Sir John Shares Bermuda’s Experiences
Former Bermuda Premier Sir John.Swan shared the island’s experience with off-shore business development and discussed global events which could impact on small territories when he spoke to a conference in the British Virgin Islands yesterday [Jan. 19].
Entitled “Embracing the New Normal”, the one day conference held at the exclusive Scrub Island resort was intended to look at the year ahead and the outlook for business in BVI, examining the primary sectors of the local economy; financial services, tourism, real estate and construction. It was also designed to address the new economy which has emerged after the global meltdown and recession of the last two years.
While in BVI, Sir John paid a courtesy visit on the territory’s Premier, Ralph O’Neal [pictured above], who also attended the conference.
Sir John, keynote speaker at the event, told the audience improving transportation links was a necessity if BVI and other isolated off-shore jurisdictions hoped to compete globally.
He said it took him a full day to get to the Virgin Islands from Bermuda. “From Bermuda to Florida, Florida to Puerto Rico, Puerto Rico to the BVI — it will take me a day to get back,” he said. “Part of my speech will be that something needs to be done about that.”
The former Premier cautioned emerging off-shore economies not to look too far afield for business partners and investors in the short term, noting the $14 trillion United States economy will still be growing faster than China’s because it is so large and has built-in momentum.
And he said the emergence al-Qaeda and associated trans-national terror cells had caused all manner of unforeseen costs for smaller jurisdictions, including the routine X-raying of shipping containers — a particularly expensive and time-consuming activity for small jurisdictions.
Sir John urged leaders to be “visionary” in tackling future problems and looking beyond traditional markets in the years to come — saying even though the US economy will likely rebound, a global perspective and reach is imperative in an increasingly globalised marketplace.
“We no longer can say that we are … isolated because we are here in the Americas,” he said. “In fact, it would be the biggest mistake we could make to conclude that America has to be your territory. … You have to look further afield.”
Sir John also suggested developing a public-private sector programme to improve infrastructure in small territories.
