Good day, ladies and gentlemen.
It’s a pleasure to be with you today to celebrate the Grand Bahama Shipyard Redevelopment and Expansion – a capital investment of $665 million of critical importance to Grand Bahama.
This is an investment that will repair crucial infrastructure, catalyse the island’s economy, and reaffirm this very special island’s promiment role in the maritime industry.
We are re-establishing Grand Bahama as a regional and trans-Atlantic shipping hub, ranked among the top shipping operations in the world.
The Grand Bahama Shipyard will finally see its dry-docking facilities not just restored, but expanded. Two new docks will be built capable of servicing Icon and Oasis class cruise ships. Based on its capacity, this operation will be the top cruise ship and large vessel repair facility in the world.
The investment and expansion means that Grand Bahama will return to its glory as a leader in the maritime industry.
In five years, we anticipate some 1200 employees will benefit from gainful employment at the Shipyard, the majority of whom will be full-time Bahamian workers.
My government remains attentive to the issues surrounding seasonal labour, and so we are working carefully to ensure working conditions are just and fair as we welcome this new, auspicious chapter for Grand Bahama.
Once fully up and running, the Shipyard is expected to provide a total economic output of $350 million.
The expansion of the Shipyard is part of a surge of investment for Grand Bahama: New investments are underway to transform our local tourism product, promote trade and industry, and provide opportunities for local small businesses. Several large-scale businesses, thousands more jobs, and many new opportunities for entrepreneurs are on the way. At the same time, the government is making the necessary investments in the new hospital, airport, and other critical areas to ensure we continue to create and attract even more growth opportunities.
None of the progress we’re making in Grand Bahama was inevitable. Multiple hurricanes, the pandemic, the global inflation crisis – all hit Grand Bahama hard. We know that to realize our extraordinary ambitions for Grand Bahama, we need extraordinary partners.
Thus, we are grateful for the important work we’re doing together with world-class partners like the Royal Caribbean Group, Carnival Corp., and the team at the Grand Bahama Shipping Yard, all of whom see the true potential of this island and will play a critical role in the resurgence of Grand Bahama’s economy.
Public-private partnerships can yield great benefits, benefits that otherwise would not be possible, when the partners are the right ones.
It has been a long time coming, but Grand Bahamians, ever hard-working and tenacious, are finally on course to having an economy that generates the opportunities, the security, and the flourishing communities they have long deserved.