ABIC Group Meets With Premier Burt & Minister

July 26, 2017

The Association of Bermuda International Companies [ABIC] has “pledged its commitment to working with the new government to protect Bermuda’s reputation as a highly-regarded, well-regulated leading international business jurisdiction.”

ABIC Chairman Patrick Tannock, along with other ABIC representatives, today met with Premier David Burt and Minister of Economic Development and Tourism Jamahl Simmons.

Following the meeting, Mr. Tannock said: “It was a very positive meeting. We congratulated Premier Burt and Minister Simmons on the PLP’s victory in the general election and let them know that we are thoroughly committed to continuing to work with them and all members of government, unions and other stakeholders to promote a sound business environment for International Business and Bermuda in general to ensure that this island remains the business domicile of choice.

Premier meets with ABIC Bermuda July 26 2017

“These are tough times. Bermuda faces a number of external challenges in tax and regulation that require consistent collaboration between business and government,” he said.

“To remain attractive, relevant and respected as a leading business jurisdiction we must comply with international regulatory, financing and tax cooperation standards. ABIC is committed to working with government and supporting its efforts to address these global requirements.”

Mr. Tannock also pointed out that Bermuda is competing with the world for new business.

“To sustain and grow the International Business sector we must remain internationally cost competitive and continue to attract and retain financial and high-quality intellectual capital while developing local talent,” he said.

“International Business is the main driver of the economy, therefore we must protect our value proposition and grow what we have, in particular increase innovation that will create greater entrepreneurial and employment opportunities and help Bermuda sustain its competitive advantage.

“Also, in order to remain competitive, Bermuda must provide an environment in which International Business gets what it needs to thrive. Likewise, we in International Business must be respectful of Bermuda’s culture as well as the aspirations and values of Bermuda’s people. Every one of us in Bermuda interacts with International Business and the success of the sector depends on each of us. We are all in this together.”

The Association of Bermuda International Companies [ABIC] represents more than 100 international companies incorporated in Bermuda.

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Comments (39)

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  1. Ringmaster says:

    Well played Patrick Tannock. I’m sure Premier Burt and Minister Simmons went away feeling very pleased and that they made a difference.

  2. Warlord2 says:

    What is Jamal doing there,he doesn’t have a clue

    • Frosty says:

      Because he’s the MINISTER of Economic Development and Tourism

      I capitalized Minister to make you mad.

  3. Navin Johnson says:

    Patrick is a good man and will be a great liaison with the new government

  4. On another note says:

    Warlord2, Jahmal is smarter than you think. You have a lot of nerve stating he doesn’t have a clue. How disrespectful of you to say this! And people like you who think that THIS PLP GOVERNMENT WILL FAIL! YOU’RE DEAD WRONG!

    Yours truly,

    Someone who voted oba in 2012, AND VOTED PLP 18 July 2017
    GET OVER IT!!!

    • Frosty says:

      Don’t get mad, on another note, he’s the Minister and Warlord2 is nobody

    • Sherbet man says:

      He went college?

    • Big Boy Rules says:

      You are correct – he is smarter than we think. He successfully flip flopped from OBA when he was a huge critic of the PLP OVER to the PLP – not because he’d had an ideological change of heart but because he saw the writing on the wall and wanted a job! And what do the PLP do – they welcome him and the other 2 flip flops with open arms. What makes Jahmal smarter though is that he has parlayed that flop over into a Ministry job!
      Very smart of him!
      The PLP wont fail – they will become very successful personally and it took us 14 long and very expensive years to figure that out last time and we are still paying for it!

    • Hey says:

      Colonal Burch will destroy this government all on his own.

    • bdaboy says:

      ” How disrespectful of you to say this!”

      Oh the irony!

  5. Um.... says:

    The Premier would be wise to heed the counsel of Mr. Tannock as he truly has the best interest of all Bermuda at heart. I’ve met few businessmen who are as genuine as he.

    • Frosty says:

      Isn’t that the purpose of the meeting, to get the thoughts of the Chairman…it’s not rocket science…..

    • Frosty says:

      Isn’t that the purpose of the meeting, to get the thoughts of the Chairman?…..it’s not rocket science…..

  6. Wow says:

    Good idea to have Jamal there as he is the Minister of Economic Development and a smart cookie.So why was he put down? We see it all the time, this deep seated racism and hypocrisy from people who say they are Bermudians and want the best for Bermuda. They do nothing to heal the wounds of the past because all they want to do is strengthen their superiority.Hypocrites. The new Premier is wasting no time and should be commended.

    • Onion says:

      It’s not racism to say that someone is completely unqualified for a job.

      • Anbu says:

        Unless you are stereotyped first. Then its fair game.

    • wahoo says:

      Is it racism to call someone a surrogate?

    • Skeptical says:

      Did you read all the nasty comments about Bob Richards from his own people!! That was shameful and hypocritical!

  7. Really says:

    You can see the steam coming off Winchell’s head. He still can’t believe it…lmao.

    • swing voter says:

      steam? really? If you really think that fella cares who is in charge, he’s one up on you already bie

    • wahoo says:

      You may be right but he cares more about Bermuda and ALL Bermudians than anyone you could possibly meet so if he is concerned then perhaps you should be also. If you really do laugh your a$$ off it may not be a bad thing.

      • Breathe says:

        Having been in more than one meeting with Winchell, I’m clear on what he cares about; and it has everything to do with who he would prefer in charge.

      • Ringmaster says:

        @ Really. You have showed your true colour.

  8. Rocky5 says:

    Actions speak louder than words. Let’s see what Minister Walton Brown does at Immigration with ABIC’s work permit applications. That’ll tell you the real story! Premier Burt and Minister Jamal Simmons are just like Dunkley – great talker – poor listeners.

    • Just the facts says:

      Work permits? Do we still have those? I thought Genevieve cleared the path and threw open the doors for Expats?

    • Justsayin says:

      Really? You came to that conclusion after what….a week?

    • Hey says:

      Don’t insult Michael Dunkley, he’s a statesman, the others are…..

      • Navin Johnson says:

        Statesman? lets not get carried away….

  9. mark says:

    FML – they better listen. And Tannock is painting a very rosy picture. we need to attract more IB and compete better with Cayman who have all but stolen all funds business from us. They have been doing everything right for the last decade or so and we have been stuck. If Walton Brown messes with immigration the way he said he would prior to the election, good bye economy! that’s just a reality that a lot of people don’t get. Remind me of Jamal’s business credentials? or Burt’s for that matter?

    • Really says:

      Rosy picture! What were you speed reading! You obviously didn’t read the press release. Tannock said it was a positive meeting…but specifically stated that these are tough times and outlined the very real external threats and internal challenges sand outlined what we need to do be competitive and attract and retain our IB business.

      Anybody who knows Patrick Tannock knows he doesn’t sugarcoat anything he might be tactful, respectful and professional but he gives it to you straight up!

      All we can do is hope they are listening.

  10. JH says:

    I didn’t vote PLP but say we should give them a chance and see how they do. Clearly they won’t be able to please everyone. Bermuda is in their hands and they can sink or swim.

    • Ringmaster says:

      Correction, it will be Bermuda that either sinks or swims. They can abandon ship, but Bermuda is the ship.

  11. Nikon says:

    With the greatest due respect to all who would be concerned, I would like to say that we are in for some troubling times ahead. This new government and the current “stakeholders” of our economic pillar (yes singular)are ill prepared for what is coming our way via the correction the US economy (and therefore the global one as well)is about to face. When the finance departments of our banking houses, insurers/reinsurers, the fund management companies et al, watch their leveraged, speculative, investments into US Securities Markets fueled by zero interest FED liquidity programs find the balance of their value, the “exodus” of the companies and employees thereof, will truly be singular in its magnitude.

    Who then will we blame? For years we have had our collective ship “secured” to the wrong mooring. At the time of our collapse look for the usual lies propagated by the corporate disinformation agents in an attempt to avert our thoughts away from how we found ourselves in this position of tumult.

    For those of you confused by my apolitical posturing take the time to research for yourself the house of cards that is the global financial system. See for yourself how the fundamentals of todays market place, by every meaningful measure (except share prices of course!) are at historic levels of dissention; when juxtaposed to the traditional and conservative teachings of the Austrain Economic Principles; or for the sake of the neophyte it is as simple as this; P/E ratios are a folly!

    What we may be witness to in the above photo is the beginning of our economic “Last Supper” with the difference being that Jesus knew he was going to die for his sins…

    • Ringmaster says:

      Your points are 100% accurate, the trouble is that the people who need and should know this have no clue. They are in the main what the PLP termed the the “have nots” who voted PLP in the belief the PLP were concerned about them and would help them. Nothing can change until the debt, built up by the PLP, can be reduced. The good ship Bermuda is floundering, with water flooding in (debt) and the pumps are running at full speed (revenue). Any blip and the pumps will not keep up and the ship will go down. That is what the OBA were doing and succeeding. The question is can the PLP stick with this or give in to the pressure which will come from the Unions?

  12. Dee says:

    We face an uphill battle just to remain relevant in international business and our way of life is far more fragile than one would like to believe. The truth is we have sprung a leak and there is a major storm on the horizon. We need all hands on deck working diligently together and putting aside all our differences.

    Old world charm will only carry us so far. We’re talking about $money$ dollars and cents so you better believe the entire world is jockeying for our position.