Bermuda Supports UN Intl Year Of Cooperatives

January 29, 2025 | 0 Comments

Bermuda is joining the global community in celebrating and supporting the UN International Year of Cooperatives for 2025, with the Government aiming to “create an entrepreneurial ecosystem for cooperatives to thrive on the island”

A Government spokesperson said, “2025 is designated as the UN International Year of Cooperatives, with the theme ‘Cooperatives Build a Better World.’ The Bermuda Government joins the global community in celebrating this important year. Cooperatives play a significant role in fostering economic and social development, contributing to the economy while promoting the full participation of all individuals in their economic and social progress.”

Jason Hayward, Minister of Economy and Labour, said, “Through the work of the Bermuda Economic Development Corporation [BEDC], the Bermuda Government aims to create an entrepreneurial ecosystem for cooperatives [co-ops] to thrive on the island. The Government is committed to educating entrepreneurs about the benefits of co-ops as a viable business model.

“This includes financially supporting the development and redevelopment of co-ops, providing in-depth co-op business partnership opportunities, and encouraging the public to consider co-op membership. Working directly with the BEDC, the Bermuda Government plans to introduce Bermuda’s first cooperative legislation in 2025.”

The Government spokesperson said, “Unlike traditional businesses, co-ops are for-profit enterprises owned by their members, who can be employees, consumers, producers, or any combination thereof. The three guiding principles of co-ops are democratic member control, open membership, and concern for the community. There are approximately 3 million co-ops worldwide, and about 12% of the global population – 1.2 billion people – are members of a co-op, which can include those in transportation, housing, grocery, or finance sectors.

“The BEDC will continue its initiatives in the cooperative sector in 2025. The second cohort of the Enterprise Bermuda Cooperative Incubator is set to begin on April 1, 2025, providing another opportunity for entrepreneurs and businesses in Bermuda to learn and implement the co-op business model. The BEDC will also celebrate the International Day of Cooperatives on July 5, 2025, and International Credit Union Day with the Bermuda Credit Union on October 16, 2025.

“In addition, progress is being made on the Walsingham Agriculture Co-op, with the aim of enabling graduate entrepreneurs from both the first and second cohorts of the Enterprise Bermuda Cooperative Incubator to establish and grow enterprises at the site.

“Individuals or groups interested in learning more about co-ops or in developing a co-op business in Bermuda can refer to BEDC’s ‘How To Start A Cooperative’ guide at bedc.bm, contact BEDC at 292-5570, or email info@bedc.bm.

“Join us in celebrating 2025 as the UN International Year of Cooperatives, along with the rest of the world.”

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