A plan designed as an economic lifeline for an economy hammered by the coronavirus pandemic was unveiled in the House of Assembly last night.

Curtis Dickinson, the finance minister, said the economic recovery plan included 31 priorities to boost medium-term economic growth.

Mr Dickinson said: “Government recognised at an early stage that it was important to proactively consider what would be needed to take Bermuda beyond the pandemic.”

”We cannot afford to be complacent and timely and prudent action to address these issues is required.

“The government has developed a plan to stimulate job growth, tackle inequality and help shape the future of Bermuda.

“The economic recovery plan is a forward looking plan that aims to deliver a better, more inclusive future for everyone in Bermuda.”

He added the plan combined financial responsibility with a path to growth, more employment and greater economic equality.

David Burt, the Premier, said the plan was an “all-Government effort” and told MPs he was “certain” the island’s first casino would be up and running this year.

He added a business plan for a national digital bank was set to go to the Cabinet at the end of this month.

Mr Burt said he intended to update the house on the “key and critical initiative” before the House rose for the summer.

The economic plan included support for specific sectors, economic diversification, labour market interventions, and efforts to accelerate digital transformation.

Wayne Furbert, the Minister for the Cabinet Office, said plans to diversify the economy would “create jobs, jobs and more jobs and grow government’s revenue”.

He said construction of a shoreside fish factory in St David’s to boost the fishing industry would be completed by November.

Mr Furbert told MPs that 376 tons of fish were caught by island fisherman in 2019, but imported fish the year before amounted to about 2,000 tons.

He said: “There is great opportunity by creating and developing a shoreside facility where our fishermen can drop off their products and go back to sea and fish.”

Mr Furbert added longline fishing offered “a significant opportunity for fishermen to get involved”.

He also told the House medical tourism could create jobs and bring visitors to the island year-round.

Mr Furbert said that vertical farming was another potential addition to the economy.

But Cole Simons, the Opposition leader, insisted Bermuda needed to show it was “really open for business and not continuing with historic protective measures” to win investment to aid recovery.

Mr Simons told the House the economic recovery plan was “noble”.

But said he was surprised to see no “stress testing” in the plan against a resurgence of the pandemic.

Mr Simons told the House more had to be done to draw in investors for Bermudian businesses and ensure cash were kept in the country.

He highlighted $127 million paid out annually on debt interest.

Mr Simons said the island needed a “professional prospectus” to tout its potential around the world.

He appealed to the Government to look west and mount a stronger defence against allegations from the United States that the island was a tax haven.

Mr Simons questioned the potential for medical tourism, and said the subject had been “on the agenda, off and on, for the past 20 years”.

He said the King Edward VII Memorial Hospital was already at capacity.

He suggested the country should examine a model such as Health City in Cayman to attract high net worth medical visitors.

Susan Jackson, an Opposition MP, questioned if there would be a market for medical tourism because of the island’s high medical expenses.

She said Bermuda already had a shortage of medical staff and questioned if existing staff would be lured into the private sector if a private centre was created.

Ms Jackson asked: “Would we have an exodus of those in Bermuda hospital into private hospital and we are left stranded?”

Jason Hayward, the labour minister, said the island’s economic investment certificate was continued to attract interest from overseas.

Mr Hayward revealed that the Wage Commission would be ordered to fast-track its next report on a living wage in six months’ time rather than one year as planned.

Lawrence Scott, the transport minister, highlighted new air routes and said the Viking Cruises ship now home porting in Bermuda had just taken on four tons of fuel at Dockyard along with food and other supplies.

Mr Scott predicted the recovery plan would deliver a “renaissance” for Bermuda.

Walter Roban, the home affairs minister, outlined growth potential from the national space strategy, telecommunications and the energy sector.

He said the establishment of a green energy fund would bring down the cost of living and the cost of investment by people considering investment in the country.

But Michael Dunkley, an Opposition MP, said the plan lacked detail and that there was too little emphasis on the two main pillars of the economy – hospitality and international business.

He added: “People cannot recover on hope, people cannot recover on dreams – people require opportunity.”

Lieutenant-Colonel David Burch, the public works minister, said he hoped to see affordable housing among capital projects designed to boost the economy.

Colonel Burch said he wanted to see a budget approved soon by the ministry of finance to renovate 24 housing units.