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From:TheBahamasWeekly.com GB Chamber of Commerce
Are Free Trade Zones Beneficial? (INSERT GRID) *Adapted from Michael Schuman Between 1960 and 2012, ten south and east Asian countries, including communist China, utilized free trade zones to significantly surpass The Bahamas in economic development. (INSERT GRAPHIC) *Adapted from Michael Schuman Between 1965 and 1999, the East and South Asian countries nurtured their free trade zones; their economic growth exceeded that of the rest of the world including high income nations. Other countries have since joined the movement. Is Freeport’s FTZ Beneficial? Although hampered by administrative issues, Freeport’s FTZ resulted in: Development of a 230 sq. mile city ◦ 400 miles of paved roads/400 miles of unpaved ◦ World class airport, harbour, container port, power plant, water plant, & telecommunications Export industries (wealth generators) ◦ Syntex … PharmaChem ◦ BORCO ◦ Bahamas Cement ◦ Polymers International ◦ Bahama Princess ◦ Grand Lucayan ◦ 2,500+ Licensees, 90% Bahamian owned Supports 50,000+ residents, providing taxes to Treasury None of this would exist without the HCA and its free trade zone. View the full power-point presentation below, attached. Watch a video of a presentation made by Dillon Knowles at a Grand Bahama Chamber of Commerce luncheon in Freeport. View on Youtube
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