Posted by: Editor on Aug 03, 2006 – 09:41 AM
newsandinfo Once three major developments on New Providence/Paradise Island are completed, the Government has no plan to approve any further investments on the island, the Minister of Financial Services and Investments, Vincent Peet, has confirmed.
Mr. Peet told members of the Bain and Grants Town Tourism Board that the Bahamas had reached a stage of development where the economy was so strong that the Government can be deliberate and selective about which foreign it approves in future.
He noted that once Bahama Mar’s $2 billion Cable Beach redevelopment to the west, and the South Ocean Beach Resort and Albany projects in the south, along with Phase III on Paradise Island, were completed, the PLP government was unlikely to seek additional investment or approve any other large-scale projects on New Providence.
Mr. Peet said that while there was not a specific cut-off point for investment throughout the rest of the Bahamas, the Government planned to review the International Persons Landholding Act to ensure Bahamian land is being developed properly.
He noted that the anchor property model had already had a major impact in revitalizing the economies of various Family Islands, saying that residents who had left in search of employment were returning home in droves to work at resorts and spin-off businesses.
Mr. Peet said that for the full effect of investments to be felt, it had to [have] an immediate and personal impact on Bahamians, not just be a trickle-down effect.
A Canadian company, Carmanah Technologies, yesterday announced it had received a supply purchase agreement to supply more than $2 million worth of runway lighting to various Family Island airports.
The lighting, which is being provided under a contract with the Civil Aviation Department, should be a positive addition to the anticipated increase in air traffic, as more persons travel to the Family Islands to work at and visit the anchor properties. It will also help bring the Bahamas into line with international aviation standards.
Source: The Tribune