BDA Releases 2024 End Of Year Report
The Bermuda Business Development Agency [BDA] has released its End of Year Report 2024, highlighting what they said was a “landmark year of strategic transformation driven primarily by its transition to an Investment Promotion Agency [IPA] model.”
A spokesperson said, “This shift has enhanced Bermuda’s competitive position and reinforced its status as a world-class investment destination by enabling a more targeted, data-driven approach to attracting high-value investment.”
Managing Director Kendaree Burgess said, “This year marks a significant milestone for the BDA as we transition to an IPA model, ensuring our approach to investment promotion is more strategic, proactive, and impact-focused. By advancing diversification, strengthening investor engagement, and prioritising high-value opportunities, we are laying the groundwork for sustained economic growth in Bermuda.”
The spokesperson said, “The transition follows a three-phase approach designed to ensure a seamless and effective transformation:
- Phase 1: Competitive Readiness – Conducted benchmarking analysis, refined the organisational structure, and enhanced data-collecting capabilities.
- Phase 2: Foreign Direct Investment Readiness – Strengthened Bermuda’s position by refining industry focus, enhanced marketing and business development tools, and expanded investor engagement strategies to attract high-value investment.
- Phase 3: Implementation & Execution [Ongoing] – Currently deploying strategies and tools to drive long-term economic impact, sustain investment growth, and furter embed the IPA model within the BDA’s operations
“Key highlights from the report include:
- $500 million+ investment secured through the Economic Investment Residential Certificate [EIRC] programme.
- Bermuda was awarded top-tier ranking in the Smart Centres Index, affirming its leadership in financial services and technology.
- Plans are underway for the Sankofa House redevelopment into a boutique hotel, boosting Bermuda’s hospitality sector.
- Strategic global engagement, including a London and Middle East tour, to strengthen international investment ties.
- 2024 Bermuda Risk Summit generated an estimated $2.5 million in economic impact.
- Google’s Nuvem subsea cable project set to enhance Bermuda’s global digital infrastructure.
“The BDA also strengthened its leadership team with key appointments, including David Parker [Head of Business Development], Simone Gibbons [Head of Marketing, Communications & Events], and Olivia Joell [Stakeholder Relationship Manager], positioning the agency for future success.
“As part of its continued evolution, the BDA has announced new Board leadership. Michael Hanson has stepped down as Chair after supporting the agency through its strategic transition. He is succeeded by Susan Pateras, who now serves as Chair of the Board. Pateras, an Independent Director, brings a wealth of experience, strong industry relationships, and a long-term vision for Bermuda’s future.”
Reflecting on his tenure as Chair, Hanson said: “The BDA is now a more dynamic, results-driven agency, well-positioned to drive investment and growth for Bermuda. I am confident in Susan’s leadership and the Board’s collective expertise to continue building on this momentum.”
The spokesperson said, “The BDA welcomes new appointment, Aideen Ratteray Pryse, to the Board and extends its gratitude to outgoing board members Stuart Lacey and Greg Wojciechowski for their dedicated service. Lacey, who joined the Board in 2022, provided invaluable expertise, especially in fintech development.
“Wojciechowski, a member since 2015, played a pivotal role in enhancing Bermuda’s stature in the global financial services arena. Their contributions have been instrumental in guiding the BDA’s direction over the years.
“The BDA’s distinguished Board includes:
- Susan Pateras, BDA Board Chair – Independent Director
- Grainne Richmond, BDA Deputy Chair – Executive Vice President, Head of Captives, Aon
- Michael Hanson – Managing Partner, Carey Olsen Bermuda Limited
- George Thomas, Jr. – Independent Director
- Raymond S. Jones – Director, Economic Development Department, Government of Bermuda
- Aideen Ratteray Pryse – Permanent Secretary, Ministry of Economy & Labour, Government of Bermuda
“The BDA Board is composed entirely of volunteer, non-compensated members who generously dedicate their time and expertise to advancing Bermuda’s economic development.”
The full 2024 End of Year Report follow below [PDF here]:
