FREEPORT, Grand Bahama, The Bahamas — Minister for Grand Bahama, the Hon. Ginger Moxey is convinced that the ideals and objectives of the UB Ignite Program are perfectly aligned with the ideals and objectives of the Ministry for Grand Bahama, when it comes to providing investment opportunities and preparing Grand Bahamians to take advantage of such opportunities.
In fact, Minister Moxey says when she considers UB Ignite and Innovate 242, what comes to mind are all of the possibilities that exist in Grand Bahama with over $2B of investment taking place.
“I think all of it ties into UB Ignite and its overall objectives,” added Ms. Moxey. “We are aligned. I see us partnering and working together to ensure that our people are able to take advantage of all of the opportunities that’s happening on Grand Bahama Island right now.”
Minister Moxey was the keynote speaker at the opening ceremony for the 2024 Innovate 242 Summit at Grand Lucayan resort on Saturday, November 16, 2024, which was conducted by the University of The Bahamas.
The opening ceremony was a part of a three-day Summit that was geared towards attracting upstart, innovative businesses throughout Grand Bahama.
Under the theme “breaking boundaries through technology and innovation,” this year’s summit focused on Artificial Intelligence and its effect on today’s business environment.
In her address at the opening of Innovate 242, the Minister for Grand Bahama noted that while there are many opportunities for business, innovative approaches to business ideas and the launch of possible new business models are coming on stream, the key to taking advantage of open doors will be preparation.
She encouraged UB students, young entrepreneurs and prospective innovators not to wait until the entire scope of possibilities is revealed before they begin preparing for opportunities.
“You have to prepare for all of this from now,” she advised. “You can’t wait until it’s here to begin planning, because it will be too late. There are going to be opportunities for everyone.”
Minister Moxey pointed out that Grand Bahama has seen a dramatic drop in its population over the years due to many things, including the destruction of hurricanes. She noted that Grand Bahama used to have a population of between 55,000 to 60,000, but now it’s down to a population of about 47,000.
“We’ve lost a lot of people,” she admitted, “but a lot are coming back home now because of the many developments happening and the opportunities opening back up.
“Consider, property values on Grand Bahama Island are among the best in the country. We have to recognize that. Real estate on GB is through the roof. We have to also recognize who’s buying these properties – foreigners and even people from Nassau are buying the properties. But I encourage Grand Bahamians to take advantage of what we have happening right now.”
The Minister specifically pointed to some of the investments in the pipeline or currently under way in Grand Bahama, inclusive of the $665 million Grand Bahama Shipyard expansion, the $600 million Celebration Key Cruise Port, the $210 million Freeport Health Campus, the $73 million Lawithon South Riding Point development, the $250 million Six Senses Resort, and the $80 million Royal Caribbean MSC/ITM Cruise Port.
“All of the investments are real,” she said. “It’s not pie in the sky. It’s happening now. So, I want you all to prepare to take advantage of all that’s happening. To me, it ties into why we are here as entrepreneurs and innovators. That’s what we have to be; we have to be innovative in the way we do things.”
The Grand Bahama Minister pointed out that as Cabinet Chair of an initiative called Innovate 242, her role is to help to establish The Bahamas as the center of innovation for the Caribbean and for Grand Bahama to become the center for sustainability.
“Why not Grand Bahama? We’ve been through it all. We are the home of resilience. I think we can teach a thing or two when it comes to sustainability and resiliency. We are the model for climate change in the region. So, why not take advantage of that?”
To assist entrepreneurs and innovators, Minister Moxey said that her Ministry is creating a “one-stop shop” for business development. The objective is to assist entrepreneurs with their idea from concept to launch. Within that one-stop shop will exist representatives from all of the relevant agencies needed to start a business, including representatives from the Grand Bahama Port Authority, Invest Grand Bahama, Inland Revenue, Small Business Development Center, Bahamas Development Bank, BAIC, and Venture Capital Fund.
She added that the Business Incubator will also have incubation spaces for businesses, as well as rooms that will be sponsored by some of the major international organizations on the island, and will be used for workshops and meetings.
