The Bermuda Business Development Agency has released its end-of-year report for 2024, which highlighted a landmark shift to an Investment Promotion Agency model. This transition aims to enhance Bermuda’s global competitiveness by adopting a more targeted, data-driven approach to attracting high-value investment.

Kendaree Burgess, the managing director, said: "This year marks a significant milestone for the BDA as we transition to an IPA model, ensuring our approach to investment promotion is more strategic, proactive and impact-focused. By advancing diversification, strengthening investor engagement and prioritising high-value opportunities, we are laying the groundwork for sustained economic growth in Bermuda.“

The transition, according to the report, follows a structured three-phase plan. The first phase focused on competitive readiness, with the BDA conducting benchmarking analysis, refining its organisational structure and enhancing its data collection to better assess Bermuda’s standing in global markets.

In the second phase, the agency refined its industry focus, strengthened its marketing and business development tools and expanded strategies for engaging investors. The final phase, now under way, will implement these strategies to drive long-term economic impact.

Among the key achievements outlined in the report, the Economic Investment Residential Certificate programme secured more than $500 million in investment.

Bermuda received a top-tier ranking in the Smart Centres Index, reinforcing its leadership in financial services and technology.

The report also highlighted major infrastructure investments, including the redevelopment of Sankofa House into a boutique hotel, and major global outreach initiatives, including a London and Middle East tour aimed at strengthening international investment ties.

The 2024 Bermuda Risk Summit generated an estimated $2.5 million in economic impact, while Google’s Nuvem subsea cable project is set to enhance the island’s digital infrastructure and global connectivity.

As part of its leadership changes, Michael Hanson has stepped down as chair of the board, handing over the reins to Susan Pateras.

Reflecting on his tenure, Mr Hanson said: "The BDA is now a more dynamic, results-driven agency, well positioned to drive investment and growth for Bermuda. I am confident in Susan’s leadership and the board’s collective expertise to continue building on this momentum."

The agency also welcomed a new board member, Aideen Ratteray Pryse, while bidding farewell to longstanding members Stuart Lacey and Greg Wojciechowski, both of whom played key roles in Bermuda’s financial sector development.