Freeport’s Trade Advantage You Shouldn’t Ignore

Advertisement

GRAND BAHAMA, BAHAMAS – Grand Bahama’s maritime sector is rapidly growing as over $3.5 billion in investments flow into the island.

Derek Newbold – Chief Investment Officer, GBPA

“Invest in what will become the fastest growing economy in The Bahamas, and perhaps the most robust in the Caribbean region,” he said.

Newbold expressed that the opportunity is real and growing.

He adds that the city of Freeport is already a powerhouse when it comes to logistics, thanks to its ideal position in global trade routes, according to Newbold.

“We do lie at the center of major trade lanes, leading into various ports around the world, and that’s one of the reasons why [the] Freeport container port actually established a presence there, because it simply made sense,” he said.

From Freeport, you get direct access to the Gulf, the Caribbean, Panama and Suez canals, and ports on six continents.

Newbold says that means products can be imported and exported to almost anywhere in the world.

“You can source [products] from just about anywhere in the world or ship directly to anywhere in the world,” he said.

With existing global trade tensions brought on by tariffs from U.S. President Donald trump, Newbold says Freeport is actually positioned to benefit from the disruption, thanks to a little-known U.S. law called the Jones Act.

“In order for a cargo vessel to transact from one U.S. port to the next, it has to be U.S. Built, U.S. owned, U.S. crewed, [and] U.S. flagged…but most of the major shipping lines in the world are not U.S. made or U.S. owned…so that’s where Freeport comes into play,” he said.

Ships can call on Freeport between U.S. ports to get around restrictions, and still operate within global trade systems, bringing business with them.

“They can do some work in Freeport, shift around some cargo, offload, take on cargo, then go back to another U.S. Port.”

“So Freeport is really positioned well to participate in global trade,” he said.

The message is simple, as Freeport’s future is being built, who will help build it?

“Grand Bahamians who are living here in Nassau, as well Nassauvians…come and take advantage of some of the opportunities in Freeport, help us build the peripheral economy together,” Newbold says.