Bermuda is entering unprecedented times and needs to adapt to the ever-changing business environment in order to stay ahead of the game.That is according to former Premier Sir John Swan, whose company Challenger Banks Ltd is preparing to move into his state-of-the-art 141 Front Street building.Sir John believes that the Island must attract foreign wealth and individuals in order to boost economic activity and create jobs as another pillar to the economy.Bermuda had been impacted by the recession like everywhere else in the world, he said, but he reckons it has some potentially promising prospects if Government were to formulate the appropriate policies and legislation.“It’s within our grasp to create some additional economic activity in Bermuda but we have got to make some changes,” he said.One idea he has supported in the past is allowing foreigners to own condominiums and bring in their boats and planes and to come and go as they please, putting down their roots and managing their wealth here and serving as ambassadors for the Island, in turn stimulating the economy and leading to further employment.Sir John said he knew of a lot of people who were out of work and struggling to feed their families or put a roof over their heads and it was paramount to get them gainfully employed again in addition to earning foreign exchange in order to bring more capital in to the Island.He said that while international business, which accounted for 90 percent of the country’s GDP, had done well in the past it was time to find another string to Bermuda’s bow.“We have to ask what is the next industry that we build up and what would it take and how soon could we get it done?” he said.“We can’t wait until we have another adverse effect on one pillar of our economy as we did with tourism.“I’m sure the Government has several options - it can do it by way of the wealth management route, gaming provisions or by other forms of financial services.”Sir John said that due to the volatility of the international markets, the Island needed to find a sustainable solution that would benefit everybody from business to Government and residents.He said that Bermuda had a track record of embracing international business and people from overseas and needed to do so once more in order to put itself on the map again.He admitted that Premier Paula Cox had a tough job ahead in implementing a series of strong fiscal policies while increasing the country’s earning potential in the face of rising rates and a widening deficit.“She has got a tough job on her hands,” she said. “As Premier and Finance Minister she recognises the bigger picture where the country needs to be driven forward by economic activity so that jobs and opportunities are created, but in order to do this she must embrace the international community by making concessions somewhere along the line.“The 21st century is like nothing that has ever come before - it is no longer the ‘my way or the high way’ attitude - now we are competing with the rest of the world on a country and an individual basis and we must find ways to make people feel good about doing business in Bermuda and people want to be here to make their contribution.”Sir John said that with business being done in multiple regions across the world Bermuda needed to go looking for the trade rather than waiting for it to come to its shores.He said that while technology was playing an even bigger role than before, human relationships would be key to the Island’s future success, particularly with the outside world.“It really is a different world we are going into,” he said. “I don’t know what the end product is going to be, but this new world is moving very fast and if you don’t keep up with it you will be left behind.”Sir John said that while Bermuda still maintained a good relationship with its biggest trade partner the US, America’s priorities had changed as it aggressively pursues every possible source of income and it was up to Bermuda to build on those links and extend other ones with the likes of emerging nations such as China, Russia and India.Sir John said that his building is 77 percent rented, with Ironshore, MS Frontier Reinsurance Ltd and Dyna Management having already moved in at the end of 2010 and earlier this year and Bermuda Environmental Energy Sustainable Group due to have its offices fitted out by July and another unnamed client taking over the ninth floor.The bistro is set to be completed soon and the water fountain will be in place in three to four weeks.“The development of building is going well,” he said. “The tenants are happy with the gym, amenities and parking and the views it has to offer.“It is important that the staff have a good environment to come to work in.”Challenger Banks will also be relocating from the Swan Building - which there has been some interest in according to Sir John - to the top floor to manage the property.