Bahamas News

BAHAMAS: PM’s Remarks at Austin Technology Council/Texas Association of Business

Published

6 years ago

January 24, 2018

#UnitedStates, January 24, 2018 – Austin, TX – Distinguished ladies and gentlemen, Good morning, I am delighted to be here with you this morning The Bahamas, like Canada and Mexico, is among the closest geographic neighbors of the United States. To offer you some geographical perspective, the Bahamas’ archipelago extends southwest from Southern Florida in the United States to northern Cuba.

Our far-flung archipelago, with approximately 21 major islands and many hundreds of cays and islands, extends from north to south, approximately the same geographic length from the northern to the southern end of Britain. To put it another way, The Bahamas extends from north to south, the same distance as from Puerto Rico to Trinidad and Tobago off the coast of South America.

We are just 50 miles off the coast of Florida, less than half hour’s journey by air from our capital, Nassau. This proximity is partly responsible for the longstanding good neighbour relationship which exists between our two countries. There are long and well-established ties between The Bahamas and the United States. The Bahamas is among the oldest parliamentary democracies in the Western Hemisphere. We have a stable government, a well-established and respected legal system with The Privy Council in London as the highest court of last resort.

Our English-speaking population of nearly 400,000 people is proud, patriotic and peaceful. Our economy has historically been based on tourism and while tourism will always be the main driver of our economy, we also appreciate the need for economic diversification. With this in mind, late last year we passed legislation known as the Commercial Enterprises Act.

The intent of this Act is to offer incentives to investors who establish businesses in The Bahamas that would help us in our diversification drive while also creating higher paying jobs and long-term job security. Under this legislation, investors in captive insurance, reinsurance, arbitration, wealth management, computer programming, maritime trade, nanotechnology, biomedical industries, data storage, call centers, software design and writing will be given a number of concessions and incentives if they were to locate in The Bahamas.

Ladies and Gentlemen: My government has embarked upon a major mission to establish The Bahamas, particularly Grand Bahama Island, as a world-renowned technology hub. Grand Bahama is the second most populous island in The Bahamas, with excellent modern infrastructure. The capital, Freeport, is in short flying distance from Florida, and enjoys US Immigration and Customs Pre-Clearance.

This past November, through our first ever Grand Bahama Technology Summit, we started on the path to realize this goal. We had the opportunity to host some of the finest minds in technology locally and from international tech giants. Grand Bahama is uniquely suited to become an internationally recognized Science, Technology and Innovation hub. We invite you consider Grand Bahama as you plan your next start up or the expansion of your international enterprise. Grand Bahama and The Bahamas possess modern and superior infrastructure, modern roads, constant and reliable electricity supply of North-American standards, fully digital telecommunications and high quality high-speed internet.

We also have a wide variety of public and private schools, both elementary and secondary, as well as the University of The Bahamas. We realize that an integral component of the continued growth of our economy is by developing human capacity through education. I am pleased that our schools and university are committed to maintaining modern and strong curriculum standards to prepare our people for a growing job market.

Bahamians are also among the most technologically savvy people in the Caribbean. Our recent Technology Summit highlighted several Bahamians who are at the cutting edge of innovation and technology.

Ladies and Gentlemen: Grand Bahama has proven to be an attractive place for manufacturing cutting-edge technology. Corporation has identified Grand Bahama as the ideal location to configure and assemble the Ocean Medallion concierge system. This interactive technology is expected to change the cruise experience and we are proud to house its development center in the Grand Bahama.

The Bahamas is currently finalizing programs for blockchain-based solutions, fin-tech and crypto-currency companies and intend to promote blockchain as a sub-industry within ICT. We are currently engaged in discussions on how we can fast-track work permits and ensure that companies who employ US and foreign talent can retain these employees in The Bahamas. We remain open to tailor-making packages specific to a company’s needs, allowing them to retain their talent without increasing cost.

Legislation has been passed in our Commercial Enterprise Act which will streamline business applications and immigration processes in order to facilitate new technology businesses.

Freeport, Grand Bahamahas great promise as a digital center. Our nation’s second city has superb communications infrastructure so you are always connected. Freeport has two major ISPs with independent terrestrial, subterranean, sub-sea and wireless networks. The city also boasts diverse network paths, self-healing metro, inter-island and international networks. Home connectivity in Freeport is measured up to 100 megabit per second, having providing business services via copper and fibre, with speeds exceeding 1 gigabit per second.

Freeport is one of the most unique areas of the entire Bahamas, being that it is managed by the Grand Bahama Port Authority, a private city management organization, in conjunction with the national government. In the early development of the City of Freeport, The Grand Bahama Port Authority created the Hawksbill Creek Agreement, which established Freeport (The “Port Area”) as a free trade zone.

Under the Hawksbill Creek Agreement, business owners enjoy the benefits of a tax neutral jurisdiction. There is no capital gains, real property or corporate income tax. Freeport is especially suited for development, as the pre-planned city has not yet nearly met its capacity. Undeveloped, unpolluted land and buildings are just waiting to be utilized in the City of Freeport.

Additionally, Freeport houses the island’s highly reliable power company. My government prioritizes maintaining close relations with our service providers. I am pleased to say that Grand Power Company has expressed its preparedness to be flexible in rates particularly for new technology companies. Additionally, The Freeport Container Port boasts the deepest container terminal in the region. The 24-hour a day facility serves as a major transshipment hub between the US, Latin America, Europe.

Freeport proudly boasts advanced building codes – some of the strongest in the Western Hemisphere – and a communications infrastructure that has withstood major hurricanes. Data Centers established in Freeport have not been impacted in any hurricane season. The Bahamas enjoys economic and monetary stability. We have a skilled workforce at competitive rates. We have world-class infrastructure. We have a progressive immigration policy designed to attract talented professionals from across the globe. The Bahamas offers modern educational and health facilities, a wealth of cultural events, and pristine beaches which all adds up to luxury living at its finest.

On behalf of the Government and the entire people of our great nation, I sincerely thank you for your time. I look forward to future partnerships as we embark on this new beginning for The Bahamas. It is not just Better in The Bahamas in terms of the visitor experience for tourists. The Bahamas is also an excellent place for investment, and we continue to get even better.

Thank you and good morning.

Bahamas News

CIBC Caribbean announces the closure of Bay Street Branch

Published

8 hours ago

May 2, 2024

Shanieka

CIBC Caribbean today announced that its Bay Street branch will close permanently on 31st May 2024.

CIBC Caribbean’s Managing Director, Dr. Jacqui Bend, in making the announcement said: “We regret this development; however, our bank recognizes that our clients’ needs are changing, and we remain committed to meeting these evolving needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.”

Dr. Bend noted that there will be no job losses as a result of this closure and employees will be redeployed to other branches.

She observed, “Additionally, the closure of the Bay Street branch represents a continuation of the work previously started to repurpose our branch network to serve our clients more efficiently across the region.”

Dr. Bend said the decision to end operations at Bay Street was made with the knowledge that clients will continue to be adequately serviced by a strong branch presence that already exists in The Bahamas. She said the bank has written to its Bay Street clients informing them of the closure and has outlined their future banking options.

“We understand that the closure of Bay Street may be inconvenient to our some of our clients, but we hope that this will be tempered by the knowledge that they have many more avenues available to conduct their banking that are also convenient, safe and practical, using our mobile or online banking platforms or our other branch locations.”

Bahamas News

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

Published

6 days 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

Pacesetting Cohort of Eleuthera Residents Graduate from Leading Light Programme

Published

7 days ago

April 26, 2024

Shanieka

Office of University Relations

22^nd April 2024

Eleuthera, THE BAHAMAS – A pioneering cohort of 43 Eleuthera residents graduated from the University of The Bahamas’ (UB’s) free Leading Light Programme, sponsored by Disney Cruise Line (DCL) on Friday 19^th April, 2024.

The programme, launched in February 2024 and delivered through UB’s Continuing Education and Lifelong Learning (CeLEARN), offers a series of courses to ensure Eleuthera has a proficient workforce capable of delivering unparalleled hospitality leadership as the island experiences a sharp growth in tourism arrivals. The graduation ceremony was held at the Eleuthera Chamber of Commerce Business Hub in Rock Sound, Eleuthera.

The courses focused on tourism and hospitality skills, leadership development and effective communication. They were taught by UB faculty and included guest lecturers such as former Director General of Tourism, Minister of Tourism and Secretary General of the Caribbean Tourism Organization Vincent Vanderpool Wallace and veteran hospitality professor Dr. Lincoln Marshall.

“This programme represents the mission-driven collaboration and skills-building that University of The Bahamas is committed to fostering, supported by an important industry partner like Disney Cruise Line,” noted UB President (Acting) Janyne Hodder. “Given the importance of the tourism industry to our nation, we know how vital it is that we continually equip our workforce with diverse expertise to uphold our reputation for excellence in hospitality. We are grateful for this collaboration with Disney Cruise Line which has facilitated programme delivery in Eleuthera, enabling UB to broaden access to much sought-after professional development.”

As training and skills development programming grows across the island of Eleuthera, the Leading Light Programme experience was tailored to be free of charge, accessible and conclude with participants earning a UB certification that signals the high standard of education for which the University is recognized. Students came from all walks of life and traveled from as far away as Hatchet Bay in the North, and Bannerman Town in the South to Rock Sound for classes. Programme participants also received a stipend to defray the cost of commuting and other personal expenses.

Nora Smith, a manager at the picturesque Jack’s Bay Club, yearned to increase her skills.

“I would recommend this programme to anyone because The Bahamas is known as a tourism destination. Taking this course in tourism and hospitality, can help me to go far in dealing with tourists daily in my workplace,” she said.

Graduate Javonne Richards appreciated the comprehensive curriculum and the ease of access to the courses that were offered.

“This programme not only fills a gap in our Eleuthera education offerings, but also equips participants with the tools and knowledge needed to thrive in dynamic work environments,” he noted.

Director General of Tourism Mrs. Latia Duncombe, who delivered the keynote address at the graduation ceremony, shared three essential qualities for successful tourism professionals: energy, creativity and a welcoming personality.

“Your fresh perspectives and innovative ideas are invaluable to creating unique, unforgettable customer experiences,” said Mrs. Duncombe. “While technology such as Artificial Intelligence, also have a role to play, human interaction remains essential.”

Minister of Works and Family Island Affairs and Member of Parliament for Central and South Eleuthera the Honourable Clay Sweeting commended the partnership that is supporting community growth.

“I am proud of every Eleutheran who came from near and far to take advantage of this opportunity,” said Minister Sweeting. “As Eleuthera’s economy continues to grow, especially in Central and South Eleuthera, I encourage more corporate partners to invest in the local community in innovative ways, like the University of The Bahamas and Disney Cruise Line have, so that we can continue to strengthen our local communities.”

Two additional cohorts will be offered this year, increasing the pipeline of Eleutherans who are optimally skilled as hospitality and tourism ambassadors. Registration for the summer programme will open on May 17 and the second cycle of courses begins June 17, 2024. Fall programme dates are September 23 through November 29, 2024. To learn more about the Leading Light Programme and how to enroll, please email atynes@eleutherahambercommerce.com.