The Government’s mission to establish a Grand Bahama “technology hub” yesterday received a major boost from an investor pledging an annual $50m economic impact by 2020.

GIBC Digital, a New York-headquartered technology firm, unveiled ambitions to triple its initial Freeport workforce to 150 staff within three years following the planned opening of its office this month.

The seven year-old company, in a press statement, said its initial $2.5m investment would result in 50 jobs at an office that will serve as both GIBC Digital’s global training headquarters and a data/artificial intelligence centre.

And its chief executive, Greg Wood, suggested The Bahamas could become “the Silicon Valley of the Caribbean” within ten years if it pursued its technology hub ambitions through to fruition.

Kwasi Thompson, pictured, minister of state for Grand Bahama, hailed the company’s promised investment as “a very significant step for our technology hub”, given that it could act as a magnet that draws like-minded companies to locate on the island.

He told Tribune Business that GIBC Digital’s interest proves the Government is “on the right track” with its “technology hub”, and that its arrival will motivate the Government to “double our efforts”.

Mr Thompson revealed that the Minnis administration aims to further promote Grand Bahama to the global technology industry via a June 2018 conference on block-chain and financial (Fintech) technology, following the recommendations of its “hub” steering committee.

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