ABIC Backs Sir John’s Economic Initiative
International companies based on the island came out today to publicly back former Premier Sir John Swan’s initiative to reverse ongoing economic stagnation.
The Association of Bermuda International Companies [ABIC] said the Progressive Labour Party Government’s protectionist policies “could be detrimental to Bermuda’s long-term prospects”.
Last week, Sir John proposed an economic stimulus package which included policies which could help boost international business on the island.
ABIC chairman George Hutchings today said his organisation — which represents more than 130 international companies headquartered in Bermuda — broadly backed Sir John’s initiative.
Mr Hutchings said in a statement: “Sir John Swan has detailed a plan of action that has a number of legitimate initiatives that could provide a badly needed stimulus to our local economy.
“Members of the Bermuda community should seriously consider his suggestions for improving the economic well-being of all Bermudians.
“While ABIC may not agree with all of his suggestions, a good majority of them have a great deal of merit.
“The economy has some significant issues and challenges that require a fundamental shift in how Bermuda does business with the rest of the world. Over the past several years, the world’s economy has dramatically changed yet Bermuda’s business model has not adapted to this new reality.
“International businesses have a great many more jurisdictional choices, our traditional tourism visitors have opted for other destinations and challenges from foreign regulatory and tax authorities may have a further negative effect on our economy.
“The reality is the world is changing at an exponential rate and we must position ourselves to respond to both the challenges and the opportunities.
“In order for Bermuda to maintain its current standard of living and employment opportunities for its people, policies encouraging investment in the island need to be considered.
“Undo amounts of current protectionism could be detrimental to Bermuda’s long-term prospects.”
The BermudaFirst Group – a public policy think tank backed by the island’s business community– also came out in support of Sir John’s ideas.
“Over the past several years, the world’s economy has dramatically changed yet Bermuda’s business model has not adapted to this new reality.”
“The reality is the world is changing at an exponential rate and we must position ourselves to respond to both the challenges and the opportunities.”
I couldn’t have said it better…. This is a failure of the PLP Government – Instead of being flexible they pushed the business away! It’s right up there with spending millions over the budget during a recession during the Brown administration. How much more wrong and detrimental could the PLP be if they tried for Bermuda?
As I stated before in many posts… the rest of the world is passing us by while certain PLP members would have us all focus on the one “TRICK” that keeps then in power –> Intentional Racial Division for personal political/financial gain…. Bermuda deserves more.
-Noel
PLP have no vision for this island. PLP is focussed on their survival. PLP is tearing apart. PLP is dying, and so is Bermuda.
Its amazing that Sir John is a retired politician. He is more in tune with what is going on than the incompetent politicians we have running our country today. If I needed advice in running my business I will surely ask him first. In spite of all the people who don’t like him. He’s got common sense, witch is not so common anymore.
It won’t make any difference. This Government is too blinkered in local issues to understand and make the required decisions. As they love to say they are not business people. Enjoy poverty.
Sir John speaks for the upper crust of the community. He has made his money. He is the only former leader who the front street boys snubbed and because of his high powered friends such John Deutch co owner of bcb is now allowed in their circles. Sir John is looking for a safe seat his son. Speaking about you scratch my back I will scratch yours.
” He is the only former leader who the front street boys snubbed and because of his high powered friends such John Deutch co owner of bcb is now allowed in their circles.”
“Allowed?” Really!
@star man – ask John and he will tell you they didn’t even invite him to tea but now they all share cognac – allowed, yes, allowed that is what the $man do, allow.
Come back to politics Sir John! PLEASE! Be Premier again!
Amen to that, what is Sir John’s son doing ? maybe he should think about being a politician !!!!apples don’t fall from the tree…
sir the web and see his son will soon be parachuted into a safe seat
Oh please star & stormy – would you like to be here when the upper crust all leave.
I know – lets print our own new money and force the Americans to accept it!
Sir John alone knows what it took to get where he is and I’m sure it wasn’t all pleasant but he did make it. His advice is sound and worth considering.
Sir John is the reason some of the social problems are being shown in the community today, closing down tech school and not believing in all black empowerment and choosing a blind eye to the back a town issues. His words not mine, back in the 90s that we did not have a black divide until they pushed him out of office; then he saw their true colours and now the rainbow seems brighter for him to support the OBA – Sir John is a government person, he supports the government in power because it best for his business interests.
Wait to you see the social problems we have in the near future when no one has a job and we can’t feed ourselves! That is the future of the PLP, you can dwell on the past but it sure as heck will not help what is happening going forward.
I agree they can escalate but don’t blame the now economic divide on the present government, they tried to make a dent in the inconsistencies but due to some not so best fiscal decisions and the world economic crash, yes the entire world is facing an economic challenges, Bermuda is now facing this. We have to confront the past before we can walk together as one.
Sir John,
I understand your vision of the economic stimulus package to help boost international business on the island. To boost our economy is very important for the future. However, I have not heard how Bermudians fit into this plan or package. I am concerned about the long-termed impact your plan will have on this society. Please explain more in regards to the impact of a large percentage of persons coming to Bermuda to live, and where our children fit in? We must not only plan for today, but for the future. A good plan would consider the long-term impact and outcomes. We are now faced with young black man killing one another; one of the contributing factors is that they do not feel a part of the world that exists on “Front Street”. They do not believe they can fit into this world which is an important part of our economy, that is one of the contributing factor of the violence we see today. So the plan has to include how we bring these young people on board early.
Sir John’s vision is to put Bermuda up for sale…..It is a vision for destroying what little is left in Bermudian hands^^
as always Sir John comes across like such a lovable teddy bear but in reality is a business grisley bear looking out for his only cub
Who says the PLP doesn’t have vision?? They certainly do! They have as much vision as Stevie Wonder….
When the tide rises, everybody’s boat rises together. Dig it???