Chamber Of Commerce Responds to ABIR Report
The Bermuda Chamber of Commerce has added its support to the conclusions of the Bermuda Economic Impact Survey, which was recently released by the Association of Bermuda Insurers and Resinsurers [ABIR].
“The fact that employment in the International Business sector has been in decline since 2007 is borne out by the Chamber’s own research, and by job statistics kept by Government,” said Chamber President Ronnie Viera.
“There is no question that the growth of the local economy, and the number of jobs available to Bermudians, is directly correlated to the success of international business,” he added.
“The Chamber, which represents both the local and international business community, is clearly on record as supporting any measures which promote growth in this sector.”
As reported in the ABIR report – the seventh produced on the economic impact of large insurance and reinsurance companies with Bermuda operations – the five firms with historically the largest number of employees on the island have reduced their employment over the past four years by an average of 23%.
This trend translates into fewer jobs in Bermuda; lower tax revenues; less compounding economic activity from highly compensated executives; and fewer business travellers arriving on the island to use local hotels and restaurants.
In conclusion Mr. Viera noted; “The Chamber’s Economics Advisory Committee has conducted several presentations to its membership outlining the current economic situation and suggesting solutions. Key among these is immigration reform and the need to make the island more welcoming and attractive to international business and foreign investment overall.”
This blog post neatly sums up the denial in PLP circles regarding the source of the problem:
http://www.politics.bm/archives/2012/05/one-of-these-th.html
I’m not sure its PLP Denial. I think a fair measure of it is fact.
When ABIR says that there is a correllation b/w the amount of Non-Bermudians laid off and Bermudians laid off I would expect people to say, Duh!
If a company is outsourcing staff, BOTH will be affected. To say changing something in immigration is going to somehow stop companies from outsourcing is dumb and makes no sensee.
Also, as you mentioned the link, the Belco report also noted that average consumption per user is down 5%. That has nothing to do with people leaving, its a natural response to rising energy prices, conservation, more enegery efficient devices, and increased use of alternative energy. BELCO can say their customer’s have dropped, but alos their average use has dropped aswell and that has NOTHING to do with people leaving the island.
OMG, stop the presses. Chamber supports ABIR’s report!
Term Limits didn’t work! Such a stupid stupid idea has hurt us all. In 1998 I made a decision to help remove a broken archaic and disfunctional government. Looks like I have to do it again if necessary. I hope most of us are not afraid of change.
Why do you say Term Limits didn’t work?
First, the introduction of term limits had nothing to do with protecting jobs for Bermudians. Burch made that statement and used those exact words.
But if you want to look at what term limits have accomplished think about a few things:
People come here, work in IB for a few years and learn how IB works. They get kicked off island can move to competing domiciles. So we’re training our competition.
Senior and middle management people are forced off island and their entire department goes with them.
IB wants to hire an expat but can’t promise them a career here. Means they have to throw serious money at them – money they don’t have to pay to Bermudians.
The list goes on ..