Getting Bermuda’s ailing economy back on track could take a few years, the chairman of the Island’s international business umbrella group said yesterday.

George Hutchings, who heads up the Association of Bermuda International Companies (ABIC) said that more than 5,000 jobs had been lost over recent years, while many people had their hours reduced and finding it hard to make ends meet.

Mr Hutchings added: “With this in mind, ABIC has been focused on a number of activities that will in the years to come be beneficial to Bermuda and to international business in the long term.”

He said ABIC members had highlighted the cost of doing business in Bermuda, immigration policy and the need for a business-friendly environment as crucial for success in the international sector.

And he added that a rebound from recession depended on growing jobs in both the international and domestic sectors.

But Mr Hutchings said: “Let’s be realistic — there are no quick fixes to the problems that have developed over several years. Our initiatives may take a few years to be felt within the local community, but we are confident that in time Bermuda can thrive again.

“As I said, we are all in this together and ABIC is determined to do the things necessary to balance and serve the interests of Bermudians, while pursuing policies that enable our businesses to thrive.”

Mr Hutchings was speaking at ABIC’s annual general meeting, held in Hamilton yesterday.

He told members: “International business’ interests are inextricably aligned with Bermuda’s. A healthy economy and social structure makes operating an international business in Bermuda easier.

“Airline schedules are more robust, there are more goods and services on offer to our businesses and our employers and their families, the cost of operating in Bermuda goes down, crime is likely to diminish, the list goes on.

“If international business is both locally and globally successful, Bermuda’s economy will in all likelihood follow suit.”

Mr Hutchings added: “Bermuda and the international businesses based here have been through stormy times over the past few years.

“As a Bermudian and an international business leader, I have to confess I’ve found it distressing. But we are in the this boat together and the only way to a successful future is together.”

Mr Hutchings said that four years of economic contraction had led to levels of unemployment “not seen since World War II”.

He added: “Much of that contraction has come as a direct result of a changing world for our businesses where we have had to make decisions to remain competitive in the global economy.

“As a result of both global and local pressures, international business’ economic contribution to the Island has shrunk and in the process it has had a significant effect on the level of employment on the Island throughout all sectors of the economy.”

Mr Hutchings said that ABIC had promoted strong relationships with Government, reforms to work permit policy and an end to term limits, as well as new incentives to attract overseas investors.

And he added that ABIC had also consulted with Government on the rising cost of healthcare and continued to support scholarships for young Bermudian undergraduates with a $500,000 fund.

And Mr Hutchings said the organisation had also hosted town hall meetings on subjects like crime trends, Government’s economic plans and immigration policy and carried out a major survey of its members in 2013.

Mr Hutchings added: “ABIC’s mission is to promote and preserve a sound business environment for international business in Bermuda and to ensure that we continue as the business domicile of choice.

“We will continue to work diligently with Government to develop a business environment that will retain jobs and attract new business to the Island.”