The Bermuda Business Development Agency is shifting gears.

It is now operating as an Investment Promotion Agency and aiming to bring in investment that leads to more than headlines.

Kendaree Burgess, the BDA’s managing director, said the change was about getting smarter and more targeted when it came to growing the island’s economy and offering what she called “real opportunities” for Bermudians.

“We are expanding our focus to support financial and insurance technology, private wealth, infrastructure investment and the blue economy,” she said.

“These areas align with global economic shifts and the Bermuda Economic Development Strategy.”

The BDA is not only trying to attract new companies. A big part of the plan is encouraging businesses already based in Bermuda to reinvest in the island.

“Reinvestment is a critical driver of foreign direct investment,” Ms Burgess said. “Globally, over 50 per cent of FDI comes from businesses reinvesting where they already operate. Bermuda should be no different.”

That could mean upgrading buildings, launching new projects or bringing in new jobs. The BDA is also looking beyond the island’s usual industries, such as reinsurance, to areas such as tech, infrastructure and climate-related business.

The shift will not come with a bigger budget. “We’re not spending more and we’re not spending less,” she said. “We are spending smarter.”

That includes hiring new staff to help with research, investor outreach and support for companies already on the island.

David Parker, an international investment specialist originally from the UK, has been brought on as head of business development and new managers are expected to join soon.

The BDA also plans to keep promoting Bermuda abroad. However, Ms Burgess said they would be more selective.

“Our focus is on outcomes and impact, not just brand awareness,” she said. “Every engagement should lead to tangible opportunities for Bermuda.”

And while job creation is one of the goals, Ms Burgess said the bigger picture was long-term growth.

“This is about creating new industries and career paths beyond traditional sectors like construction and reinsurance,” she said. “We need to attract businesses that bring fresh opportunities, whether that’s in technology or specialised services.”

She said the IPA model was a long game. “It often takes three years or more to translate into tangible outcomes,” she said. “Right now, we are laying the foundation.”