ABIC Responds To 2014 Budget Statement

February 25, 2014

After a review of Friday’s Budget Statement, ABIC supports the Government’s commitment to a two track policy of growing the economy while taking actions to control and reduce government spending.

ABIC Chairman George Hutchings stated, “ABIC supports the actions already taken and those promised to further develop a business friendly environment, and to promote investment and job creation.

“We encourage the implementation of targets and accountability in the management of our Island’s finances, and to close the budget deficit at a pace that the Bermuda community can withstand.”

A spokesperson said, “Deficit and debt reductions can only be achieved with retention of existing business and jobs. International Business and support services provide more than 80% of our foreign exchange and one third of our air visitors, the majority of the jobs in this sector are held by Bermudians.

“We are pleased to see steps taken to encourage business growth. Our members have identified cost, immigration reform and a business friendly environment as key issues, and progress has been made in each of these areas.

“Recent amendments to the Incentives for Job Makers Act, revisions to the work permit policy along with a tax neutral budget set the stage for job creation. Public policy should create certainty and encourage investment while allowing us to improve the island’s competitiveness and to grow jobs and Government revenues.

“We commend the Government for their continued support of the Bermuda Business Development Agency, the establishment of the Bermuda Tourism Authority and their review of the 60/40 rule. Each of those initiatives is focused on the objectives to retain existing business and attract new businesses and revenue sources to the Island.

“We believe there is an urgent need to formulate and execute strategies which maintain and grow international business, tourism and additional revenue sources.”

Mr. Hutchings confirmed that, “ABIC continues to have an open and transparent dialogue with the Government with regard to the consultation on key international business policies as well as the sharing of information and data that will help to further develop Bermuda as the domicile of choice.

“And more importantly, ABIC wants to grow those jobs necessary to accelerate our economic recovery and provide the Bermudian people with employment opportunities to support their families.”

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Comments (10)

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  1. Kangoocar says:

    It sure is nice to know that IB is totally on board with what the OBA is doing!!!!

    • js says:

      they should be onboard they own the place

      Bermuda’s relationship to IB is akin to your parents selling the family homestead for a large return with you still residing there and now you have to tow the new landlord’s line hoping that you don’t get evicted in the process

      • Kangoocar says:

        You do realize that our money is worth nothing without them don’t you??? Of course you don’t and you proved it with your stupid post!!! Why don’t you try and take ten BDA dollars with you the next time you travel and try buying something with it!!! With out the IB sector you would not be able to buy food to feed yourself!!! My god, it just is unbelievable the lack of understanding of how this world works and in our case Bermuda works!!! With out them our houses are worth NOTHING!!!! You are just another one that needs to be educated!!!,

        • js says:

          looks like I hit a nerve

          the value of IB to Bermuda is similar to the market value of a stock in the stock market in the sense that its true profit can only be realized once it has been sold and converted into cash

          you state that with out IB our houses are worth NOTHING!!!! which clearly demonstrates that your concerns with equitable ownership in Bermudian property is that it be a readily liquidated asset which may be converted into foreign currency and those monies sent abroad

          now if those monies were to stay on island than houses will always retain their value subject of course to local micro economic factors

          you have often noted that you are married to an American and own property in the US

          perhaps your frequently stated concerns with Bermuda’s economy is not with the local economy as such but rather with the potential reduction of Bermuda’s foreign currency earnings which would deny you the opportunity of liquidating and transferring assets off the island as foreign currency

          everyone has an agenda and I am beginning to see yours

          • Onion says:

            IB dumps cash into our pockets. Money comes in from salaries and expenses they (and Bermudians who work in IB) locally and flow into our economy and everyone’s pockets.

          • Kangoocar says:

            @js, I have just thrown my hands up in disgust at your level of stupidity!!!! Mr Grant from the bpsu was correct the other day when he said, many Bermudians need educating on the importance of IB, YOU ARE OBVIOUSLY ONE OF THEM!!!! I will not even bother to try and explain anymore to you because it would be a complete waste of time because you have clearly shown that you are not capable of understanding that our $$$ are worth nothing in the world, and if you don’t understand that there is no way you can understand the rest of it!!!

            • Redo says:

              So true. I get so tired of trying to explain to idiots how and why we need IB but they just don’t get it. It blows my mind the level of uneducated, thick nimbys here.

            • js says:

              well Bob Richards also said that Bermuda was in danger of losing its independence

              what he should have said is Bermuda was in danger of losing its dependence and may be forced to be more independent

              whether or not IB should have been brought to these shores 30 years ago is now only a point of conjecture

              for better or worse they are already here and like a drug to a drug addict the withdrawal process will be long and painful but ultimately healthy

              • Kangoocar says:

                Definition of dense = JS, I will inform Websters Dictionary about the change!!!!

  2. sage says: