Government issues growth blueprint for business
“Action items” for jump-starting economic growth range from getting more than 100 residences open at Morgan’s Point in two to three years to building the island’s climate-risk finance and a modernised agricultural service centre.
Jason Hayward, the Minister of Economy and Labour, said that summaries would be issued for each phase of a five-point plan to grow the island’s economy over the next four years — beginning with local and international business retention and expansion.
Mr Hayward’s 63-page Economic Development Strategy, which was debated in the House of Assembly on June 30, won broad support from the Opposition.
The summary for local and international business divides them into economic drivers, employment drivers and growth opportunities.
The document highlights international business, real estate and the financial services and insurance sector as the island’s main economic drivers.
On the employment front, of the island’s 18,224 jobs last year, 4,642 were in international business; 3,957 in wholesale and retail; 3,883 in public administration; 3,269 in accommodation and food; and 2,473 in human health and social.
A working group will be tasked with assessing the market and delivering recommendations for policy or legislative changes, identifying “warning flags” and removing barriers to business development.
E-commerce will be encouraged for retail, and the Bermuda Tourism Authority has been charged with helping to build the island’s accommodation and food services.
Other tasks for the BTA will be increasing air and cruise service to the island, and improving domestic transportation.
The summary calls for wrapping up the consultation phase of the Bermuda Ocean Prosperity Programme and implementing the Marine Development Act.
The agricultural service centre in Devonshire is to be modernised, following on a proposal submitted to the planning department in January 2022.
The document also urges building on the island’s potential for climate-risk finance, and courting businesses to develop products within Bermuda’s digital-asset regulations.
Another working group would be tasked with executing Bermuda’s climate-risk finance strategy, while the island would continue hosting climate-risk summits.
The strategy would open up all of Hamilton for mixed-use housing and expand its economic empowerment zone in North East Hamilton to include the southeast of the capital.
After local and international business, the Government’s four other priorities for the strategy are business attraction and investment promotion; entrepreneurship and small business development; the continued execution of the Economic Recovery Plan; and investing in people.
Mr Hayward said that the ministry would issue summaries online for each priority in the weeks ahead.
• To read the summary of economic priority one, click on the PDF under “Related Media”.
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