Deloitte: immigration reform is critical to Bermuda’s success
Immigration reform is the key to the success of most initiatives in Government’s new economic development strategy, a leading professional services firm has said.
Deloitte, releasing its synopsis of the strategy unveiled last Thursday by Jason Hayward, the Minister of Economy and Labour, wrote: “The EDS identifies several initiatives around immigration reform as an economic lever.
“Deloitte views immigration reform as a foundational success factor that will enable or disable the success of most initiatives in the EDS.
“Deloitte specifically views policy reforms that drive the retention and expansion of the working and residential population of Bermuda to be critical.”
It added: “The EDS also acknowledges the importance of making Bermuda an easy place to do business, identifying initiatives in company and real estate ownership, attracting infrastructure investment, enacting regulatory reform, and enhancing engagement between the Government and the business community.
“Deloitte views these initiatives to also be foundational to the achievement of the EDS. Such measures enhance Bermuda’s ability to attract new investment and stimulate activity across all sectors.
“Deloitte sees these initiatives, hand-in-hand with immigration reforms, as having the potential to transform the economy.”
Reviewing the five broad initiatives in the EDS, the firm said: “Deloitte recommends a prioritisation of the initiatives based on the following criteria: ease of execution, anticipated value of economic impact, and anticipated speed of economic impact.”
Deloitte highlighted initiatives centred on Bermuda’s workforce.
“These initiatives include the continued pursuit of the objectives within the National Workforce Development Strategy and the Youth Employment Strategy, as well as the creation of a National Certification and Apprenticeship programme.
“Deloitte believes such measures and others are key to ensuring Bermudians are qualified to participate fully in all sectors of the economy, including IB, professional services, financial services, technical trades, tourism and hospitality, and entrepreneurship.”
On the question of internal threats, Deloitte said, the EDS identifies the ageing population, emigration and the anticipated shrinking of the Bermuda workforce as significant issues.
“Deloitte agrees that these present significant risks to the economy, and identifies the level of government debt as an additional, internal threat.
“Deloitte would expect the achievement of the key initiatives of the EDS to have a significant positive impact on government revenues and, as a consequence, enable the government to begin to pay down the debt.”
Deloitte said it views the redevelopment of the Hamilton waterfront as an opportunity that could be transformational for the City of Hamilton and for the country as a whole.
See Related Media for Deloitte’s Synopsis of the Government of Bermuda’s Economic Development Strategy
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