More than 90 percent of residents surveyed believe international business is the main driver of the Island's economy and that it has a positive impact.

Almost half believed that international businesses are leaving Bermuda because of a variety of reasons including Government's attitude towards them, guest workers, political instability or because of companies downsizing during the recession.

Those were some of the findings of the Bermuda International Business Association's (BIBA) annual local Bermuda Awareness survey of more than 400 Island residents.

The poll, which was conducted in October 2009, also found that 85 percent professed to have some knowledge of international business.

"It is heartening to hear such high-awareness of international business and such an overwhelming recognition of its importance to Bermuda by our residents," said the Association's CEO Cheryl Packwood.

"There are some underlying concerns which need to be addressed including a growing belief that international business is leaving Bermuda. Our association, the government and the broader business community are actively marketing our jurisdiction and the number of funds, companies and opportunities here for international business are continuing to grow."

Ms Packwood concluded: "Bermuda has an unprecedented opportunity to build on its success in international business by highlighting our strong regulatory regime, our reputation for excellence among our service providers and for providing innovative solutions that manage risks and solve complicated financial problems.

"Bermuda is without a peer when it comes to these areas and we are actively engaged around the world to promote these messages which will benefit Bermuda in the near and long term."

Specific findings included:

• The majority of residents (85 percent) expressed some knowledge of international business by offering a definition of what they believed it to be. Those definitions included: "A business that is owned by a foreign company but has a presence in Bermuda", "International Business is 'Very Important' / 'Necessary' for Bermuda;" and, "International Business is a 'big part of Bermuda's Economy' / 'Creates income/revenue' for Bermuda."

• Close to nine in 10 residents (87 percent) said that international business is the main driver of Bermuda's economy, followed by Tourism (eight percent) and the banking industry (two percent). When asked to rate how concerned they were about the sustainability of these three industries over the next 10 years, 90 percent were concerned about the sustainability of the tourism industry, 84 percent were concerned about international business, and 58 percent were concerned about the banking industry.

• Residents had a very positive opinion about the impact that international business has on Bermuda:

- More than nine in 10 (92 percent) agreed that it has a positive impact on the local community.

- 88 percent agreed that it offers attractive employment opportunities to Bermudians.

- 86 percent agreed that it provides useful educational opportunities for Bermudians.

- 75 percent agreed that it offers Bermudians the opportunity to work overseas.

• Almost all residents (93 percent) felt that the impact of international businesses leaving Bermuda would be negative, resulting in a "loss of jobs" and "a loss of income and revenue for Bermuda".

• Almost half of residents (49 percent) believed that international businesses are leaving Bermuda. The majority felt that this was because of "Government's attitude toward International Businesses", "guest workers" and "political instability" or due to "the downturn of the economy and recession - businesses are downsizing".

• When asked specifically about Government policies toward international business, 42 percent said that Government policies promote international business because Government realises that Bermuda's economy relies on it. Seventeen percent said that Government policies discourage international business by imposing "inflexible immigration policies" (e.g., six-year work permit rule, workforce equity bill) or "too many restrictions or fees" on international businesses.

Finance Minister Paula Cox said yesterday: "BIBA has been conducting this survey for more than a decade and its work in the community and particularly in our schools in recent years has helped to heighten the awareness of Bermudians to the importance of international business to the Bermuda economy.

"A majority of Bermudians now are aware that international business generates jobs, employment, salaries, rental income, training opportunities and scholarships for Bermudian families as well as the economic ties to local business. Their contribution to the economy is substantial as is their contribution to the quality of life in Bermuda.

"It is sobering that so many Bermudians are aware of the links between the leading economic sectors such as international business and the positive spin-offs in our quality of life.

"It is therefore incumbent on all of us as one unified community to maintain a positive environment so that international as well as local businesses may continue to thrive."

BIBA commissioned Research.bm to conduct a telephone poll with a random sample of 400 Bermuda residents aged 18 years and older.

The margin of error was +/- 4.9 percent and the total sample was weighted to be representative of Bermuda's population on the following factors: gender, age, education and nationality.