Minister: Foreign Investment Will Spur Growth

October 3, 2012

Minister of Business Development and Tourism Wayne Furbert today said Bermuda can expect foreign investment to spur growth in Gross Domestic Product [GDP] and provide jobs following passage of the Companies Amendment Act 2012.

Minister Furbert said since the Act had been passed several companies have applied for exemption of the 60/40 rule including Key Tech in September and most recently the Ascendant Group.

Passed in July, the Companies Amendment Act 2012 allows firms in a ‘prescribed industry’ and listed on the Bermuda Stock Exchange, or another designated exchange, to apply for a licence to access more capital overseas than the current 60 percent Bermudian ownership requirement allows. Prescribed industries include telecommunications, energy, insurance, hotel operations, banking and international transportation services [ship or aircraft].

Minister Furbert said: “This Government is committed to enabling foreign investment in Bermuda’s companies that will drive development and innovation in our infrastructure, technology and capital market as well as create new employment opportunities.

“Bermuda may be another world but we are part of the global economic community in which borders restricting capital investment have become all but irrelevant. We must allow our local companies access to foreign investment that will benefit everyone in Bermuda. And clearly, the amended legislation is working as several companies have applied for exemption during the past two months.”

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Articles that link to this one:

  1. Ascendant Group Exempted From 60/40 Rule | | November 28, 2012
  1. swing voter says:

    okaaaay, very good Wayne, thanks for telling us what we already know. Now what are you and your government gonna do about that….ah the trust factor!

  2. zz says:

    This will create new jobs? Dont think so. Maybe protect existing ones.
    But at the same time it will decimate local ownership – meaning that profits will leave the island rather than being spread in the community.
    PLP voodoo economics.

  3. de pee aahl pee says:

    gweat jwohb Vane Fubert, kweep up dee gud fite!

    wvote pee aahl pee 2012

  4. Sandgrownan says:


  5. de-obeah party says:

    As West Indian, I do believe the OBA is the OBEAH party. They are trying to get votes with voodoo and their voodoo dolls. Careful make sure you carry your cross and garlic with you to ward them off.

    • Come Correct says:

      Are you using the internet at the addiction treatment centre? Between yesterday and today I’ve never seen so many ridiculous comments and I have my fair share. Crosses and garlic are for vampires, you can’t even misinform people on fake sh!t.

      • WI to de bone says:

        No fake shite – garlic and crosses are used for all evil.

    • eye on you says:

      You are not west indian – you are just a dumb arse.

  6. King Jammys says:

    This guy is a joke…

  7. Terry says:

    Den go bak twoo dee Indies mahn.

  8. C.B.A says:

    Um, how? The plp just put Bermuda up for sale. Companies can be owned by foreigners not residing in Bermuda, so where do you think that money is going to go? Off the Island!

    They’re trying desperately to convince voters that they have done a good job but anyone with common sense knows that isn’t true…how do you explain billions of dollars in debt? By calling it investments? Please. Will be voting OBA on election day.

    • Tired of the bull says:

      @C.B.A the debt was used on investments…. how do you think those capital projects went up???? i hope you’re not one of those conspiracy theorist (OBA)who thinks that money just vanished into thin air?? I just wished that one of you could hold a sensible argument using things called facts!!!!

      • C.B.A says:

        The capital projects that went millions of dollars over budget? The unaccounted money the auditor general keeps asking about? Do you know how ridiculously high the first bond rate was? Do these sound like investments to you? I’ve never been a conspiracy theorist, but I have always been intelligent enough to see things for what they are.

        • street wise says:

          The doubling of the cost to taxpayers of most plp Capital Projects can only be blamed on only two things: 1) totally inept project management… or 2) graft.

          ‘Graft’ is defined as the acquisition of money, gain, or advantage by dishonest, unfair, or illegal means, especially through the abuse of one’s position or influence in politics, business, etc.

      • Family Man says:

        Kind of like the “investment” in consulting fees the Wedco Chairman paid himself to write a report that is now secret?

        Great investment. Even Paula wanted her money back for that one. She didn’t get it though did she?

  9. Argosy says:

    The UBP were lucky this joker crossed the floor and the PLP are welcome to his ignorance.

    If we’re going to acknowledge that business globally crosses borders, we should abolish immigration and work permits and encourage Bermudians to compete for jobs on ability alone rather the “sense of entitlement” we have come to accept as the (rock bottom) standard…..which we consistently fail to attain!

    • Tired of the bull says:

      @argosy are you telling me that you don’t think any Bermudian has the ability or aptitude to compete with an expat??? What kind of self hating Bermudian are you????

      • whatever says:

        That’s not what he said.

      • Bermudian says:

        He’s one of those Bermudians that has an intelligent head on his shoulders. One that has eyes and ears. One that is capable of interpreting logic. Seems there aren’t many of us around any more. We’ll see when the votes are counted.

        • Future says:

          You were doing ok until you got to counting votes as a measurement of rationality. Oops. Businesses run countries, not voters. If voters every had a real say – what your have is a half decade charade – business leaves to find a home where voters are still pacified by thinking their vote counts. Owners insist their multi-million dollar stake (risk) means they have more to lose than the broke chumps that vote. Follow that logic.

      • Argosy says:

        That’s NOT what I said! Read my post again please….

      • eye on you says:

        Read slowly

  10. pebblebeach says:

    Mr Minister…respectfully don’t go there…enough is enough…

  11. Y-Gurl says:

    Wayne; Sometimes it’s better to keep your mouth shut and let people think your an idiot rather than open your mouth and confirm people’s opinions!

    • pepper says:

      Wayne, has always proven he is an idiot…and when he speaks he sounds so confused….

  12. Keepin' it Real...4Real! says:

    can’t pay your debts gotta sell your A$$ets don’t you…?

  13. Big says:

    Lots a promises and lies and misleadings

  14. Rick says:

    Can’t have it both ways Wayne- Investment is running from term limits……Change your policies and backward thinking and maybe we will listen ???

  15. oh boy says:

    Bermuda already sold its financial soul when it let in hsbc who will end up owning half of the properties on the island when people start defaulting on their mortgages because they can no longer make payments.

    It’s time to privatize the government. Put every bit of work they do out to tender to keep spending down and instill competition in the workforce to improve worker efficiency on our tax dollars.

    It’s probably too late to stop the rot, especially since Bermuda government is more interested in wasting their time and our money on pointing fingers of blame at others and covering up their embarassing mistakes rather than being proactive and fixing the mess. I do see why, they are trying to secure their jobs as who in the real world would employ their sorry asses on incompetence.

  16. quo fatta says:

    Here’s the thing, Bank of Bermuda sold to HSBC. HSBC cuts 500 jobs in Bermuda. Does HSBC lower interest rates or charges – NO, it puts them up. If PLP is happy seeing more jobs being lost, like HSBC did, then keeping selling all our large local companies and LAND (as all these companies own lots of property) to foreigners. “Standing strong for foreigners” – PLP’s new slogan as they sell out our Island while duping the non-thinking Bermudian…