Economic Development Strategy Released
Minister of Economy and Labour Jason Hayward announced that the Ministry of Economy and Labour is releasing a national Economic Development Strategy for Bermuda.
Minister Hayward said, “The Economic Development Strategy sets out a roadmap which provides a clear path to guide Bermuda to sustainable economic growth and development.
“The Strategy seeks to build an economy that creates:
- greater opportunities for the people of Bermuda;
- supports entrepreneurship and small businesses;
- supports our farmers and fisherman; and,
- embraces new technologies and opportunities for diversification.
“The Strategy will enhance Bermuda’s business ecosystem, increase its global visibility and competitiveness, and promote investment. It will also help address future economic challenges resulting from Bermuda’s ageing population. The Strategy sets out five strategic priorities and includes initiatives to improve and expand the economy and increase the working population.
“The five strategic priorities will form the bedrock of Bermuda’s economic development efforts. The strategic priority areas include:
- Local and International Business Expansion and Retention;
- Attracting businesses and promoting investments into Bermuda;
- Entrepreneurship and Small Business Development;
- Continued execution of the Economic Recovery Plan; and
- Investing in People.
“The Government’s Economic Development Priorities ensure:
- Bermuda has the right ecosystem, which allows businesses to set up, grow and thrive;
- Bermuda remains an exceptional destination in which to live, work and play;
- Bermuda’s entrepreneurial legacy continues, and our island’s small businesses are at the forefront of driving Bermuda to future success;
- Bermuda’s workers within the local labour market have the necessary tools and skills required to remain competitive; and
- Bermuda utilises immigration to encourage greater economic activity and a sustainable workforce.
“The Government’s economic development organisations, the business community and the people of Bermuda must work together to ensure the successful execution of this strategy. We must work together to attract and retain business in Bermuda, boost foreign investment, increase the workforce, and build our local economy to its fullest potential. A synergised approach will ensure results are maximised.
“In formulating this Strategy, the Ministry of Economy and Labour conducted a detailed review of current economic development initiatives, an in-depth analysis of Bermuda’s industries and growth opportunities, and a review of other plans and strategies of relevance. The Ministry considered feedback from stakeholders and community input through the Governments Forms Portal. And so, produced in collaboration with the newly formed Bermuda Economic Development Advisory Board, the Strategy will complement the work of organisations involved in economic development activities in Bermuda.
“Executing these strategic initiatives will allow our economy to be robust, sustainable and continue its growth. The strategic priorities go beyond increasing the GDP to maintaining high levels of employment rates, reducing unemployment, and expanding the range of well-paying jobs.
“Bermuda’s Economic Development Advisory Board will provide the Ministry of Economy and Labour with ongoing strategic guidance on implementing the Economic Development Strategy. The Board will set key performance indicators and regularly monitor and evaluate the progress of strategic economic priorities. The tracking and reporting of metrics that assess the effectiveness of this plan and initiatives outlined in the Strategy will be ongoing.
“Bermuda’s economic ambitions are made clear by the release of this strategy. We want businesses to grow and prosper, we want quality jobs for the people of Bermuda, and we want greater levels of investment in infrastructure and technology.
“Collectively we must work together to embrace a future in Bermuda that benefits all. Thank You.”
The Economic Development Strategy 2023-2027 follows below [PDF here]:
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“Amendments to the Bermuda Immigration and Protection Act: Lower eligibility requirements for individuals to obtain Permanent Resident Certificates”
Woo hoo! Pathways to status 2023!
Look at that picture. Not exactly an advert for Diversity and Inclusion, is it.
Shhhhhh. You were not supposed to notice that lack of diversity, equity, and inclusion.
So you believe by placing another uncle Tommy as the leader of the opposition makes it diverse? NVM just shows you already lost the next election.
You’re a racist.
How many NEW private sector jobs can the Ministry of Economy and Labour truthfully claim to have created in say, the last five years?
No government can create “private sector jobs”. All any government can do is create conditions that encourage the “private sector” to create jobs.
I think the question should be how many “permanent” private sector jobs have been created in the last 5 years? In that way we exclude temporary and short-term jobs created by “pop-up” businesses and the people brought in to build Belco’s north power station and the like.
What number are we up to in Economic Development Plans? There seems to be one every other month to try and show they are doing something. Just fancy words and looking busy. All the issues they mention have been known about for many years, and cannot be solved in a few years. Ironic that Burch is in the picture when several years ago he was gloating over throwing expats out, now they are desperate to get them here to buy real estate.
The changes they are suggesting to PRC are clearly linked to the SP condo sales, which is why Burt is so cosy to Gencom and Maybury (who owns BCB, wink, wink). A few trinkets of fees but the buyers won’t add anything to the economy, they don’t work nor employ anybody but a few gardeners and carers, all imported on minimum wage.