MPs held a lengthy debate yesterday on the future of the island’s economy over the next four years.

Jason Hayward, the Minister of Economy and Labour, put forward a motion that “this honourable House supports the ‘Economic Development Strategy Bermuda 2023-2027’, which was tabled in the House of Assembly two weeks ago.

The 62-page document outlines a plan to grow the economy in five key ways: the retention and expansion of international business; attracting business and promoting investment; development of entrepreneurship and small businesses; the continuation and execution of the Economic recovery Plan; and investment in people.

Opening the debate, Mr Hayward described the plan as “robust, clear, strategic, comprehensive, relevant and timely”.

He said that increasing the working population was critical to the success of the strategy and that the Government had plans in place to address the issue.

He said that immigration reform was in the pipeline, adding that it could be used as a lever for economic activity.

He said: “We must make progress and the plan calls for more progress to be made.”

Referring to the “challenge” of Bermuda’s ageing population, Mr Hayward said: “Left unaddressed, it will mean that the average resident will have to spend more on healthcare, It will challenge the sustainability of our pensions and create gaps in our labour force. It means we will not have sufficient supply from the local economy and a smaller tax base.”

Despite the bleak picture, Mr Hayward insisted that the island’s economy was robust and “trending in the right direction”.

He said: “We want to utilise that platform and accelerate and enhance that growth. That’s what the strategy aims to achieve. This economic development strategy sets a road map which provides a clear path for Bermuda to move forward.

Mr Hayward argued that the strategy “should transcend point scoring“ but that he welcomed ”critical feedback“.

Jarion Richardson, the opposition One Bermuda Alliance spokesman on the economy, accepted the invitation.

Mr Richardson said that there was much to be applauded in the plan and many things that he was “pleased to see”.

He said: “I am so thankful to hear about a broad batch of ideas.

“And I have to say that I’m really happy to see things like the retention of international business. That information I enjoyed.”

But he also pointed out “gaps” – including a “lack of timelines and deliverables”.

He noted that the first two thirds of the 62-page document focused on international business development “but then it just got brief really fast” — with only two pages of the document dedicated to the subject of local entrepreneurship.

Mr Richardson questioned why the fourth pillar of the economic recovery plan was included at all, claiming that it was “a plan within a plan — never a good idea”.

He said: “We’re starting to see things that are interwoven and things that are popping up in multiple documents and it’s getting harder to determine when can we expect delivery on this and who’s delivering.

He also argued that many of the “action items” should already have been carried out.

He said: “There should be a check box next to these things.”

Describing immigration as the “political hot potato over the last ten years”, Mr Richardson said: “This is the challenge of our time. We can save our economy — if we get that right.

“Come on, it’s right there, and if we nail it, then Bermuda just accelerates, because I don’t believe Bermuda is done on its trajectory of development. Better days are ahead. But It has to be done through the challenge not around it.”

Government backbencher Jaché Adams, who is also the chairman of the Bermuda Economic Development Corporation, trumpeted that quango’s work in helping small businesses thrive through incubator and accelerator programmes.

He said that hard-working entrepreneurs who were “dreaming bigger” would be able to see “that within this strategy, this PLP government has not forgotten them and will continue to advocate on their behalf and provide resources to help them succeed”.

Michael Dunkley, the Shadow Minister of National Security, Health and Seniors, also welcomed the plan.

He said: “I was pleasantly surprised because the plan in my view was fairly well written and presented and touched on many of the important aspects of the challenges we face in this country and how we work forward. I believe it’s a very workable strategy.

“I think this plan if enacted in the right way will help us get to a much better position.

“This is a backdrop for us to work off of and move forward. If we get it right, it will mean that throughout Bermuda there will be hope and prosperity and better lifestyles.”

He said the issue of immigration would “make or break this strategy“.

He added that other key areas were education, healthcare, infrastructure and leadership

Mr Dunkley concluded: “A lot that’s in there we will support — we’ll be there for it.

“We supported the Fairmont Southampton, but the deal is not done yet. If the leadership can’t close that deal, we need to do better. What I’m saying is we need to make sure that we do better than our past record has done.

“But this plan has the ability to get it done.”