Bermuda-registered international companies contributed nearly $1.3 billion to the Island's economy in 2000 - an increase of $77 million or six percent on the previous year.

The figure, released by Government yesterday in the long awaited International Companies 2000 report, represents 49.24 percent of the Island's GDP for the year which was $2.623 billion.

The report, prepared by Dr. Brian Archer, said that in 2000, there was an increase in Bermuda registered companies of 1,091 or 9.5 percent, bringing the total to 12,567 international companies on the Island at the end of 2000.

In a statement yesterday, Finance Minister Eugene Cox said: "The report reveals continued growth in the number of firms choosing Bermuda from which to conduct their international business and in the expenditures made by those firms in Bermuda. The report shows the continuing confidence that international companies have in Bermuda."

Mr. Cox added: "International business contributes enormously to the Bermudian economy with almost a quarter of the workforce directly or indirectly dependant on this sector."

The report says that international companies directly employed 3,224 people in 2000, 1,825 Bermudians and 1,399 non-Bermudians.

The report estimates that the economic activity resulting from the activities of the international companies directly and indirectly supports 9,450 jobs in Bermuda and strongly influences a further 4,670, a total of 14,120 jobs.

The 2000 Economic Review said the total number of jobs in Bermuda was 37,472, meaning 38 percent of people in Bermuda were either directly or indirectly employed or affected by international business in 2000.

According to the report, international companies spent $967.3 million in Bermuda in 2000, a 6.1 percent increase over the $912.1 million recorded in 1999. Of this total, $405 million was spent on salaries in Bermuda and a further $256.7 million was paid as professional fees or bank fees to Bermudian companies.

The report revealed that more than 30,000 business travellers, accompanied by approximately 15,000 friends and relatives visited international companies in 2000 and contributed $58 million to the Island's economy.

Of the 12,567 registered companies on the Island, 319 had a physical presence and these companies accounted for 79 percent of the total expenditures made by international companies even though they comprised less than three percent of the total number registered.

Government coffers benefited to the tune of $84.1 million through taxes, fees, duties and licenses to the public sector paid by international companies.

The report also said total Government revenue generated through the activities of international companies, including multiplier effects of households and businesses spending the income derived from providing services to the international companies, was $321 million.

Mr. Cox said: "These figures show the continued strength of international business in Bermuda. This sector provides growing benefits to the Bermudian economy in terms of jobs for Bermudians, profits for local businesses, businesses visitors that support our tourism industry and Government revenue.

"In the increasingly dynamic and competitive world of international commerce, our success in continuing to attract quality international business will depend on our ability to continue to provide prudent fiscal management, a responsive regulatory and legislative environment and a strong partnership between the public and private sectors."

"The contribution of the international companies to the economic growth and well being of Bermuda cannot be overemphasised. We continue to look to this sector as an important source of jobs and income to ensure a bright future for Bermudians."

Copies of the report can be purchased from Government Information Services in Global House on Church Street.