The Bermuda Business Development Agency is moving forward in its mission to attract high-value foreign direct investment with the launch of an investment promotion agency model.

The BDA said this transformation focuses on delivering measurable economic outcomes while creating jobs, driving business incorporations, and strengthening Bermuda’s position as a premier global investment destination.

Spearheading the transition is managing director Kendaree Burgess, who said: “The transition to an IPA model redirects our focus to attracting FDI that leverages Bermuda’s unique strengths and supports our economic goals.”

She said the BDA will prioritise sectors with the highest potential to diversify the economy, boost gross domestic product and advance key components of the Government’s economic development strategy.

“This year marks a significant milestone in the BDA’s evolution,” Ms Burgess said. “The IPA model is not just about strategy; it is about delivering measurable, meaningful outcomes for Bermuda’s economy — things that matter to ordinary Bermuda residents, such as expanding opportunities across diverse industries.”

Over the next six months, the BDA will focus on engaging with industry leaders and building partnerships that place Bermuda as a leader in global investment.

By focusing on key metrics such as business incorporations, long-term investments and the growth of enterprises on the island, the BDA is positioning Bermuda as a premier investment jurisdiction.

Ms Burgess joined the BDA in March 2023 as chief operating officer, bringing with her 25 years of experience across a range of sectors including financial services, hospitality and healthcare. She is also a former chief executive of the Bermuda Chamber of Commerce.

The BDA has bolstered its leadership team to drive the new strategy. David Parker, head of business development, and Simone Gibbons, head of marketing, communications and events, will drive targeted market engagement and branding.

Olivia Joell has been promoted to stakeholder relationship manager, a new role created to deepen engagement with local industry and encourage reinvestment in Bermuda.

“Recognising that a significant portion of FDI globally comes from reinvestment by companies already operating on the ground, this role is essential to fostering long-term partnerships and helping local and international businesses see continued opportunities for growth and success,” a BDA spokesman said.

The BDA is pledging to provide Bermuda with clear evidence of the IPA model’s effectiveness through transparent reporting and concrete results.

“By prioritising outcomes that benefit everyday residents, we will demonstrate its success and impact on the island,” Ms Burgess said.

BDA board member Susan Pateras called the adoption of the IPA model a bold step that equipped the agency to meet the evolving needs of investors.

“None of this would have been possible without the support of our government and our industry partners,” she said. “Under Kendaree Burgess’s leadership, the BDA is well positioned to achieve tangible economic growth. Successful investment promotion requires a collaborative effort, and we are committed to working closely with Government and local stakeholders to create an environment where businesses can thrive.”