Bahamas News

DPM Announces the Establishment of Investment Authority Satellite Office in GB

Published

7 years ago

July 25, 2017

The Government of The Bahamas has made the commitment to establish a satellite office of the Bahamas Investment Authority in Grand Bahama, with the focus of speeding up Investment opportunities on the island.

This announcement came from Deputy Prime Minister of The Bahamas and Minister of Finance, the Hon. Peter Turnquest, who was the guest speaker at the Grand Bahama Chamber of Commerce’s monthly luncheon, held on Friday at Grand Lucayan resort.

Minister Turnquest told Chamber members and guests that the establishment of a satellite office of the Investment Authority will be a big step in helping with the economic revitalization of Grand Bahama.
“Hopefully, no longer will you have to submit to the Grand Bahama Port Authority, to the Government, the Ministry of Grand Bahama and submit to the Central Government in order to get things done,” said Minister Turnquest.

“We want to make the ease of investment as simple, and as efficient as possible. So we will have investment offices here on this island to deal with investment proposals for this island.”

Minister Turnquest pointed out that a part of that process does involve the Government working with its partners at the Grand Bahama Port Authority to ensure that they limit the amount of contact necessary by either party, by simplifying and streamlining the requirements, using a single window, one-stop shop kind of approach.

The Minister noted that this would prevent investors from “wasting time chasing one agency or the next.”
In taking a closer look at what it will take to revitalize the Grand Bahamian economy, the Deputy Prime Minister noted that his Government seeks to develop an Industrial Policy for Grand Bahama, which will identify potential areas of opportunities and products.
This, he said, is a priority for the Government of The Bahamas.

In fact, he said that they have received impressive investment proposals for Industrial investments for different parts of the island of Grand Bahama.

“Our plan includes strategic interventions to stabilize livelihoods, to target programs that encourage employment, skills acquisition and self-employment,” added Minister Turnquest. “To this end, we will continue to support apprenticeship programs to ensure that our young people, in particular, acquire useful skills for the future vision that we see for Grand Bahama.

“We must examine particular needs of small and medium businesses in Grand Bahama. To this end I am delighted to inform of the pending establishment of a Small Business Development Centre in Grand Bahama, attached to the University of The Bahamas, supported by the Ministry of Finance.

“Indeed, my Cabinet Colleague, the Minister for Grand Bahama, Senator Kwasi Thompson, is presently in Washington U.S. Small Business Administration about the introduction of a model in New Providence and Grand Bahama.

“In that Small Business Center, we expect that all of the resources necessary for a small and medium-sized enterprise to go from concept to obtaining a license, to operation, will be available at that center. We also would like to have that Center partner with the Joint Venture Capital Fund, which the government is committed to contributing five million dollars.”

He noted that the idea behind the Center is to ensure that Grand Bahama’s Small Business entrepreneurs have a greater chance of being successful.

The Deputy Prime Minister told members of the GB Chamber that one of the lessons learned from the destruction on Grand Bahama from Hurricane Matthew in 2016 was the fact that “haste makes waste.” With that in mind, he noted that as a resident of Grand Bahama, he clearly understands the suffering of many Grand Bahamian residents, who have found themselves in an economic decline for the past 15 years.

“Grand Bahama requires a well-thought through and carefully executed stimulus package and a master plan to address many of the issues that confronts us,” Minister Turnquest added. “I’ve been known to speak plain and maybe a little too honest, but two months in office is a little bit much to expect that a Master plan would be ready to roll out. Again, it’s important to understand that haste makes waste.”

Bahamas News

Bahamas economic growth

Published

3 days ago

May 4, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos

Published

4 days ago

May 4, 2024

Shanieka

RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

Bahamas News

Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday

Published

4 days ago

May 3, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale this weekend from May 3 to 5.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attention.”

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

A ticket booth will be set up from today, Friday May 3 in the foyer of IGA grocery store beginning at 1 p.m. Friday and then again all day on Saturday, allowing residents to purchase with cash.

Online tickets are available for purchase with credit cards. Then the full team returns on Friday, May 11 for the actual showing at 8 pm and their two showings on Saturday at 4pm and 8 pm. The venue is Brayton Hall, Providenciales under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Tickets are only $60 for general seating and $75 for VIP seating.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stoplaughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”