Invest Grand Bahama (IGB) has generated more than $127 million in business development since its inception as part of the business development department of the Grand Bahama Port Authority (GBPA) in 2009, and GBPA Senior Business Development Manager Derek Newbold said the focus continues to be on awareness building.
Another $17 million or so is pending.
Newbold reported that the initiative began as an effort to fulfill the GBPA obligation to promote and market the island of Grand Bahama. The department was founded to bring a structured and strategic approach to the attraction and retention of foreign and domestic investments, he said.
"In addition, a promotional and marketing unit within the business development department, known as Invest Grand Bahama, was launched and rebranded in 2012 to bring specific focus to promoting the island internationally. This exercise included a complete
overhaul of our messaging with a new brand identity and collateral development," he said.
"As a result, we are now better equipped to manage and control the image we project to the world, and can bring a targeted approach to attracting the 'right' kinds of investment, tourism, trade and hence successfully compete with a growing pool of International contenders."
Newbold told Guardian Business the IGB target audience includes business owners and investors who may have considered Grand Bahama in the past but never acted on these considerations; businesses looking to build a base where they can take advantage of supplied incentives and synergy - i.e. tax and duty incentives and infrastructure - and investors who never considered Grand Bahama and who do not know of the opportunities available.
"It was always our intention to solicit buy-in and support, with respect to our promotional and marketing efforts, from key stakeholders in both the public and private sectors. This has already been demonstrated in a number of meetings and trade missions to Panama, Europe, Brazil, Dubai, China and the U.S., and will be evident in the planning of our participation in other promotional events over the coming months," Newbold said.
"We believe that the only way for Grand Bahama to successfully break through the clutter of regional competition for foreign investment, was to create and maintain a distinctive and unique image. Moreover, we are encouraged by the level of awareness and genuine investor interest we are now experiencing as a result of this effort, which positions Grand Bahama as a legitimate player in the context of a globalized modern society."

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