The Bermuda Economic Development Corporation has thrown its support behind the growth of the co-operative business model on the island.

It has made the call to coincide with International Day of Co-operatives, which has the theme “rebuild better together”.

The organisation said co-operatives have responded to the Covid-19 crisis by drawing on the strength of the co-operative model to assist members and work towards the wellbeing of people and respect for the planet.

It added that Covid-19 has underscored the importance of the seventh co-operative principle, which it said is “concern for community”.

A spokeswoman for the BEDC, said: “As we collectively look to rebuild from the damages that Covid-19 has brought to Bermuda, economically and socially, this principle will be at the forefront of our recovery.

“While there are few co-operatives in Bermuda today, we have seen from the response of the global co-operative movement that no one has to face a crisis like the pandemic on their own.

“At BEDC, we believe that one of the responses to rebuild back better is for the growth of co-operatives in Bermuda.

“As a human-centred business model founded on the co-operative values of self-help and solidarity and the ethical values of social responsibility and 'concern for community' co-operatives can play a role in reducing inequality, create shared prosperity and help Bermuda build back better from Covid-19.

“The Economic and Co-operative Development Unit at BEDC continues to engage persons interested in co-operatives and develop the policy framework to assist new and existing co-operatives in flourishing.

“As part of the post-Covid recovery for Bermuda, we are eager to restart our training and education programmes on co-operatives and work towards developing a vibrant co-operative ecosystem in Bermuda as we advance!”