Govt Release ‘Strategic Priority One’ Summary
The Ministry has released a summarized version of the Economic Development Strategy’s Strategic Priority One: Local and International Business Retention and Expansion.
The Minister of Economy and Labour, Jason Hayward, explained, “Today, the Ministry is releasing a summarized version of the Economic Development Strategy’s Strategic Priority One: Local and International Business Retention and Expansion, which focuses on:
- Supporting and enabling the growth of economic drivers such as International Business, Real Estate, Finance and Insurance activities which contribute 56% to Bermuda’s economy;
- Supporting and enabling the growth of employment industries such as Wholesale, Retail, Accommodation and Food Services;
- Growth Opportunities and New Industries such as Agricultural, Forestry and Fishing Sectors, Climate Risk Finance, building a technology ecosystem;
- Supporting and enabling the growth of Economic Empowerment Zones; and,
- Ensuring Bermuda is business friendly.”
A Government spokesperson said, “The public will recall the recently released Economic Development Strategy, available online at gov.bm, which provides a framework to guide Bermuda to sustainable economic growth and development.
“The Strategy contains five strategic priorities that focus on maintaining high employment rates and increasing the range of well-remunerated jobs allowing for strong and sustainable growth and development.
“The five strategic priorities are:
- 1. Local and International Business Retention and Expansion;
- 2. Business Attraction and Investment promotion;
- 3. Entrepreneurship and Small Business Development;
- 4. Continued Execution of the Economic Recovery Plan; and,
- 5. Investing in People.
“In alignment with the strategic initiatives, these priorities focus on improving and expanding the economy and increasing the working population. These initiatives will provide direction and drive the work plans of Bermuda’s economic development organizations which fall under the Ministry of Economy and Labour. Strategic Priority One focuses on retaining and expanding business activity in key economic drivers, which will increase productivity and economic growth. These industries also enable more significant levels of economic activity in other sectors of the economy.”
Minister Hayward continued, “A thriving business environment is critical to the success of our economy as it supports our quality of life and our community. To that end, the Government will ensure optimal conditions exist for businesses to set up, grow and operate successfully.”
The spokesperson said, “Local businesses form a part of the fabric of our community and are essential to economic stability. Greater levels of economic activity from existing companies will lead to greater levels of investment, job expansion and tax revenues. The retention and expansion of current businesses is a priority of this Government.
“In the coming weeks, the Ministry of Economy and Labour will release summarized versions of the remaining four strategic priorities for review. All will be available online in the Resources section at www.gov.bm/ministry/economy-and-labour.”
The Economic Development Strategy 2023 – 2027 Strategic Priority One follows below [PDF here]:
And ensure this idea works. We can do it with a positive attitude and energy.
You want to expand IB Jason?
Make us feel more welcome. Turn work permits around in days, make PRC applications get done in weeks, and our kids pack bags in supermarkets like every other kid.
Oh yes we are sooooo grateful to work here Jason. Until we all leave because we’ve had enough of feeling like you don’t really want us here.
And if we do, holy moly you are in a mess.
Can you hear the squealing tyres as the PLP wagon does a complete U turn? What hypocrisy, am sure Michael Fahy would be having a chuckle if only all this wasn’t so tragic!
Interesting. Let me open with a joke: Will anyone get fired for failure to implement anything? There are no metrics such as:
- increase tourism by 10,000 visitors per quarter.
- expand sustainable marine tourism by 1,000 visitors per quarter.
- host two Climate Risk Finance Summits per year.
- quarterly engagement with all sectors of the business community to identify and reduce barriers to business growth.
yada, yada, yada
In reality, the #1 goal is for the PLP to stay in power. Goal #2 is to continue to hire family & friends into government and award no-bid contracts. #3 Repeat #1 & #2 as often as possible.
“Robust” is used three times, whatever that means in reality.
“Climate” is used eight times and not one Minister can define climate.
“Sustainable” is used six times, whatever that means in reality but it sure makes people feel good to read it.
Under the Blue Economy goals, how is Government going to “Produce cleaner, cheaper energy?” Are we talking about wind farms? HAHAHAHA! That boat don’t float. When did Government get into the energy business? The only thing Government produces is a bigger government.
A classic case of spin and laying the basis for additional civil servants to be hired to look busy and achieve nothing. Government/PLP is not equipped with the sufficient skills and experience to be getting into business. Not one success story, but plenty of failures, and that is since 1998.
So this is a summary of a framework, that is not even a plan, its one step backward, there is no meat on the bones in it. This is supposed to be 2023 to 2027… 2023 is over half way over, what has been accomplished = nothing. what do you expect to be achieved by 2027 from this framework. Absolutely nothing. It is clearly a bag of wind to make people believe the PLP has a clue. Because of the document having no plans or content, no way of assessing performance or accountability, they clearly don’t have a clue. Wake up Bermuda.