanitarian exchanges. And to advance the Bahamas as a digital society inclusive of smart technology.

“That’s business tourism, agri-tourism, edu-tourism, heritage and film tourism, executive education and smart cities. We formed a partnership in Ottawa with what is called Hub 350 in the development of our own Innovation Hub.”

Minister Moxey spoke of an upcoming trade and investment mission that is in collaboration with the Caribbean Export Development Agency. It will be held in Ghana and in Lagos, Nigeria. Minister Moxey, who will be travelling with other Government officials on these missions, will be presenting the significant opportunities that Grand Bahama possesses. It will allow the Government of the Bahamas to forge strong trade ties and explore potential investments between Ghana, Nigeria, and The Bahamas.

According to Minister Moxey, this relationship opportunity with Africa is very important for The Bahamas.

“The opportunities in Grand Bahama are endless,” added Minister Moxey. “We are strategically located so close to the state of Florida; we have a major trans-shipment terminal; we have distribution and logistics capabilities; we have a free trade zone in this area, so we’re very attractive for investments. We have identified Grand Bahama Island as the home of maritime and logistics, which it has been for a very long time, but it is also the home of entertainment and the home of innovation.

“As a result, we are supposed to be innovating. We’re supposed to be piloting a lot of these projects that will take The Bahamas to the next level. I believe the opportunities in Grand Bahama have not been tapped into the way they should be.”