SAN JUAN – U.S.-based Pharmachem Technologies has begun construction of a $120 million plant in Freeport, Grand Bahama, the Bahamian government said Friday in a statement.
Prime Minister Perry Christie was present on Thursday for the groundbreaking ceremony for the new plant, situated at Pharmachem’s current site on West Sunrise Highway.
Christie said the new installation will have a long-term positive effect on the Bahamian economy, generating employment for skilled and semi-skilled jobs for the next 20 years.
The plant will be a combined effort of Pharmachem and another U.S. company, Gilead Sciences, which develops and commercializes innovative therapeutics in areas such as treatment of HIV/AIDS.
The current government is focused on “turning Grand Bahama into a mecca for international business as well as an unrivalled touristic and residential haven,” Christie said.