NASSAU, Bahamas, CMC – Prime Minister Phillip Davis says his government seeks to establish Grand Bahama as a regional and trans-Atlantic hub after signing a US$665 million agreement with the Grand Bahama Shipyard for a redevelopment and expansion project.
Prime Minister Davis said the signing is critical to the island, adding, “This is an investment that will repair crucial infrastructure, catalyze the island’s economy, and reaffirm this very special island’s prominent role in the maritime industry.”
Davis, who led a government delegation to the signing, said the intention is to develop the shipyard into one of the top shipping operations in the world.
Grand Bahama Port Authority (GBPA) executive director Rupert Hayward described the agreement as “a key milestone for the re-establishment of Freeport as the premier ship repair, refurbishment, and maritime jurisdiction, not just in the region but globally, bringing billions of dollars of economic impact to Grand Bahama in the process.”
The agreement will result in the Grand Bahama Shipyard expanding, with two new docks being built to service Icon and Oasis-class cruise ships.
“The investment and expansion means that Grand Bahama will return to its glory as a leader in the maritime industry. In five years, we anticipate 1,200 employees will benefit from gainful employment at the shipyard, most of whom will be full-time Bahamian workers.”
Prime Minister Davis said that once work on the shipyard is complete, the government anticipates providing a total economic output of US$350 million and that the expansion of the Grand Bahama Shipyard is part of a “surge of investment for Grand Bahama.
“New investments are underway to transform our local tourism product, promote trade and industry, and provide opportunities for local small businesses.
“Several large-scale businesses, thousands more jobs, and many new opportunities for entrepreneurs are on the way. At the same time, the government is making the necessary investments in the new hospital, airport, and other critical areas to ensure we continue to create and attract even more growth opportunities.
“None of the progress we’re making in Grand Bahama was inevitable. Multiple hurricanes, the pandemic, and the global inflation crisis hit Grand Bahama hard. To realize our ambitions for Grand Bahama, we need extraordinary partners,” Prime Minister Davis added.
He said the government appreciates the work undertaken by the Royal Caribbean Group, Carnival Corporation, and the Grand Bahama Shipping Yard.
“Public-private partnerships can yield great benefits that otherwise would not be possible when the partners are the right ones.
“It has been a long time coming, but Grand Bahamians, ever hard-working and tenacious, are finally on course to having an economy that generates the opportunities, the security, and the flourishing communities they have long deserved,” Davis said.
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