By JEFAY SIMMONS

Tribune Reporter

jsimmons@tribunemedia.net

The Prime Minister yesterday dismissed concerns that the escalating battle with the Grand Bahama Port Authority (GBPA) over the Government’s $357m payment demand will ruin investor confidence.

Philip Davis KC argued that the “astronomical” number of projects seeking government approval, and the “billions of dollars in the pipeline”, countered assertions by the GBPA, his political opponents and members of the private sector that the very public row will undermine investor confidence in Freeport and the wider Bahamas.

Questioning why investors are still choosing to do business in The Bahamas if their confidence has been shaken, Mr Davis argued: “What I say to them [is] look at what is happening in the country. We have billions of dollars in the pipeline already agreed to and more about to come. If it’s going to destroy investor confidence, why are they still coming?”

Mr Davis said capital is being “attracted” to many Family Islands, including Exuma, Cat Island, Abaco and Bimini, and questioned why developers are investing in The Bahamas “as a whole” but not Grand Bahama.

“The number of projects I still have on my desk to talk about and to deal with is astronomical,” he added. “The challenge is why is this capital not being attracted to Freeport? It’s being attracted in Exuma, being attracted to Cat Island. It’s being attracted to Abaco, to Bimini, to the cays in the Exumas. Why not Grand Bahama?

“And that’s just a question they [the GBPA] have to answer. If investor confidence has been shaken, why do we still have all the interest to invest in the Bahamas as a whole and not in Grand Bahama in particular?”

The GBPA at the weekend warned that a very public dispute between Nassau and Freeport will “prove hugely damaging” to the latter’s economy and investor confidence, just as Grand Bahama is poised to enjoy a $2bn investment pipeline.

“The sad prospect of investors being potentially discouraged from investing if they feel that their money and property may no longer be safe harms no one more than the thousands of regular hard-working Bahamians whose livelihoods and families depend on the city of Freeport,” it argued.

“Foreign Direct investment will likewise suffer, if investors fear a stable jurisdiction within which property rights and freedom from government coercion is not guaranteed. This claim has sadly created uncertainty for the investment climate of Grand Bahama, which has the potential to undermine the economy as it is just beginning its resurrection from a series of devastating hurricanes, most recently, the hugely destructive Dorian, as well as the COVID-19 pandemic.

“Central government’s co-operation is required. Continued hostility towards the shareholders of the Port Authority is counter-productive and unnecessary. Again, we urge central government to withdraw its unjustified claim and let us jointly resolve the issues in good faith. This is what the residents, licensees and investors in the Port Area deserve.”