Minister: Overall Funding Stepped Up
Business Development and Tourism Minister Wayne Furbert yesterday [Mar.4] said overall funding would be increased for groups promoting Bermuda as an international business domicile under Government’s budgetary grant structure for the 2012/13 fiscal year.
Mr. Furbert said in the last fiscal year the Ministry of Business Development and Tourism sponsored the Business Sector through grants worth $3.2 million: $2.5 million for Business Bermuda and $750,000 for the Insurance Development Council.
“The Ministry has commenced a comprehensive review of its structure,” he said. “The aim is to become more economical and strategic whilst at the same time increase international business for Bermuda.
“The Ministry’s 2012 budget will continue to make allocations for the Business sector. Grants will be provided to Business Bermuda [$2 million], the Insurance Development Council [$500,000] and a newly formed group called Bermuda Investment Managers Association [$250,000].
“Additionally, the Business Development Unit of the Ministry will form an Advisory Committee which will consist of heads of those groups as well as relevant groups from the Business sector.
The Minister said the overarching aim of that committee is to bring all of the groups together to work towards a common purpose with more efficiency and accountability.
“The committee will have access to $800,000 which will be used to drive business to Bermuda and assist Business Bermuda and the Insurance Development Council and the other groups with initiatives as the need arises,” said Mr. Furbert. “This means that the total funding specifically for the business Sector will increase by $300,000 in 2012/13.
“The Ministry of Business Development and Tourism is committed to increasing and sustaining international business, as we realise the importance of GDP and job growth.”
What the minister has not said is that the new Bus Dev Unit will have 6 NEW Government positions. So funding has been cut from the professional organizations to provide the funds required to start up a new government dept. at a time when the Government should be shedding jobs.