Barack Obama's election as US president could bring an indirect boost to Bermuda business — if the Island's governing party embraces the message of inclusiveness that propelled the Democratic candidate to a resounding victory this week.

That is the view of former Finance Minister and United Bermuda Party MP Grant Gibbons, who believes Government could learn much from Senator Obama's approach, particularly in their relations with the international business sector.

"Hopefully, Mr. Obama's vision of working together and inclusiveness will have a strong influence on politics in Bermuda as we go forward," Dr. Gibbons said.

"In the last election, we saw a divisive and racially polarised Progressive Labour Party campaign, which was the antithesis of the way Mr. Obama ran his campaign, and which was unsettling for the international business community."

Dr. Gibbons described the election as a defining moment and a generational change, with Sen. Obama bringing with him the support of a broad alliance of people.

"I'm hoping that Mr. Obama's message of inclusiveness spreads to Bermuda, to allow us to create a more welcoming environment, not only for international business, but for everyone," Dr. Gibbons added.

With widespread concern in Bermuda about Sen. Obama's promise to "shut down the tax havens" and the economic downturn hitting Americans hard, Dr. Gibbons said there would likely be political pressure for the US to look to Bermuda, and other external sources, to raise badly needed revenue.

This pressure could be ratcheted up by the populist desire to find scapegoats for the economic mess, as public sentiment turned strongly against the financial sector.

"I'm concerned that there's going to be an effort to find and punish the guilty that may influence a Congress which is more heavily Democratic and populist," Dr. Gibbons said. "Tax havens could be seen as complicit in what has led to these financial problems in the US.

"So it's very important for Bermuda to differentiate itself as more of an insurance jurisdiction, as opposed to an offshore banking centre. We have to show that we're instrumental in providing risk capacity to the US and that we pay a large amount in claims."

The reaction against tax havens was a worldwide phenomenon, he added, with France and Germany leading an aggressive assault. The new Obama administration could be a willing partner in any anti-tax haven drive, meaning it was all the more critical for Bermuda to differentiate itself from less respectable offshore jurisdictions and emphasise the Island's value to the US economy.

That message would be increasingly difficult to get across to US policymakers in the current economic climate and the Government needed to do more, he said. "There needs to be much more than a few photo opportunities," Dr. Gibbons said.

"There's been a lack of a real, sustained effort by the PLP Government over the past ten years in developing key relationships with legislators. The Association of Bermuda Insurers and Reinsurers (ABIR) has done a lot of important and effective work on an industry level, but Government needs to do more."