Bermuda's up and coming young professionals need to take charge of their country's future right now in order to bring it back from the brink.

That was the stark message delivered by Former Premier Sir John Swan to attendees at the Bermuda's Emerging Professionals (BEPRO) Annual General Meeting held at the Chamber of Commerce yesterday.

Sir John told delegates they had a big part to play in saving the ailing Island and that they needed to start turning things around sooner rather than later. He also put forward a raft of wide reaching measures to help cure the country of its ills.

"These are deeply troubling financial and social times for all of us," he said. "Bermudians and residents have felt great anxiety about their jobs, finances and their future.

"Yes, these challenges are formidable, but they are not insurmountable. Moreover, it is within these challenges that your opportunity to provide leadership and service resides."

Sir John urged the audience to plan ahead and to make a notable contribution to their community and professions, as well as opening the doors for their own success and that of Bermuda rather than waiting for something to happen.

He said that Bermuda's economy was in serious trouble, with unemployment rising and wealth being eroded, and was facing the same problems as the rest of the world as a result of the change it had undergone since the fall of the Berlin Wall, the collapse of the Soviet Union and communism and the subsequent rise of capitalism, which had had a knock-on effect on today's economic situation.

"We all thought we could enjoy the spoils of change without taking on the responsibility for it," he said.

"Bermuda and most of the world has had the highest level of economic activity for the past 20 years but we are now experiencing a downturn.

"We live better than 99 percent of the world's population, yet when you look at the things that are happening in Bermuda you would not think so."

Sir John said that the Island should be looking at achieving something similar to the tax treaty he brokered with the US during his term in office, which took six years to accomplish, but resulted in 20 years of unprecedented economic activity subsequently.

He said that situation was reflected in the position the country found itself in today with the western world countries putting up economic barriers and taxation, as well as becoming very insular in their outlook, but it was up to Bermuda to carve out its own destiny and determine a means to get there.

Sir John went on to say that the country's tourism industry was virtually dead and international business — the one pillar left of Bermuda's economy — was under threat, and time was of the essence to halt that decline and start the economic revival in order to continue to enjoy the success it had previously seen.

He stressed the importance of finding a niche to attract people and companies to do business with Bermuda and set up their operations here to do so, using a solid infrastructure including a strong health care, telecommunications and professional services, while realising the limitations of size and population.

He proposed to:

• Extend the boundaries of the City of Hamilton.

• Develop high rise departments for Bermudians and non-Bermudians in suitable areas.

• Draw up industrial, commercial and residential zones in Hamilton.

• Introduce a transport system to shuttle people around the city.

• Provide long-term or permanent residency for high net worth individuals to enable them to manage their assets and bring in key employees through domiciling in Bermuda.

• Remove the impediment of people bringing their boats and planes to the Island.

• Setting up a marina in Hamilton for yachts and parks for activity, including a casino and other social activities.

• Set up a task force to look into boosting commercial activity, viability and profitability to benefit the country as a whole.

"I believe in the future of Bermuda and I believe Bermuda probably has the greatest potential in the future of any country in the world," he said.

"We have still got a jewel and the question is how do we preserve it?

"You, as the young professionals of Bermuda, are the treasure trove that can make a difference and others will join you when they see what is happening here.

"We have not fallen yet, but we are getting very close. Before we bury Bermuda let's make sure we have given it a fair chance to succeed."