Premier Michael Dunkley spoke at the 2015 Toronto Global Forum today, emphasising the Island’s role in the global economy.

According to a statement issued this evening, Mr Dunkley joined Prime Minister Keith Mitchell of Grenada, Premier Orlando Smith of the British Virgin Islands and Prime Minister Michiel Eman of Aruba at the forum.

A spokeswoman said: “As a panellist the Premier touched on several areas including Bermuda’s leadership in financial services, the Island’s contribution to the global economy, the importance of tourism, and the Island’s steps toward energy reform.

“In particular, the Premier pointed out Bermuda’s positive impact on the global economy, and how major trading nations such as the US, Canada and the UK, acknowledge Bermuda’s sterling usefulness to their economies, especially in the provision of innovative solutions to business issues.”

On the subject of tourism, Mr Dunkley said that while it may not be the major contributor to the Island’s GDP, it was an area of shared regional strength.

Noting the warming relations between the United States and Cuba, he said: “Cuba’s inclusion as a direct visitor destination for American travellers will have a sizeable impact on many tourism industries, including ours. Our position in the Northern Atlantic provides some insulation.

“That said, Cuba certainly has the potential to consume a great deal of the tourism industry investment capital available on the world’s market. If tourism is to remain the main industry for the region, then there must be a combined effort to preserve the environment and ensure that investment in the region is sensitive to that need.”

He also emphasised the need to look outside of traditional markets moving forward and seek investments and partnerships with nations like India or emerging countries in Europe.

Mr Dunkley also said Bermuda’s energy sector is demonstrating “innovation and evolution” and moving forward with policy and legislation to open up competition.

“Through an improved regulatory regime, which will take effect later this year, we will be evaluating new developments in energy that are highly reliable, while at the same time are also environmentally sustainable, secure and affordable,” he said. “Our energy future will have to be based on an integrated and holistic solution that is economically viable.”

The Premier, who is accompanied by Cabinet Secretary Derrick Binns, is scheduled to return to the Island tomorrow.