NASSAU, BAHAMAS — Prime Minister Philip Davis reiterated yesterday that the Grand Bahama Port Authority, despite significant concessions granted to it, has failed to fulfill its obligations to develop the Freeport economy, suggesting that the entity was solely focused on collecting licensee fees, having sold off key assets for profit and to the detriment of the Grand Bahama economy.

Prime Minister Davis, during an address to the Grand Bahama Chamber of Commerce, acknowledged that the Hawksbill Creek Agreement had allowed Freeport to develop quickly in ways that would have otherwise been impossible.

“The long-term tax concessions and development rights gave major players the confidence to build a deep-water harbor and the infrastructure necessary for turning a sparsely-populated island into a significant economic center, one that soon boomed with activity and industry. Not every initiative in those years succeeded, but many did. And where there had once been only pine barrens, there were roads and factories and opportunities,” Davis noted.

READ MORE CLICK HERE

LEAVE A REPLY

Please enter your comment!
Please enter your name here