Bermuda is economically and socially at a critical crossroads. Globalisation is affecting our international competitiveness in tourism and international business.

We are faced with a range of current and emerging challenges. These challenges are not partisan issues and the solutions will not be, either. Arguably though, the most urgent challenge is to re-energise our economy with innovative ideas and new enterprises. Our economic challenge dominates every major public policy and social programme.

The message we send to business partners and potential investors needs to demonstrate that we have moved on from the archaic protectionism of the past. We need to demonstrate in a tangible way that we are open for business.

When I heard the news of September 22 that multijurisdictional law firm Harneys had established business in Bermuda, I felt immensely encouraged. It followed an announcement back in the spring that another firm, Walkers, would also open an office here.

I am an advocate for the expansion of Bermuda’s legal sector, as well as the banking system and the telecommunications arena.

Opening up our economy makes us more competitive, more flexible, and with a wider menu of services for consumers, together with the creation of quality jobs for Bermudians and stability for our economy.

The message in this article is that we need to invite multijurisdictional law firms, banks and telecommunication firms and international companies to help re-energise our economy.

We cannot look dismissively at these changes. To do so would be to live nostalgically in the past, pretending that the status quo would economically protect us from the rapidly changing world.

In our present economic state, we should not be held by the policies of the past but be orderly guided by the processes of change.

While my message is serious, things are far from hopeless. Yes, the challenges are formidable but they are not insurmountable.

Bermudians are wise, capable and resourceful people but we cannot prosper without embracing new forms of economic activities which add foreign exchanges and jobs to our economy. I am firmly of the view that social justice cannot prosper without economic growth and political stability. Unless social justice is founded on economic growth, its content will be too stunted to satisfy any reasonable sense of justice.

Economic growth, more often than not, offers greater opportunity, tolerance of diversity, social mobility and a commitment to fairness.

We need to act, and act soon. We all need to be part of the solution by applying our collective energy, expertise and experience to problems.

Instead of worrying about a competitor stealing our lunch, we should be looking to see how we use this positive development to grow the pie. By making some difficult decisions and by accepting some degree of shared sacrifice, we can ensure a brighter future for our country, for our children and grandchildren, and for those who follow them.

As a country, we need to determine where we are in the marketplace of consumer expectations and if we are not there, then what must we do to get there. It might mean we will have to remove barriers that allow us to offer our customers what they want. If it means removing the barrier of 60 per cent ownership of commercial businesses we should, but not for the 60 per cent ownership of commercial real estate.

To do this would restore a market economy in Hamilton that provides products and goods that the consumer needs, thus creating employment opportunities for people who do not fit into the tourist service business or international service business.

If we believe we have an obligation to our people, we should do what is right for them; don’t just talk the talk, but walk the walk.

Sir John Swan was the Premier of Bermuda from 1982 until 1995