| BY
KEVA LIGHTBOURNE GUARDIAN STAFF REPORTER
After less than a
year in office, the Progressive Liberal Party
Government "has considered and approved"
foreign direct investment projects with an estimated
capital investment of $727.4 million, disclosed
Minister of Financial Services and Investment, Allyson
Maynard-Gibson Wednesday night.
Addressing the
nation live via television and radio, Minister
Maynard-Gibson boasted that investors have new
confidence in The Bahamas and are buying into the
message that The Bahamas is "open for
business," and the government is
"business-friendly."
However, the
government will not agree to any investment that is
not in the best interest of the Bahamian people, she
said, and has sought to, and been successful in
speedily approving all qualifying investment
initiatives.
Projects submitted
and approved since May, 2002, Mrs Maynard-Gibson said,
amount to a project capital of approximately $398
million. The approved investments range from sizable
investment projects, such as:
* the $140 million
proposal for Winding Bay, Abaco, involving a high-end
50 unit residential development, a Linx golf course
and a Club House (which Heads of Agreement we expect
to sign next month); to
* smaller, boutique
hotel facilities, such as the Rock House Hotel and
Restaurant, which has already opened for business on
Harbour Island;
* a new $2.5
million mini resort and conference centre coming on
Tilloo Cay, Abaco, and
* a small, but
upscale, residential development at Simms, Long
Island.
New projects have
been approved for Abaco, Crooked Island, Exuma, Grand
Bahama, Eleuthera, Bimini and New Providence.
In addition to our
tourism sector, major emphasis has been placed upon
transportation. Minister Maynard-Gibson said in order
to fill these new Bahamian and foreign owned ventures,
the Government has approved investments which
supplement movement to and between the Bahama Islands.
Key among them, she
said is the Bahama-Florida Express, which is to
provide fast ferry services between Nassau and Miami
and Miami and Freeport and the Fiesta Mail, an
inter-island mail boat with the capacity to carry 200
passengers and 12-40 foot cargo containers.
"This
significant level of investment approved by the
Government is projected to create new jobs for
approximately 1,828 Bahamians, including a minimum of
968 jobs during construction periods a minimum of 712
permanent jobs," Minister Maynard-Gibson
foreshadowed.
"Because of
the investment climate that we created, investors are
upbeat about The Bahamas, notwithstanding the soft
world economy," she said, adding, "the
Ministry is excited about the foreign direct
investment applications that are continuing to be
submitted for Government's consideration."
Presently, the
minister said pending projects represent a projected
capital investment of approximately $2.18 billion and
new employment of 5,947 (a minimum of 2,569 positions
during construction and 2,951 permanent positions).
"I am
particularly encouraged by the diversity of the
investments. They include a number of small
eco-tourism resorts and residential developments with
capital investment under $15 million. These are
expected on the islands of San Salvador, Inagua,
Andros and Eleuthera. This model of investments
creates the strong fibre that upholds our Tourism
industry and fortifies our economy, one small business
at a tie," Minister Maynard-Gibson said.
"Other
investments in the pipeline, signifying a level of
diversification in our economy, include a poultry and
pig rearing and processing plant, as well as a got
processing plant on Grand Bahama; a broiler or chicken
meat production and processing facility on Andros; and
a light manufacturing plant for bio-fuels, soaps and
lotions on Andros and New Providence and Grand
Bahamas."
However, Mrs.
Maynard-Gibson said the Government is mindful that
investment is not simply a tool for growth. She noted
that all investors must be partners in national
development. "We have strengthened our working
relationship with the BEST Commission by inviting them
into discussions on proposed developments at the
earliest stages. Worthy of note also is our decision
that all new Marinas must have pump out and treatment
facilities. Every effort will be made to protect our
precious national resources, our waters and their
ecosystem. No investment, no matter how large, is more
important than the health and welfare of the Bahamian
people," she stressed.
Too, she noted that
the second home market has flourished. She said
Bahamian realtors and contractors have all benefited.
"The
confidence which your Government enjoys in the
investor community is also evident from the almost $88
million worth of applications made to the Investment
Board for the period May 2, 2002, to April 15, 2003.
This represents an 83 per cent increase for the land
sales over the corresponding period for the previous
year, which stood at $481 million. For that same
period, government revenue through Stamp Duty amounted
to $44 million compared with $10 million over the
corresponding period for the previous year. This
represents a significant increase of 318 per cent or
almost $35 million," Minister Maynard Gibson
said.
She added that
international landholding investments in second
homes/vacation cottages and commercial ventures
continue to foster economic growth and sustainable
development in the country and the Government remains
committed to the development of the second home
market.
Posted Thursday 24
April, 2003
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