The Ministry of Economy and Labour has released the Economic Development Strategy's Strategic Priority Two: Business Attraction and Investment Promotion. Strategic Priority Two aims to attract new businesses and investors to the island, especially in sectors that offer growth opportunities and economic diversification. The Government believes that attracting investment across multiple sectors will create a more diverse and resilient economy, which will increase economic growth, tax revenue, job creation, competition, innovation and economic expansion.
Priority two focuses on the following:
- Leveraging Bermuda's Current Value Proposition, which includes our reputation as being:
- A blue-chip jurisdiction
- Safe, Secure and Stable
- Open, Accessible and Business Friendly
- Globally Connected in Mitigating Climate Risk
- Sophisticated Island Lifestyle;
- Utilising Existing Businesses as Ambassadors by cultivating relationships with local business leaders and C-suite business executives to assist with the promotion of Bermuda's value proposition;
- Attracting Investment in Infrastructure by increasing our competitiveness to attract and enable continued investment by internal and external investors in Bermuda’s subsea cables, hotel development, waterfront development, space and satellite industry and renewable energy; and,
- Enhancing and Promoting Bermuda's long-standing as a premier jurisdiction for trusts, family offices and other high-net-worth Services by encouraging high-net-worth individuals to invest in Bermuda through the successful Economic Investment Certificate and Residential Certificate Program.
The Economic Development Strategy, available online at gov.bm, provides a framework to guide Bermuda to sustainable economic growth and development and contains five strategic priorities that focus on maintaining high employment rates and increasing the range of well-remunerated jobs allowing for strong and sustainable growth and development.
The five strategic priorities are:
- Local and International Business Retention and Expansion;
- Business Attraction and Investment promotion;
- Entrepreneurship and Small Business Development;
- Continued Execution of the Economic Recovery Plan; and,
- People.
In alignment with the strategic initiatives, these priorities focus on improving and expanding the economy and increasing the working population. These initiatives will provide direction and drive the work plans of Bermuda's economic development organisations which fall under the Ministry of Economy and Labour. Strategic Priority Two focuses on growing Bermuda's economic assets through ongoing capital investment, which is critical to the overall economic development strategy. And so, Bermuda must continue working to attract external investors and encourage businesses already domiciled on the island to invest.
The Economic Development Strategy and Strategic Priorities One and Two are available online in the Resources section at www.gov.bm/ministry/economy-and-labour.