The Ministry of Economy and Labour is pleased to announce the establishment of the National Economic Cooperation Committee (NECC), a strategic body designed to strengthen Bermuda’s economic cooperation with international partners and ensure global partnerships deliver tangible benefits for Bermudians.
The NECC will provide a coordinated and structured approach to managing Bermuda’s growing network of economic cooperation agreements. The Committee will oversee the implementation of Memoranda of Understanding, monitor progress, identify opportunities for collaboration, and ensure that Bermuda’s international economic engagement remains relevant and responsive to a rapidly changing global environment.
The Committee brings together senior representatives from government and Bermuda's economic development institutions, including the Minister of Economy and Labour as Chair, the Permanent Secretary of the Ministry of Economy and Labour, the Managing Director of the Bermuda Business Development Agency, the Director of the Bermuda London Office, the Government's EU Representative, the Government's Special Representative for the Middle East and Africa, a representative from the Ministry of Finance, and a representative from the Economic Development Department, who will serve as the Committee Secretariat. The cross-composition of government, public, and private will ensure a coordinated approach to advancing Bermuda's economic interests internationally.
Establishing the NECC reflects the Government’s commitment to a clear and confident strategy for navigating an increasingly complex world. As global economic and geopolitical dynamics evolve, Bermuda is taking proactive steps to diversify its international relationships, strengthen economic resilience, and position itself to capitalise on emerging opportunities.
Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, explained, "The world is changing rapidly, and Bermuda must be prepared to adapt and compete. The National Economic Cooperation Committee will help ensure that our international partnerships are practical mechanisms that create opportunities for investment, workforce development, innovation, and economic development."
The NECC supports four key priorities that will shape Bermuda's future:
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Diversifying Bermuda's global relationships,
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Reinforcing Bermuda's position as a beacon of stability and certainty,
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Leveraging emerging tourism opportunities in a changing global landscape, and
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Preparing the Bermudian workforce for the future economy.
The Committee will support Bermuda's efforts to expand economic cooperation across key regions, including the Middle East, Africa, the Caribbean, and North America. Recent engagements with the United Arab Emirates, Ghana, Nova Scotia, and Florida, together with Bermuda's continued pursuit of deeper regional integration through CARICOM, demonstrate the Government's commitment to building a broader and more diverse network of economic partners.
Expanding Bermuda's international relationships is not about replacing longstanding partners. Rather, it is about building a wider circle of trust that provides greater resilience, access to new markets, enhanced investment opportunities, and more secure supply chains for essential goods and services.
The NECC will also reinforce Bermuda’s reputation as a stable, trusted, and forward-looking jurisdiction. By maintaining strong international relationships while remaining agile in response to global developments, Bermuda is positioning itself as a beacon of certainty for investors, businesses, and trading partners.
Furthermore, the Committee will support national priorities, including preparing Bermudians for the future of work. As artificial intelligence, digital transformation, and technological innovation reshape economies worldwide, Bermuda is committed to ensuring that Bermudians possess the skills and capabilities necessary to thrive in a rapidly evolving labour market.
Establishing the National Economic Cooperation Committee marks an important step in the Government’s long-term economic strategy. By broadening international partnerships, strengthening economic cooperation, and ensuring that global engagement delivers measurable outcomes, we are building a more resilient, competitive, and prosperous future for all Bermudians.
The Government remains committed to ensuring that Bermuda is not only prepared for the challenges of a changing world but is also well-positioned to seize the opportunities that emerge from it.