National Economic Development Strategy for Bermuda Announced by Labor Minister Jason Hayward

I am pleased to announce that the Ministry of Economy and Labour is releasing a national Economic Development Strategy for Bermuda. The Economic Development Strategy sets out a roadmap which provides a clear path to guide Bermuda to sustainable economic growth and development.

The Strategy seeks to build an economy that creates:
• greater opportunities for the people of Bermuda;
• supports entrepreneurship and small businesses;
• supports our farmers and fisherman; and,
• embraces new technologies and opportunities for diversification.
The Strategy will enhance Bermuda’s business ecosystem, increase its global visibility and competitiveness, and promote investment. It will also help address future economic challenges resulting from Bermuda’s ageing population. The Strategy sets out five strategic priorities and includes initiatives to improve and expand the economy and increase the working population.

The five strategic priorities will form the bedrock of Bermuda’s economic development efforts. The strategic priority areas include:

1. Local and International Business Expansion and Retention;
2. Attracting businesses and promoting investments into Bermuda;
3. Entrepreneurship and Small Business Development;
4. Continued execution of the Economic Recovery Plan; and
5. Investing in People.

The Government’s Economic Development Priorities ensure:
• Bermuda has the right ecosystem, which allows businesses to set up, grow and thrive;
• Bermuda remains an exceptional destination in which to live, work and play;
• Bermuda’s entrepreneurial legacy continues, and our island’s small businesses are at the forefront of driving Bermuda to future success;
• Bermuda’s workers within the local labour market have the necessary tools and skills required to remain competitive; and
• Bermuda utilises immigration to encourage greater economic activity and a sustainable workforce.

The Government’s economic development organisations, the business community and the people of Bermuda must work together to ensure the successful execution of this strategy. We must work together to attract and retain business in Bermuda, boost foreign investment, increase the workforce, and build our local economy to its fullest potential. A synergised approach will ensure results are maximised.

In formulating this Strategy, the Ministry of Economy and Labour conducted a detailed review of current economic development initiatives, an in-depth analysis of Bermuda’s industries and growth opportunities, and a review of other plans and strategies of relevance. The Ministry considered feedback from stakeholders and community input through the Governments Forms Portal. And so, produced in collaboration with the newly formed Bermuda Economic Development Advisory Board, the Strategy will complement the work of organisations involved in economic development activities in Bermuda.

Executing these strategic initiatives will allow our economy to be robust, sustainable and continue its growth. The strategic priorities go beyond increasing the GDP to maintaining high levels of employment rates, reducing unemployment, and expanding the range of well-paying jobs.

Bermuda’s Economic Development Advisory Board will provide the Ministry of Economy and Labour with ongoing strategic guidance on implementing the Economic Development Strategy. The Board will set key performance indicators and regularly monitor and evaluate the progress of strategic economic priorities. The tracking and reporting of metrics that assess the effectiveness of this plan and initiatives outlined in the Strategy will be ongoing.
Bermuda’s economic ambitions are made clear by the release of this strategy.

We want businesses to grow and prosper, we want quality jobs for the people of Bermuda, and we want greater levels of investment in infrastructure and technology. Collectively we must work together to embrace a future in Bermuda that benefits all.

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