Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson was at hand at the ground-breaking ceremony for the $10 million Eco-Oil marine environment services development in Freeport.

Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson has said that Eco-Oil joins the growing list of foreign and local direct investors showing confidence in Grand Bahama’s local economy, with its initial investment of $10 million during construction and operation phases.

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The Bahamas government has entered into a contractual arrangement with the Inter-American Development Bank (IDB) for investment projects totalling $70 million.

During the signing ceremony between the government and the IDB at the Ministry of Finance, June 14, 2018, Deputy Prime Minister and Minister of Finance Peter Turnquest said: “Today’s event marks the end of numerous discussions among key stakeholders whose contributions were vital in designing the activities or components of each project.”

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Minister of Finance Peter Turnquest has urged Bahamian businesses to embrace the country’s bid to become a member of the World Trade Organization (WTO) by the end of 2019, saying it will give them access to new markets.

“Take advantage of those niches that come as we explore these opportunities,” he said while delivering the opening address at the Bahamas Chamber of Commerce & Employers Confederation (BCCEC)’s conclave, held yesterday at the Baha Mar Convention Centre.

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PARADISE ISLAND, The Bahamas, June 2018 /PRNewswire/ — Yesterday at Atlantis, Paradise Island resort in The Bahamas, one of only two aquariums in the Western Hemisphere to presently care for and study the manta ray, a marine scientist and a team of 20 marine aquarists successfully completed the transfer of a 700+ pound manta nicknamed “LeyLey” with a 11.4-foot wingspan from the resort’s 2.7-million gallon marine habitat back into the Atlantic Ocean, as part of their renowned release and research program.

LeyLey’s transfer marks the 13th manta ray release for the resort, whose marine husbandry practices and research have contributed greatly to data collection of the species.

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Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest speaking at the BCCEC annual conclave. (Dupuch photo/Catherine Morris)

Following push back from the private sector, Deputy Prime Minister and Minister of Finance Peter Turnquest defended the government’s proposed 60 per cent value added tax hike this morning as he addressed the Bahamas Chamber of Commerce & Employers Confederation (BCCEC)’s annual conclave.

“I appreciate these measures are unpopular,” he said of the increase from 7.5 per cent VAT to 12 per cent, which is due to take effect on July 1.

“We are in this together as we only have one Bahamas and we must adapt to be successful together. While the business community has been resistant to these changes, we are calling on you to embrace the notion of shared sacrifice.”

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Pictured: Ministry personnel at the STEP Miami conference June 1: Minister Symonette (centre), consultant LaTonia Tinker-Symonette (left), and project manager Tanya Murray. (Photo courtesy BIS)

Minister of Financial Services, Trade and Industry, and Immigration Brent Symonette and ministry staff attended The Society of Trust and Estate Practitioners (STEP) Miami Annual Summit June 1 in Miami, Florida.

Minister Symonette and ministry delegates engaged fellow attendees on topics with respect to investing and doing business in The Bahamas.

The summit attracted approximately 300 professionals from around the globe.

The conference focused on the latest issues concerning international private client planning, presented by leading professionals in the area who met and shared best practices.

Members of The Bahamas Financial Services Board (BFSB) were also in attendance at the summit.

Sidney Collie, Ambassador of The Bahamas to the United States of America and Permanent Representative of The Bahamas to the Organization of American States (OAS) was elected vice-chair of the General Committee of the OAS General Assembly at its 48th Regular Session held last week in Washington, DC.

The General Committee of the OAS General Assembly is charged with oversight of the negotiation of draft resolutions before they are presented to the assembly for action.

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Minister of Tourism and Aviation Dionisio D’Aguilar spoke of the challenges and opportunities in aviation this morning during his keynote address at the Caribavia aviation industry conference.

The Minister highlighted the importance of airlift to The Bahamas’ tourism product, saying: “When you live on an island visitors can only come by air or sea; we do not enjoy the built-in luxury of a drive-up customer base. We welcome the majority of our visitors by sea, but the injection into the economy increases exponentially when a visitor arrives by air. To succeed, we believe a focus on airlift is paramount.”

The average expenditure from a cruise ship passenger is $70, while visitors arriving by air spend an average of $1,504, according to D’Aguilar.

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With the launch of the first Bahamas Blockchain and Cryptocurrency Conference just over one week away, Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson says the event will be a “marketing tool to allow the world to know that Grand Bahama is open for business”.

The conference, scheduled to be opened by Prime Minister of The Bahamas Dr Hubert Minnis, is being held June 20-22 at the Grand Lucayan resort.

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Last night during the Caribbean Tourism Industry Awards Dinner and Fashion Show, part of the annual Caribbean Week New York events, Bahamas Ministry of Tourism and Aviation Director General Joy Jibrilu received the distinguished Allied Award for her exceptional work towards the sustainable development of Caribbean tourism.

Director General Jibrilu was present at the ceremony at the Wyndham New Yorker in Midtown to accept the award bestowed upon her by the Caribbean Tourism Organization (CTO) and its Allied Members. Mrs. Jibrilu is the first Bahamian member of the CTO family to receive the esteemed award.

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