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Freeport is a city and free trade zone on the island of Grand Bahama, and gives its name to a district of the Bahamas. In 1955, Wallace Groves, a Virginian financier with lumber interests on the island, was granted 50,000 acres (20,000 ha) of swamp and scrubland by the Bahamian government. On this was built the city of Freeport, which grew to be the second most populated city in the islands (over 50,000 in 2004). The Grand Bahama Port Authority (GBPA) operates the free trade zone, under the Hawksbill Creek Agreement by which businesses in the area will pay no taxes before 2054. The area of the land grants has been increased to 138,000 acres (55,750 ha). Freeport Harbour is accessible by even the largest vessels, and Freeport International Airport (IATA airport code: FPO, ICAO airport code: MYGF) handles nearly 50,000 flights each year. Tourism complements trade as a revenue earner in Freeport, with over a million visitors each year. Much of the tourist industry is displaced to the seaside suburb of Lucaya, owing its name (but little else) to the pre-Columbian Lucayan inhabitants of the island. The city is often promoted as 'Freeport / Lucaya'.
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