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| Sir Albert Miller, CEO of GBPA |
By Seeta Terry Shaw Roath
Freeport was developed in anticipation of future growth in population and economic activities. The city has a current population of about 50,000 with infrastructure to maintain a population of 250,000. As the Grand Bahama Port Authority Limited (GBPA) Chief Executive Officer, Sir Albert Miller explains, “Freeport does not have the congestion you see in other cities, as it was well-planned from its inception, and will continue to be able to accommodate the island’s future growth and development. Within Freeport we offer access to the world and a quality of life so critical to today’s international investor.”
Under the Charter of the 1955 Hawksbill Creek Agreement, which created the Port Area, the GBPA has established the infrastructure for “world-standard services and facilities in a 230 square-mile economic zone just 68 miles from Florida, centered at Freeport, a modern, well-planned city twice the size of Washington, D.C.” said Sir Albert.
City management and economic development are the mandates of GBPA, which is responsible for promoting and regulating all commercial and residential development within the 230 square mile port area of Grand Bahama.
“We believe that Freeport is a dynamic place for investment opportunities and a superb quality of life. This has been confirmed by the recent expressions of confidence in this island by investors who have come not only to enjoy the unique tax advantages, but also to operate within an efficiently run business environment sustained by GBPA,” indicated Sir Albert.
New investors discover the tremendous competitive advantages for trade, industry, technology, and financial services as the opportunities offered by Freeport as an international business centre. The city continues to expand as the GBPA develops new infrastructure and services complemented by the real estate development and tourism sectors that deliver world-class amenities.
Guaranteed long-term tax concessions and benefits for financial, commercial, and industrial enterprises within Freeport’s unique economic trade zone offers advantages “that are superior to anywhere else in the region. With the island’s pristine natural beauty,” said Sir Albert, “luxury living in modern and well-planned and serviced communities, international accessibility by sea and air, excellent telecommunications and a vibrant business and commercial sector, it is easy to see why Freeport, Grand Bahama is the strategic choice for discerning investors and international companies wishing to locate in the region.”
“GBPA also continues to support leading-edge models and approaches to business to promote high volume international trade. It supports ongoing development of a trade and maritime center with easy access to both North and South America,” said Sir Albert, adding that, “Grand Bahama is, without question, the best place to invest in the entire Caribbean region. The structures that are in place ensure that it has strongly entrenched competitive advantages.”
Potential investors and established businesses receive help at every step of the journey as GBPA offers investors a range of support services that include help in complying with regulations, long-term development, immediate access to infrastructure and amenities and, if required, provision of social infrastructure.
GBPA also provides a single point of contact for inward investment, approving the applications and making sure everything is in order. “The objective is to make the process as transparent and flexible as possible,” explained Sir Albert. “Procedures are similar to those in the United States, so the learning curve is relatively short. The aim is to get new projects up and running in the shortest possible time.”
According to Sir Albert, the Grand Bahama Island is on the verge of an economic transformation of great magnitude. “The City of Freeport on the island of Grand Bahama is poised for significant economic growth in the coming years.”
With its ‘best of both worlds’ characteristics, the island known for its city-life amenities and island-style attributes, is highly considered by serious investors who are intrigued by the limitless possibilities of this business center.
Sir Albert reiterated that Freeport stands out from the crowd as the perfect place to set up and develop a business. “There are investment opportunities across a range of sectors, with all kinds of economic concessions and financial incentives. In addition, the Bahamas is one of the world’s leading financial centers, offering first-class advice and expertise as well as providing a stable political and social environment.”
Recent investments in Grand Bahama include the $15 million Bahamian Brewery and Beverage Company, a 100% Bahamian owned business, which is constructing a 20-acre, state of the art brewery with equipment from Germany, employing over 50 Bahamians in the early stages. Associated Grocers of Florida has also invested $5 million in the development of a product distribution center, International Distributors of Grand Bahama, for the import and export of food and related products.
Another major investment is the expansion of Gold Rock Creek movie production and technical facility where the blockbuster movies “Pirate of the Caribbean” II and III were filmed. Also, the $250 million New Hope Holding reinvestment promises 275 European style luxury homes and apartments, long term slip dockage, and 125 slip marina. Further reinvestment is also targeted for Old Bahama Bay located in West End Grand Bahama Island at $585 million.
Over $5.5 billion in new investments and reinvestments are planned for the Grand Bahama Island in the next two years. These include multi-use facilities, condominiums, golf courses, redevelopment of existing properties, a steel manufacturing company, major distribution facilities, and residential yacht communities.
The Grand Bahama Port Authority is a private corporation mandated to administer and promote all commercial and residential development in the 230 square miles that make up the Freeport and Lucaya on Grand Bahama Island. C.E.O. Sir Albert Miller explains that GBPA’s ongoing commitment to creating a world-class investment environment, has led to an international maritime and industrial community with competitive advantages that are considered to be unrivalled in the region.
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