ABIC: No Quick Fix, In Time Bermuda Can Thrive
The Association of Bermuda International Companies [ABIC] held its 2013 AGM today [Nov 21], and ABIC Chairman George Hutchings said there are “no quick fixes to the problems that have developed over several years,” but they are “confident that in time Bermuda can thrive again.”
Mr Hutchings “Bermuda and the international businesses [IB] based here have been through stormy times over the past few years. As a Bermudian and an IB leader, I have to confess I’ve found it distressing. But we are in this boat together, and the only way to a successful future is together.
“International business interests are inextricably aligned with Bermuda’s. A healthy economy and social structure makes operating an IB business in Bermuda easier.
“Airline schedules are more robust, there are more goods and services on offer to our businesses and our employees and their families, the cost of operating in Bermuda goes down, crime is likely to diminish; the list goes on. If IB is both locally and globally successful, Bermuda’s economy will in all likelihood follow suit.
“For now, the island has experienced four straight years of economic contraction and the level of local unemployment has reached levels not seen since World War II.
“Much of that contraction has come as a direct result of a changing world for our businesses where we have had to make decisions to remain competitive in the global economy. As a result of both global and local pressures, IB’s economic contribution to the island has shrunk and in the process it has had a significant effect on the level of employment on the island throughout all sectors of the economy.
“More than 5000 jobs have been lost and many Bermudians are out of work, or have had their work hours reduced, and they are finding it impossible to pay for the necessities of life, food and shelter.
“With this in mind, ABIC has been focused on a number of activities that will in the years to come be beneficial to Bermuda and IB in the long term. Let’s be realistic: there are no quick fixes to the problems that have developed over several years. Our initiatives may take a few years to be felt within the local community, but we are confident that in time Bermuda can thrive again.
“As I said, we are all in this together and ABIC is determined to do the things necessary to balance and serve the interests of Bermudians while pursuing policies that enable our businesses to thrive. I trust you all agree as well.”
Mr. Hutchings listed a number of initiatives which he believed would benefit both the IB and local communities in the future, including building strong relationships with the new government, work permit policy reform, elimination of the term limits policy, passage of the amendments to the Incentives for Job Makers Act 2011, consulting with the Government on health care costs and raising over $500,000 from ABIC members to fund the 2013 ABIC scholarship awards to support 16 Bermuda students in their undergraduate studies.
ABIC also hosted a number of town hall meetings to update members on crime trends, Government economic plans, immigration policy changes and conducted the 2013 ABIC Member Survey.
ABIC said their “mission is to promote and preserve a sound business environment for international business in Bermuda and to ensure that we continue as the business domicile of choice. We will continue to work diligently with Government to develop a business environment that will retain jobs and attract new business to the Island.
“ABIC members highlight cost of doing business, immigration policy and a business friendly environment as key considerations for success in the international sector. Any economic recovery will depend on growing jobs in both the international and domestic sectors.”
translation.
the plp screwed you all over for 14 years,don’t expect a quick recovery to the way of life you had.
not the way of life they had mate, its the way of life YOU had! most of those guys you speak of still enjoy quite a high standard of living compared to a lot of people on this island, dont be fooled! it is the everyday average bermudian, most likley yourself, who is feeling the pinch of what ABIC is speaking about.
same thing,different words.
(No,I’m not feeling the pinch,but I’m real careful with what I spend money on and where and with whom).
and the reason why you spend (or dont) like that is…….
For now, the island has experienced four straight years of economic contraction and the level of local unemployment has reached levels not seen since World War II.
“Much of that contraction has come as a direct result of a changing world for our businesses where we have had to make decisions to remain competitive in the global econom
“As a result of both global and local pressures, IB’s economic contribution to the island has shrunk and in the process it has had a significant effect on the level of employment on the island throughout all sectors of the economy.”
What are those local pressures you think?
lol this reads like another one of your editorials. wheres the quotes from bob dylan and bob marley?
just pick one tidbit of info from the article, which, without the rest of the article takes the tidbit out of context.
Translation Mr Famous.? When Paula Cox raised the tax rate without consultation she was the straw that broke the camels back….IB accelerated the exodus.
Fiction. That’s the lie the PLP want us to fall for. “The whole world was in recession”. It wasn’t.
If the PLP get back into power, it is the end of Bermuda.
Response to the sheeple who will say “stop blaming the PLP for your troubles”: I will when you stop blaming the white man for your troubles.
That’s what was said when PLP got in the first time.
I don’t think we should approach this from a PLP or OBA angle. Can we not be on the same page of it being our country and wanting the best for our island home.
I am not going to allow the OBA a pass because the PLP committed many atrocities. We should hold any govt of the day accountable and that should be our bottom line. No more deception, please.
Until certain criminals in the PLP are out of the picture, the “best for our island home” is synonymous with anti-PLP.
Once said criminals are brought to justice, I’m sure many currently anti-PLP will tolerate what could be a respectable party.
Don’t you realize that the threat of the PLP back in power will deter the investment/IB that Bermuda needs?
Make no mistake, we can’t fool them. An unbiased perspective would sure see some similarities between here and the Turks and Caicos.
They would have us to believe that the country’s economic problems all lay at the feet of the PLP. Listen to Mr. Hutchings. He has the sense enough to see the global picture. As much as we would like to believe it is about our small island, I would like to direct all to the big picture.
Small picture: OBA broke an election promise re term limits. Big picture: The repercussions of relaxing this policy will displace Bermudians for decades to come.
Small picture: OBA agreed with the closing of the UCC. Big picture: OBA is going to sell out Bermuda in the name of Business and will ride the anti-PLP sentiment to the detriment of Bermuda.
Small picture: OBA has allowed the CFO at the hospital to be on admin leave for 9 months and has hired a secondee from the accouting firms. 400-500K wasted. Enough to help the UCC to break even for about 2 years. Big picture: OBA has allowed yet another Bermudian to be displaced.
Small picture: OBA continue to pit their followers against the PLP followers: Big picture: This is our country and we need to do our best to help any govt to remember this. Let’s use our energy to strengthen our ties.
Small picture: OBA has will allow Sunday sale of alcohol at the markets. Big picture more and more of our culture is being eroded.
Small picture: 10% cuts to 100K+ salaries to people that already have jobs. Big picture: more and more Bermudians don’t have the basics.
Small picture: OBA is touting with the decriminalization of Marijuana that was not mentioned in election promises or 1st throne speech but walla, it is on the agenda. Big picture: OBA is morphing into the PLP in terms of deceiving the people. Be strongly aware.
Small picture: let’s fight on the blogs on trivial matters. Big picture: We need to use this same energy for the good of our country and lets start with holding our politicians accountable.
The list goes on.
Doesn’t anyone see a trend. I wish we will wake up and see the lies and not excuse it because they are not the PLP. We must hold our politicians accountable.
My bad double post:
So far every single problem with the OBA you mentioned is TRIVIAL compared to the mismanaged/shady spending of MILLIONS UPON MILLIONS UPON MILLIONS of dollars by the PLP.
The bottom line is this country will never be the same. Nothing will overcome this debt. Anyone with a brain knows it.
So I am going to bash the party that did this to my beloved country as much as I want, thanks.
Since you can’t get out of the past, lets go back a bit farther, because from what I see, former PLP ministers are not living in Mansions up on Trimingham Hill, or on Estates in Fairylands, Jennings Land, or Tuckers Town.. Do you really want to talk thievery? And YOUR beloved country? I’m sure you long for the ‘good old days’ huh? Well they are long gone never to be seen again. Get over it!
You Articulate well
So far every single problem with the OBA you mentioned is TRIVIAL compared to the mismanaged/shady spending of MILLIONS UPON MILLIONS UPON MILLIONS of dollars by the PLP.
The bottom line is this country will never be the same. Nothing will overcome this debt. Anyone with a brain knows it.
So I am going to bash the party that did this to my beloved country as much as I want, thanks.
There will be some who say keep blaming the PLP
Add up where most of the funds went. Employing Bermudians.
The same Bermudians the OBA promised to continue to employ.
Will you all blame the OBA for continuing to employ Bermudians?
Q: If Bermuda is such rotten place why do so many Non Bermudians wish to reside here and gain status?
Really? I thought the PLP said most of what they spent went on infrastructure. Now you’re saying it went on employing people whether or not they were really needed.
I guess you’ll say anything at all depending on what part of history you want to re-write.
Did not Doug S state “Thousands of jobs were lost to outsourcing?”
I guess you all missed that memo
Outsourced and moved because Bermuda became too much of a pita.
@ No More Deception/Accountability 10.48 pm
You make a good point.
The solution in this case is for ABIC to be politically neutral. They should actively engage both parties to ensure that any legislative changes made by the OBA are sustained by the PLP since PLP will inevitably be reelected.
What I would like to see for example is a substantive discussion with the likes of MP Walton Brown and Sen. Fahy on immigration policy. Sen. Fahy has the strength of OBA to implement changes but MP Brown will be able to give an alternative perspective. ABIC (if they are genuine) will try to foster a middle ground or at least understand the ‘PLP’ view point.
Not easy but not impossible if we are all working for the long term.
So we are back to the “Golden Rule”
He whom has the “GOLD RULES”
We are all still living a pretty good life off of White.
Why is Bermuda NOT LIKE Haiti,you know that place to the south of us???
Why you are all enslaved – and will continue to be…
http://www.youtube.com/watch?v=Xbp6umQT58A
Silly little children – don’t say I didn’t try to help.
STM