BERMUDA is a small island state that now depends on the international business to provide it with almost 80 per cent of its Gross Domestic Product (GDP). Without an alternative developing industry, Bermuda finds itself with conflicting objectives, i.e., to make provisions for those less fortunate and to make opportunities available to those who have acquired the prerequisites to participate in this industry.

If Bermuda overplays its hand in the process of satisfying one or the other, it could lose a portion, if not the whole, of the business we so much depend on. It is, therefore, imperative that any steps taken should be well thought out and we cannot and should not, as we seem to be doing recently, turn it into an issue of race and or political expediency.

The world really has changed and Bermuda is no longer a premier choice of destination unless we choose to make it so as we did in the past.

Social responsibility and economic prosperity have an incestuous relationship. That is, you cannot achieve an acceptable degree of social responsibility without economic prosperity. The two are inextricably linked.

One is dependent on the other. This, in simple terms, means we cannot meet an array of social and educational services without economic growth. Some argue that economic growth should be slowed down. If you slow down economic growth, this will put Bermuda in a paradoxical situation. Bermuda will not have the economic means to meet some of our most pressing social needs.

Are we really prepared to go backwards in trying to fulfil our social responsibilities such as better pensions, housing, cutting edge health care (here and abroad), senior citizens' wellness and jobs without realistic training for these jobs?

We must not forget that we will need to upgrade and maintain a very expensive infrastructure, to name a few ? roads, buses, ferries, waste disposal, water, hospitals, and educational institutions. The above essential social services cannot be achieved without economic growth.

OUR economic growth has, for the most part, been well managed and has created one of the highest standards of living in the world. Bermuda has achieved what so few, if any, other country has achieved ? the largest per capita middle class society in the world.

This is manifested through education and the array of opportunities and other social services, together with unearned rental income by a significant sector of our "working class" Bermudian population.

Almost one-third of our workforce is imported labour who cannot own property and, therefore, rent mainly from middle-class Bermudians. By far the majority of residential rents are in the hands of black Bermudians, while the majority of commercial rents are in the hands of white Bermudians.

Economic growth of our economy has been very lopsided. Obviously international business has had a tremendous growth over the past 30 years while tourism has had a steady decline.

Some of the reasons for the decline of tourism are that we did not adjust to changing market forces as well as we should, and sufficient capital was not spent to enhance existing properties.

Tourism's decline in the late 1960s and '70s also was fuelled by demands of unions that influenced how management conducted their affairs. The militant and sometimes violent demands hampered management from managing their properties and investments and discouraged any new investments in their properties.

We must encourage economic development to meet our social responsibilities. No amount of intellectual and political gymnastics should remove us from these responsibilities. Sustainable development should be well thought out and must not do anything to interfere with the marketplace that we so greatly depend upon for our economic survival.

We must do everything to continue to create the social and political environment that International and financial sector can continue to prosper in the interest of all Bermudians. Our economic survival depends on it.

International business is completely driven by the global economy with oversight by local and international institutions and we do not have any foreseeable alternative to ensure the country's economic and social security.

Bermuda has to be governed in the context of the present world order. In this present world order, big nations are feeling vulnerable because of global distribution and redistribution, and small nationals will be under threat by this attitude.

Thus the impact on small countries through excessive regulations from organisations such as the OECD, the SEC, the Attorney Generals, particularly in the US, and many of the other world bodies that evaluate and set government standards of conduct influence or force the manner in which small countries must conduct their business.

We all need to share in a dialogue about where the world is going and what can we do to continue to allow Bermuda to prosper and fulfil its social responsibilities. This task will not be easy, particularly, with so many varying opinions about what Bermuda is and isn't.

I am prepared to say boldly that right now Bermuda is better off in relative terms than most, if not all, countries in the world. We all want to make it better but let's not destroy it because of individualism and self-serving attitudes.

If we are truly at the leading edge of an information technological revolution, we should try to determine what components will help us to maximise our economical and social development.

We as a small country need to retain a level of relevance with the potential to fulfil our social responsibility and maintain our economic prosperity. We cannot do so without good governance. Good governance impacts on every phase of our lives.

We need to be known to the world for not only our prosperity and natural beauty, but for our good governance. Efficiency, honesty, integrity and tolerance should be the order of the day. This reputation we need to earn for the world to see.

We have the unique opportunity to develop a community where honesty, integrity, tolerance, prosperity, social harmony, good governance and the love of our country are very transparent. If we succeed we would have made a significant contribution to the world order as a country in harmony with each other and our physical environment.

Bermudians do not just want to be better off economically, with secure, well-paid jobs. They do not just want public services that are efficient and effective. They do not just want crime reduced to a minimum. They just do not want Bermuda to be a place that lifts energy, morale and passions.

They want a place where streets and public spaces are clean and where the environment is not just an afterthought. Bermudians want Bermuda to be an even better place to live. This to me would truly be sustainable development that is relevant to all and for all.