INTERNATIONAL companies spent close to $970 million in Bermuda in the year 2000 with a further $58 million injected into the local economy by travellers visiting here to conduct business with them.

In separate statements, Government and the Bermuda International Business Association (BIBA) agreed that the statistics, released yesterday with the Archer Report, underline the important contribution international companies make to the island's economic growth and well-being.

"The Archer Report is further acknowledgement that international business in Bermuda continues to grow and is playing a dynamic role in the success of Bermuda's economy," Richard Calderon, Chief Eexecutive Officer of BIBA, said.

"While the number of companies registered in Bermuda pales in comparison to other jurisdictions, the report underscores the tremendous quality of the businesses attracted to the island. Bermuda's economic stability, effective regulatory environment and the partnership between the public and private sector remain important factors that are helping the growth of Bermuda's international business community.

"We are confident that Bermuda will continue to have success in the year ahead and will remain an attractive choice for high-quality, substantive and significant international business."

An independent study carried out annually for the Ministry of Finance by British economist Dr. Brian Archer, the report examines the impact of international companies on Bermuda.

"The report reveals continued growth in the number of firms choosing Bermuda from which to conduct their international business and in the expenditures made by those firms in Bermuda," Finance Minister Eugene Cox added.

"The report shows the continuing confidence that international companies have in Bermuda. International business contributes enormously to the Bermudian economy with almost a quarter of the workforce directly or indirectly dependent on this sector."

Other figures released by the report:

There were 12,567 international companies registered in Bermuda at the end of 2000, representing an increase of 1,091 in the previous year.

The 319 international companies with a physical presence in Bermuda accounted for 79 per cent of total expenditures by international companies despite the fact they comprised less than three per cent of the total number registered, underlining the importance of companies with a physical presence.

International companies spent $967.3 million in Bermuda in 2000, as compared to $912.1 million recorded in 1999. Of this total, $405 million was spent on local wages and salaries and $256.7 million paid as professional or bank fees to Bermudian companies.

The public sector received $84.1 million in taxes, fees, duties and licences from international companies. This number increased to $321 million if one considered the total Government revenue generated through the activities of international companies, including the multiplier effects of households and businesses spending the income derived from providing services to the international companies.

International companies directly employed 3,224 people in the year 2000 - 1,825 Bermudians and 1,399 non-Bermudians. It is estimated that the economic activity resulting from the activities of the international companies directly and indirectly supports 9,450 jobs in Bermuda and strongly influences a further 4,670.

Total income, including secondary effects, generated by the international companies for the Bermudian economy was $1,292 million.