News

House Communication By Minister Of Tourism The Hon. Obediah Wilchcombe On Meetings With Major Investors In London

Published

8 years ago

December 11, 2015

Deandrea S Hamilton

COMMUNICATION

THE HON. OBEDIAH H. WILCHCOMBE

MINISTER OF TOURISM
AND MEMBER WEST GRAND BAHAMA AND BIMINI

MEETINGS WITH MAJOR INVESTORS IN LONDON

DATED: DECEMBER 9th, 2015
Mr. Speaker,

Following participation in the Commonwealth Heads of Government Meeting in Malta, and the Climate Change Summit in Paris, attended by Heads of State from across the globe, the Prime Minister and his delegation spent two days in London last week, engaged in vital and fruitful discussions with major investor groups in The Bahamas.

We took the opportunity of holding frank, timely and encouraging discussions with principals of the Hutchison Group headquartered in Hong Kong. This huge conglomerate is among the largest and most influential investors in Freeport, Grand Bahama. The Group recently underwent a restructuring of holdings and responsibilities under two umbrella companies, Hutchison Port Holdings Ltd. of which Mr. Canning Fok is Group Managing Director, and Cheung Kong Property Holdings Ltd. of which Mr. Raymond Chow is Group Managing Director. They travelled from Hong Kong to London for the meetings and were joined by divisional senior executives based in London, Hong Kong and Freeport. Hutchison Port Holdings Ltd. has responsibility for ports and CK Infrastructure Holdings Limited has responsibility for properties, real estate and resorts. Both of these entities have considerable investments in Freeport in the port, the airport, vast real estate holdings, hotels, and the Port Group of companies.
Mr. Speaker,

With the concessions of the Hawksbill Creek Agreement relating to real property tax, capital gains and income taxes expiring in February, 2016, the opportunity was taken to provide an update on the work of The Hawksbill Creek Review Committee and the steps being taken by Government regarding any proposed extension or otherwise of these particular concessions. Hutchison’s local representatives have participated fully in the Review process, and their senior executives provided useful responses and insights in relation to the concessions, the maintenance of their existing businesses, further investment, and the attraction of new investors to Grand Bahama.

At the outset of the meeting, we reiterated the terms of reference of the Hawksbill Creek Review Committee and the need for a paradigm shift in the governance of Freeport having regard to present realities, including the expectations of both the people of Grand Bahama, and investor/licensees, the inertia, division and loss of strong/visionary leadership at the Grand Bahama Port Authority. We pointed out that it was important in this context for the Government to forge a strong partnership with the Hutchison Group in arresting this situation, and in maintaining a dynamic environment in which private investments would flourish and sufficient revenues generated to adequately meet public expenditure requirements, as was not now the case. While stressing the need for greater Government involvement in governance and regulation and stronger partnership between Government and Freeport licences, we pointed to the requirement for greater efficiency and flexibility on the part of both Government and the Grand Bahama Port Authority in ensuring Freeport’s competitive edge with the rest of the world with ever changing circumstances.

Mr. Speaker, the executives of Hutchison Port Holdings and CK Property Holdings stated that they shared some of the same concerns raised by the Government. They had invested one billion dollars in Freeport and had not realized a satisfactory return on their investment. Their hotels particularly were sustaining heavy losses, nevertheless they kept meeting the shortfall and kept the hotels opened without laying off staff. Lighthouse Point hotel was being renovated for opening this winter season. They indicated that more airlift and marketing was needed to make the properties profitable, notwithstanding the major efforts being made in this regard by the Ministry of Tourism. The cost of operating Hutchison properties were also adversely affected by the high cost of labour in Freeport.

Mr. Speaker,

In committing to further investment in Grand Bahama including the Phase V expansion of the Container Port, in pursuing the development of a logistics centre and the development of their extensive real estate holdings, Hutchison Port Holdings and CK Property Holdings indicated that such further investment would require certainty on the extension of the expiring real property tax, capital gains and income concessions.
Overall productive discussions were had in relation to the following:

Early start of expansion of container port and related facilities.
Pursuing with partners the development of the Air/Sea Business Logistics centre.
Upgrade of the Grand Bahama International Airport and pursuant of a Public/Private partnership in its ownership and operator.
Agreement for Waiver of Exclusivity between Freeport Harbour Company and Government in relation to cruise ports, offshore cruise moorings in Grand Bahama.
Cruise port project for East Grand Bahama
Plans and initiatives to re-invigorate the hotel, casino, golf courses, and real estate holdings.
Timely completion of the Review of the expiring concessions under the Hawksbill Creek Agreement.
Matters relating to the revitalization of the Grand Bahama Port Authority, licensing and regulatory functions.

Mr. Speaker,

The Mediterranean Shipping Company is a major owner of cargo vessels and cruise ships headquartered in Geneva, which are also partners with Hutchison Port Holdings in the Freeport Container Port. Mr. Diego Aponte, President and CEO of MSC Shipping, Mr. Pierfrancesco Vago, Executive Chairman of MSC Cruises and Mr. Gianluca Suprani, Head of Global Port Development and Shore Activities also travelled from Geneva to London, where we held encouraging and wide ranging discussions on their present and expanding investments in The Bahamas. They were given a similar briefing as provided to Hutchison Group on the Review of the expiring concessions under the Hawksbill Creek Agreement, the need for a strong partnership between MSC and the Government in relation to the future governance, regulation and development of Freeport, the revitalization of the Grand Bahama Port Authority and the attraction of new and value added business to The Bahamas.

Mr. Speaker,

MSC confirmed their readiness to proceed with the $250 million phase V expansion of the Freeport Container Terminal in partnership with Hutchison Port Holdings. Currently they move 1 million containers a year to Freeport and with phase V expansion that number will be doubled. In addition they will proceed early in the New Year with the establishing of a Marine Training School in Freeport. They will train and recruit Bahamians to staff their cruise ships and serve as mariners on both their cargo vessels and cruise ships in collaboration with the Ministry of Education, Science & Technology, the Ministry of Transport & Aviation, The College of The Bahamas, and The Ministry of Labour & National Insurance, The National Training Agency and other local institutions.

We finalized our discussions on a Heads of Agreement to be executed in Nassau next week relating to an imaginative and exciting Ocean Cay Port project and the aforementioned Grand Bahama initiatives. Work on the project which will be lushly tropically landscaped, include picturesque beaches, water sports, numerous attractions, entertainment, facilities, shops etc. to be operated by Bahamians. Due care and attention will be given to preserving the marine and natural environment. MSC will position a new class of cruise ships which will call at both Ocean Cay and Nassau, catering significantly to affluent Europeans.

MSC has also shown interest in another major business opportunity in Freeport which would considerably impact the Freeport economy.

During our discussions MSC executives indicated their strong confidence in the Government and economy of The Bahamas.

Mr. Speaker,

I should like to recognise the invaluable contributions of the delegation that participated to these London meetings which involved much advance preparation. The delegation led by the Prime Minister included the Minister of Tourism, The Honourable Obediah Wilchcombe, The Attorney General & Minister of Legal Affairs, The Honourable Allyson Maynard-Gibson, The Minister for Grand Bahama, The Honourable Dr. Michael Darville, Senior Policy Advisor, Sir Baltron Bethel, Chairman Hawksbill Review Committee, Dr. Marcus Bethel, Consultant Ministry for Grand Bahama, Mr. Albert Gray. Administrative support was provided by Mrs. Candia Ferguson, Director of Investments and Ms. Kristal Bethel, Director, Office of Senior Policy Advisor.

Related Topics:bahamas OBEDIAH H. WILCHCOMBE

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Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources

Published

1 day ago

April 27, 2024

Deandrea Hamilton

Grand Bahama Port Authority, Limited

April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects. “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2^nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities. “Grand Bahama is going to experience a significant growth spurt in the next one to three years. I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1^st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2^nd. GBPA’s partners in the Freeport Business Expo include:

Grand Bahama Island Promotion Board
Ministry for Grand Bahama
Grand Bahama Chamber of Commerce
Ministry of Tourism
Bahamas Immigration
Bahamas Customs
Five Star Shipping Company
Viva Wyndham Fortuna
Bahamas Air
Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

Bahamas News

Sister Province/Island Relationship Agreement Signed between Grand Bahama Island and Hunan Province

Published

3 days ago

April 25, 2024

Deandrea Hamilton

By LLONELLA GILBERT
Bahamas Information Services

NASSAU, The Bahamas — A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province.

The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024. The Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama represented The Bahamas at the signing.

His Excellency Mao Weiming, Governor of Hunan Provincial People’s Government; Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; and Yang Peiran, Interpreter represented the People’s Republic of China.

Minister Moxey explained that in February 2022, she and the former Chinese Ambassador to The Bahamas, Her Excellency Dai Qingli began discussion on the establishment of a province-island relationship between Hunan Province and Grand Bahama Island because of their “immense synergy”.

“Hunan has a vibrant creative industry and its capital city, Changsha is known as the entertainment capital of China, whilst Grand Bahama is poised to become the home of entertainment in ‘Our Bluepoint for Change’.”

She said Hunan Province boasts 11 industrial sectors and Grand Bahama is the industrial capital of The Bahamas. Further, innovation driven development has been a new driving force for Hunan, while Grand Bahama is poised to become the home of innovation for The Bahamas.

Minister Moxey said she is confident that an exchange of knowledge, ideas and culture will happen between the residents of Hunan Province and Grand Bahama.

“There is potential for robust trade in various sectors, opportunities for tourism promotion and intercultural appreciation, exchanges to support performing arts programs on our island, foster growth within the Orange Economy, and tap into China’s innovation, technology and vast expertise.”

She said that the formal signing aligns with the mission of Sister Cities International, which is to promote peace through mutual respect, understanding and cooperation, one community at a time.

The Minister said, “Through collaborative programs and initiatives, this connection will support the government’s vision to diversity Grand Bahama’s economy to become the Home of Maritime and Logistics, Home of Events and Entertainment and Home of Innovation.”

She noted that in addition to signing the agreement, she looks forward to Grand Bahama residents benefitting from the signing of the Cooperation Memorandum of Understanding between Central South University and University of The Bahamas (UB), which will expand educational and technical cooperation between the two universities. The northern campus of UB is located in Grand Bahama.

His Excellency Mao Weiming said although geographically far apart, China and The Bahamas are friends with mutual respect and understanding as well as sincerity.

He explained that 27 years ago, both countries established diplomatic relations and China and The Bahamas have deepened their cooperation, strengthened their friendship and carried out many activities in the field of economy, trade and people-to-people exchange.

His Excellency recalled that in August 2022, he and Prime Minister and the Minister of Finance the Hon. Philip Davis had a video conference where they both reached a consensus to cooperate in order to usher a new chapter in the relationship between Hunan and The Bahamas.

“Today, we are here to sign a sister-to-sister relationship between Hunan and Grand Bahama. It is [a] concrete move to implement our consensus reached before and also to embark on a new journey of friendly exchanges.”

He added, “By establishing the relationship of sister cities, I believe the two sides will develop further in terms of economic and trade cooperation, people to people exchange, as well as friendship, and we will embrace new opportunities and deliver concrete benefits for the two peoples.”

He explained that Hunan, which is the home town of Chairman Mao, the founder of the People’s Republic of China, has developed very advanced industries of manufacturing, agriculture, education, culture as well as tourism.

His Excellency said he believes that Hunan and Grand Bahama enjoy very broad room for cooperation.

He said, “More efforts should be made to conduct cooperation in the fields of agriculture, tourism, culture, education and the film industry so as to realize a connectivity between our two sides in terms of logistics and the platform cooperation; so as to deliver concrete benefits for the people and to make our due contribution to the bilateral relationship between China and The Bahamas.”

PHOTO CAPTION

A significant milestone was made in the development of bilateral relations between the Governments of The Bahamas and the People’s Republic of China by the signing of the Sister Province/Island Relationship Agreement between Grand Bahama Island and Hunan Province. The signing took place at the Ministry of Foreign Affairs on Tuesday, April 23, 2024. Shown from left: Qu Hai, Secretary General of Hunan Provincial People’s Government; Cui Wei, Charge d’Affaires, Embassy of the People’s Republic of China; Yang Peiran, Interpreter H.E. Mao Weiming, Governor of Hunan Provincial People’s Government; the Hon. Ginger Moxey, Minister for Grand Bahama; the Hon. Dr. Michael Darville, Minister of Health and Wellness; Kingsley Smith, Parliamentary Secretary in the Ministry for Grand Bahama and Joel Lewis, Permanent Secretary in the Ministry for Grand Bahama.

(BIS Photos/Anthon Thompson)

Bahamas News

Nassau Cruise Port Donates Nearly $2 Million Towards Food Security

Published

3 days ago

April 25, 2024

Deandrea Hamilton

Nassau, Bahamas: The Nassau Cruise Port has donated $1.95 million towards projects that will assist the Ministry of Agriculture and Marine Resources in its aim to increase food security for The Bahamas.

The donation officially occurred at the Ministry’s offices recently, where Minister of Agriculture and Marine Resources Hon. Jomo Campbell, Minister of Labour Hon. Pia Glover-Rolle, Permanent Secretary Neil Campbell and Nassau Cruise Port CEO Mike Maura listened to a number of presentations including one for a poultry programme for schools, a chicken broiler production programme, the redevelopment of the Blue Hill Road Farmers Market and an Authentic Bahamian Cultural Concept Store,

Mr. Maura said he was impressed by the presentations.

“I had the privilege to listen to the presentations and review presentations that touched on food security and the need for us to be self-sufficient, which as a Bahamian I support completely. At the Nassau Cruise Port, we get excited about the prospects of offering more authentic food to the millions of visitors that we have each year,” he said.

“And then, in addition to that, we had presentations around the further development of our artisans, which is so important to us as well. The guests visiting our shores are looking for something that really touches The Bahamas and can’t be found somewhere else. The Nassau Cruise Port has made a pledge to BAIC and its affiliates. We will be supporting the projects that were presented and we can’t wait to get started.”

Minister Glover-Rolle, who is also the Member of Parliament for Golden Gates, hailed Nassau Cruise Port as a “great community partner.”

“Thank you for the opportunity to not only present but agreeing to participate. Our Minister of Agriculture has a goal of reducing food imports by 25 percent by the year 2025 and our project in the Golden Gates Community speaks to that,” she said.

“We have a number of backyard farmers, farmers and fishers in our community in Golden Gates. Being able to use the Blue Hill Road Farmers Market, which is going to be dubbed the ‘Fish Fry of the South,’ as a hub for food security but also a hub where artisans and handicraft persons can come and sell their wares is wonderful. So, we are happy that you have agreed to partner with us and we look forward to a partnership and we hope to welcome some of your visitors when this amazing renovation is done.”

Minister Campbell also lauded the Nassau Cruise Port for its efforts.

“I would like to say thank you to the presenters for the presentations that are several steps in the right direction for our country, to Mr. Maura and his board at the Nassau Cruise Port and I would like to say thanks to God for this partnership and bringing us all together as we move forward, upward, together in building a better, brighter, future for The Bahamas,” he said.