BDA: ‘Govt’s Budget Is Prudent & Enterprising’

February 16, 2018

“The Bermuda Business Development Agency congratulates the government on a Budget that is prudent and enterprising,” BDA CEO Ross Webber said following the delivery of the 2018/19 Budget today.

“As the Premier noted, the theme throughout is growth, something our agency dedicates effort here and abroad to achieving in our economy,” Mr Webber said.

“We welcome the fact payroll tax is not increased; for Bermuda’s international companies, it means they aren’t penalized for having a physical presence and keeping their mind and management on the ground here—something that distinguishes our market.

“Prudential and careful amendment to the policy relating to 60/40 ownership and control may well prove to be enlightened. This ought to spur greater investment. The Budget’s emphasis on deficit reduction is of course important for the whole country.

“We are pleased the government has earmarked an additional $1 million for the BDA. I echo the Premier’s comments on achieving a better balance in the ratio of government to private-sector funding for the BDA. We certainly encourage Bermuda’s corporate stakeholders to help fund the agency so we can further our programmes to retain and grow jobs on the island.

“The BDA is very grateful to our existing stakeholders who support the BDA financially, and also give so much of their time and expertise to our programmes. We are always keen to attract more.

“Funding is critical to our success in regenerating Bermuda’s economy—which every one of us has a stake in. We urge new corporate stakeholders to start contributing to the BDA, and existing companies to increase their financial support of the agency.

“The BDA also looks forward to reviewing the details of a PwC study we commissioned recently to measure and explain our agency’s impact on the Bermuda economy.

“The study will look to articulate the value of our jurisdictional promotion activities here and overseas, as well as the financial contribution equivalence of the time and work provided to the BDA by our many corporate stakeholders across industry sectors.”

click here Bermuda 2018 Budget

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Comments (10)

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  1. eliston says:

    so far so good

    • Black Soil says:

      The BDA say “We are pleased the government has earmarked an additional $1 million for the BDA.” NO WONDER THEY VIEW THE BUDGET AS PRUDENT AND ENTERPRISING. The budget forecasts are based on the OBA growing the economy…but the OBA was rejected in 2017 in favour of an inward looking party which only knows tax-and-spend. Fact: The PLP will begin the process of heralding in another financial crisis because they don’t know how Bermuda’s economy works. The PLP is about keeping all the various unions happy and the govt workers flush in money. Meanwhile Bermuda families will pay the ultimate price of PLP mismanagement.

  2. Point boy says:

    I’m not plp. But I like the vibes coming from premier Burt!
    Still cautious, because I thought the same of Dr Brown, before he proved me a fool.

  3. Ok says:

    But where are the jobs at? What have they created? Budget that.

    • Lol says:

      Where was that question when ya precious UBPOBA was in power boasting about 2000 jobs?. I’ll wait….

      • Lol says:

        And we are still waiting on the obaubp 2000 jobs

      • Syrup says:

        You questioned us, now we question you. Where are the jobs????

        • Ok says:

          Na b….both parties are full off it…talking about us??? Where the jobs at bra….PLP said something about in 100 days….can’t even run buses and trash….ands about to borrow another 90 mil….but you to simple and think this budgets going to get Bermy somewhere… lay down clowns

    • Loquat says:

      The article states that there is a PwC study coming out soon. That will show data about jobs created by the direct work of the BDA

  4. Stay calm says:

    Investing in the BDA is the right decision. These guys are the bomb.
    They are prudent stewards of the public purse.