The island of Grand Bahama continues to spark attention from the international marketplace as more and more companies learn of the benefits of Freeport. Sr. Manager of Business Development at The Grand Bahama Port Authority, Limited (GBPA), Derek Newbold, was a guest speaker last week, at the Medical Design & Manufacturing East Conference and tradeshow (MD&M), held in New York City.
The 3-day event is a major annual hub for the medical and healthcare profession, a trusted source for innovation and cutting edge advancements in medical product development. The conference offers the widest array of products and services for every medical application.
GBPA President Ian Rolle, expressed his support for the Port’s participation at the event, noting that with each promotional initiative, Grand Bahama is gaining greater recognition amongst international companies as well as its regional competitors.
“Our efforts are strategic and deliberate. Competing jurisdictions all see the need to promote and grow jurisdiction awareness, and we share those sentiments. However, we believe in creating promotional opportunities that standout and this effort supports that strategy,” Rolle stated. “I’m pleased with the work we are doing, and we will remain focused and deliberate in our approach.”
According to a report published by Select USA, a leading agency of the United States government tasked with facilitating business investment in the United States, The US remains the largest medical device market in the world with a market size of around $110 billion, which is expected to reach $133 billion by 2016. The global market is estimated at $361B (2014) and is expected to grow to $427B by 2018. With the US as an industry leader by way of production and consumption, combined with our proximity and low tax environment, Rolle added that Grand Bahama is strategically positioned to capitalize on the near-shore opportunities of this sector.
According to Newbold, this year’s event featured thousands of exhibitors and visitors, and offered hands-on sessions and panel discussions led by a faculty of 50+ industry leaders. GBPA took full advantage of the opportunity during his presentation and reached out to key industry stakeholders, on conducting business from a nearshore FTZ.
“We also believe that Grand Bahama is ideally located to become a nearshore distribution hub, leading to hundreds, possibly thousands of jobs, in the logistics sector,” Newbold cited.
“Multinationals are excited to learn about the FTZ in the Bahamas, and as we continue to promote the various growth sectors, we are raising a new level of awareness about investment opportunities in Grand Bahama. Many West Coast companies are also looking to set up warehousing and distribution facilities along the eastern seaboard so it’s imperative that we let these companies know who we are and what we have to offer,” he continued.
Newbold added that the Panama Canal expansion, and projected increase in shipping and tanker traffic, provides an excellent opportunity to entice US multinationals to establish warehouse/distribution facilities in Freeport.
“We were extremely well received, and the event organizers have agreed to utilize our presentation as a resource tool for manufacturers/distributors in their network. Simply put, they feel that everyone in their network needs to know about Grand Bahama and its Free Trade Zone,” Newbold concluded.
