BDA, ABIC Launch New Business Campaign

A public awareness campaign co-sponsored by the Bermuda Business Development Agency [BDA] and the Association of Bermuda International Companies [ABIC] aims to showcase the value of international business in Bermuda and illustrate how the sector grows GDP and creates jobs throughout the whole economy.

“International business employs almost 4,000 people directly, and another 6,000 in supporting industries like banking, accounting and law. Statistics show a majority of those are Bermudians—but IB actually benefits all of us, no matter what our job type or background,” says BDA CEO Ross Webber.

“The fact that IB drives more than 60 percent of Bermuda’s entire economy makes it vitally important to every single one of us, so we wanted to help spread that message. As Bermudians, we can’t afford not to help international businesses here flourish and grow.”

The BDA said, “The campaign underscores the fact that IB and supporting industries make up a third of the national workforce, and that 55 percent of all IB employees on the Island are Bermudian [65 percent if you count their spouses], with an average per-employee contribution of $100,000 to the local economy every year. Notably, Bermudians make up close to 40 percent of IB’s executive management.”

“International Business is a key driver of our economy, supporting Bermudian jobs all across the Island,” says Patrick Tannock, ABIC Chairman and President, Bermuda Insurance Operations, XL Catlin.

“Whatever our job in Bermuda, we all play an important role in the success of IB to ensure that Bermuda remains competitive in attracting and retaining business. Let’s all continue to work to protect and grow Bermuda’s international business sector.”

“There is much going on to maintain Bermudian jobs in international business and to grow this critical sector of the Island’s economy,” says Cyril Whitter, President and CEO of Independent Management Limited, and Vice President of ABIC, who has helped drive the campaign.

“Success will mean increased spending in our community, more jobs for Bermudians and more work generally, because our whole economy is touched by the IB engine.”

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Category: All, Business