Column: Hayward On Economic Development
[Opinion column written by Minister Jason Hayward]
Bermuda’s economy continues to demonstrate resilience and growth. We have maintained our position as a leading international business jurisdiction, attracted investment and created opportunities for economic expansion. However, economic growth must mean more than positive statistics. It must translate into meaningful improvements in the everyday lives of Bermudians.
As our economy grows we must be inclusive so that Bermudians must gain greater ownership, opportunity and economic security. We will be committed to the development of a New Economy Strategy that builds on our traditional strengths while positioning us for emerging opportunities which will place inclusive economic development at the central policy aim. Inclusive economic development means deliberately connecting economic growth with opportunities for Bermudians to participate, advance and build wealth.
This means we will ensure Bermudians benefit from better jobs and higher wages.
This requires stronger workforce development, expanded apprenticeships, professional training and clear career pathways into high-paying industries. Bermudians must have genuine opportunities not only to enter growing sectors but to advance into leadership positions. Economic growth and social inclusion cannot be treated as separate objectives, creating more Bermudian business owners will be a priority.
Through a Bermuda Entrepreneurship Blueprint we will create more Bermudian entrepreneurs, successful small businesses and opportunities for local investment. Through improved access to financing, government procurement and business development support, we will ensure that more economic wealth remains within our community. We should also encourage cooperatives and other models that allow working people to participate more directly in wealth creation.
Through the National Economic Cooperation Committee we will ensure our international partnerships and economic diplomacy generates tangible opportunities for Bermudian businesses and workers.
Our vision is to build an economy where young Bermudians see a future, workers can advance, entrepreneurs can succeed and families can build generational wealth. The New Economic Strategy will be the link between Bermuda’s economic development priorities and a new National Social Development Strategy. Together, they provide a coherent national framework for economic growth, social mobility and shared prosperity that works for all of our people.
- Minister Jason Hayward
