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Ground broken on GB Maritime Centre – photos

Minister of State for Grand Bahama Kwasi Thompson was the keynote speaker at the groundbreaking ceremony for Elnet Maritime Centre August 27, 2018. Pictured: Minister Thompson at the opening ceremony. (BIS Photo/Andrew Miller)

Thursday, August 30, 2018
Thursday, August 30, 2018

Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson said both foreign and local investors continue to display confidence in the Grand Bahamian economy by starting new businesses or expanding existing ones.

Minister Thompson, who was the keynote speaker at the groundbreaking ceremony for Elnet Maritime Centre August 27, 2018, noted that chief executive officer of Elnet Maritime Ltd, Elbert Hepburn is an example of what the spirit of Grand Bahama represents.

“The government has seen restored investor interest among foreign investors, as well as among Bahamians, right here in Grand Bahama,” added Minister Thompson.

“In fact, over the past year or so, there have been a number of new businesses started in Grand Bahama, as well as expansion of existing businesses.”

“There are Bahamians and other investors who are pushing their way through in Grand Bahama and they ought to be commended for contributing to the kind of economy that we would like to see.”

He noted that by virtue of Grand Bahama’s deep waters, its climate and proximity to the US and its open geographical path to the rest of the world, Grand Bahama has proven perfect for the maritime industry.

“While we also seek to expand other industries such as tourism, technology and others, we want to continue to capitalise on maritime and ensure that Grand Bahama maintains its status as a major maritime and industrial hub in the region,” he said.

During the construction phase of Elnet’s new Maritime Centre, the company intends to engage some 125 people through self-contractors. Post construction, there will be opportunities for 80 to 100 new jobs in Grand Bahama.

Minister Thompson said he was excited to see Bahamian-owned businesses investing further into the local economy.

Minister Thompson said Elnet Maritime, which has been around for over 10 years, is a testament to what Bahamians can achieve through hard work, faith, innovation and dedication, and that innovation and entrepreneurship are key to Grand Bahama’s economy.

Since taking office, Minister Thompson pointed out that the government has committed to creating an environment that is conducive to the creation and growth of small businesses by way of providing funding, training programs and mentorship from other professions.

“The government has allocated $25 million over the next few years – $5 million this year. I’m sure that a great portion of that, when it comes to small businesses development, will be spent right here in Grand Bahama.”

Peter TurnquestDeputy Prime Minister and Minister of Finance Peter Turnquest (pictured) also congratulated the CEO of Elnet, and the principals on the success of the business over the past 10 years.

“We know, based upon the history of this company and based upon your vision for Elnet, that this new endeavour will be very successful, and will continue to contribute to this island in a significant way,” said the minister.

“As a government we have intense discussions at least once a week about the future of Grand Bahama and what should be our response as a government and what initiative we should take to help develop this island.”

The Deputy Prime Minister noted that the step by the government to purchase the Grand Lucayan resort was one of those initiatives or steps the government has taken to help develop the island’s economy. He said it was a demonstration of the government’s commitment to the economy of Grand Bahama and ensuring opportunities for the people of Grand Bahama and throughout The Bahamas.

“The story of Grand Bahama is in the success of entrepreneurship,” said Minister Turnquest. “Bahamians who have made the decision to invest in their own country. Every day we fight to ensure that Grand Bahama gets the resources and attention that it needs.”

“But, in order for the government to be successful, we need the private sector to step up and take its rightful place.

“Through the small business development centre that we are developing here, through the Bahamas Development Bank, through BAIC and all of the other entrepreneurial initiatives that we have, as well as the commitment of the government to put its money where its mouth is, there is opportunity, capital and even training for genuine, well-thought out businesses.”


Pictured: Deputy Prime Minister Peter Turnquest and Minister of State for Grand Baham Kwasi Thompson (second and third from right) attend the groundbreaking ceremony for the new Elnet Maritime Centre, located on Queen’s Highway, Freeport, Grand Bahama. CEO of Elnet (fifth from left), Elbert Hepburn is centre. (BIS Photo/Andrew Miller)

Following the release of the Guidance Note on Streamlined Requirements for Account Opening, Provision of Financial Services and Customer Identification in June 2018, The Central Bank of The Bahamas is now affirming policy amendments affecting non-residents use of Bahamian dollar deposit accounts.

Officials at the Ministry of Tourism and Aviation (MOTA) and the Bahamas Development Bank have joined forces to host a two-day workshop aimed at spurring greater entrepreneurial opportunities in the tourism-related business sector.

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