Categorized | National News

New Deal For Freeport

Prime Minister Perry Christie yesterday in the House of Assembly said that the main broad tax concessions such as customs duties, export taxes, excise taxes, certain stamp taxes granted for a under The Hawksbill Creek Agreement in 1955 will remain intact until the year 2054.


The prime minister said he anticipates growth and development in Grand Bahama’s economy, after entering into a Memorandum of Understanding (MOU) with Grand Bahamas Port Authority Limited (GBPA).


The MOU was also entered into with other key entities controlled by GBPA, Hutchison Ports, CK Property Holdings Ltd. and the Port Group, Freeport Harbour Company Ltd.


The prime minister’s remarks came during his communication in the lower chamber yesterday highlighting the Review of Expiring Concessions Contained In The Hawksbill Creek Grand Bahama Agreement.


Mr. Christie said looking forward, the government is committed to expanding the economy of Freeport and attract new investors, to transform the way the country attracts, retains, and expands investment in Grand Bahama.

“The agreements and similar ones to be made with other licensees aim to fundamentally shift the investment climate and economic prospects in Grand Bahama in a dynamic and positive way for all concerned.  Through our negotiations in recent months, we have sought to create a new economic development framework that can jumpstart and sustain growth in Grand Bahama,” said Mr. Christie.

“The result is an MOU that sets a framework for the government and private sector to partner to deliver a wide range of gains for the residents of Grand Bahama and The Bahamas as a whole,” he said.

Mr. Christie said in order for the economy of Freeport to develop as was initially planned with the original vision and purpose of the Hawksbill Creek Agreement, large sums of new capital and top level management and promotion expertise are required to drive expansion of existing businesses and the introduction of new ones.

To this end, the prime minister said there have been discussions with Mediterranean Shipping Company.

“MSC, which is already contributing significantly to the Freeport economy, is moving ahead to create a one of a kind cruise port at Ocean Cay, which will employ over 200 Bahamians. It will clean up what is now a derelict dump and turn the island and its surroundings into an environmentally sound and pleasant resort which environmentalists will applaud, and provide a pleasant experience for its upscale European cruise passengers,” said Mr. Christie.

“MSC is not only a leader on cargo ships with 193 vessels in its fleet but is also one of the fastest growing cruise lines in Europe with the most modern fleet of cruise lines and a large network of travel agencies. Both Nassau and Ocean Cay will be included on the cruise lines Caribbean itinerary.” he added.


The prime minister assured that he remains focused on the expansion of Freeport in the interests of the future generations in Freeport and throughout the country.










Written by Jones Bahamas

Leave a Reply

You must be logged in to post a comment.

Watch JCN Channel 14 Shows

Jcn Channel 14

Sign in now to see your channels and recommendations!

Join Us on Facebook