The anticipated repeal of the Grand Bahama (Port Area) Investment Incentives Act 2016 would help to facilitate the ease of doing businesses in Freeport for present and future licensees of the Grand Bahama Port Authority (GBPA), said GBPA President Ian Rolle yesterday.
The Free National Movement (FNM) government pledged to repeal and replace the act to ensure that all GBPA licensees receive equal treatment under the law.
"The repealing of the Grand Bahama Incentives Act is a positive thing for the licensees and the future licensees in regards to making it easy to do business in Freeport," Rolle told Guardian Business.
"It was always GBPA's intent for all of our existing and future licensees to automatically receive the right to automatic concessions without going through a bureaucratic process."
Rolle explained that in order for the move to boost Freeport's economy, it would take "more than just repealing the act".
"The government and the Port Authority are speaking jointly at the moment in regards to cause this movement to happen," he said.
"It also entails tweaking of immigration policies, doing more promotions together and working closely with each other to make this happen.
"Conversations have already happened and it is very positive for the city of Freeport."
In the interim, the economy of Freeport is still "suffering" post Hurricane Matthew, said Rolle.
"We can all see that our major hotel product, which is the Grand Lucayan, is still not open fully," said Rolle.
"That is causing an issue in the tourism economy especially.
"We are all working feverishly to try and get that anchor hotel open as soon as possible and placed in the right hands.
"The opening of that hotel would be a catalyst to other planned developments."
As previously reported, the prospective buyer for the Grand Lucayan complex is Canadian real estate developer Paul Wynn of the Wynn Group.
Vice President of the Wynn Group Randy Hart previously told Guardian Business that work is being done "aggressively" to finalize arrangements for the sale and reopening of the resort.
On a separate accord, the GBPA is also doing its part to provide opportunities for business owners amid a challenged economy.
"Our vision plan is based on growth and impact," said Rolle.
"We want to focus on a number of different areas. We are looking for ways to encourage in unique businesses instead of everyone trying to do the same thing. The pie is only so big.
"We are offering incentives for persons to come up with unique business opportunities in the downtown area particularly at this moment."

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