More than 10 local companies were approved as manufacturers between March and May 2006, representing a total capital investment of over $10 million and the employment of scores of Bahamians, according to Minister of Financial Services and Investments Vincent Peet.
Among the companies are Trussco, producers of roof trusses, whose capital investment is valued at $375,000. The company is expected to employ 11 people.
Another company, Chad-Weld Manufacturing Ltd produces aluminum stairs, rails and gates and has a capital investment of $750,000. It is expected to employ five people.
Water and ice manufacturer, One Holding Ltd, has reportedly invested $1.3 million and plans to hire five employees as well.
Approval was granted to Good Fellow Farms for the production of jams and processed vegetables. That company reportedly made a capital investment of $650,000 and is expected to employ seven people.
Island Marine Covering has reportedly invested $364,200 to produce aluminum gutter systems and metal roofs. The plan is to hire five people here.
Plastic and nylon filaments are being manufactured by Mel’s Fiber craft. Some $27,500 has reportedly been invested for this project, which will call for the employment of one to three individuals.
Manufacturer’s status was also approved for Precision Mix Concrete, makers of ready mix cement. The $2 million investment is expected to result in jobs for 19 people.
Island Blocks was also included on the list. The company’s capital investment stands at $1.2 million for the production of concrete blocks and pre-cast products.
Employment opportunities are available for 12 persons there.
Jobseekers may also be able to find work at Caribbean Cottages for its $3.2 million project. The company makes fabrication wood and metal.
Chic Chaney Beverages is expected to invest at least $550,000 to make plastic bottles. The plan is to employ eight persons.
Another seven persons will have the opportunity to assist in the production of spices and seasonings at Food Source, which has invested $14,000 in the business venture.
“Barring a world wide economic recession, the road ahead for local manufacturers looks bright and prosperous, filled with opportunities to be seized,” Minister Peet said during his contribution to the 2006/2007 budget debate last week.
“The golden goose of some manufacturers may lie on another island of The Bahamas and manufacturers must be prepared to move with the current tide of economic growth and not become stagnated in New Providence.”
He added that the Hotel Corporation is now focusing its attention on securing suitable investors, both Bahamians and non-Bahamians, to develop its properties in Andros and Eleuthera together with other suitable government-owned sites in other parts of The Bahamas.
“Negotiations on two projects for Eleuthera are at an advanced stage and no stone is being left unturned in relation to Andros,” assured the minister, who is also the member of parliament for North Andros and the Berry Islands.
Using the I-Group’s development in Mayaguana as a model, he pointed to opportunities that exist on Family Island projects.
Earlier this year, New England businessman Stephen Roy entered into a 50/50 $1.8 billion joint venture agreement with the Hotel Corporation for a major mixed use development over a 15-period on thousands of acres of land on Mayaguana.
The I-Group is expected to contribute capital of an estimated $14 million during the initial stage of the project, development expertise and its management capabilities.
The government will contribute land and development concessions.
Minister Peet said the government has agreed to release the land to the company in stages and not all at once.
He added that the Heads of Agreement also specifies that if, for whatever reasons, the developers are not able to meet the agreed milestones, appropriate portions of the tracts of land will be re-conveyed to the government, based on the level achieved so far.
“Together with the government, the I-Group has pledged under the framework of the Heads of Agreement to encourage and facilitate economic growth, to the extent that both Bahamians and non-Bahamians would be attracted to invest and live in Mayaguana,” Minister Peet said.
By: Macushla N. Pinder, The Bahama Journal
