FT scores Island poorly for business friendliness
Best For Quality of Life
1.British Virgin Islands
3. Cayman Islands
5. Antigua and Barbuda
6. Turks and Caicos
7. Trinidad and Tobago
9. Costa Rica
10. US Virgin Islands
Best Business Friendliness
1. Puerto Rico
4. Saint Lucia
(Bermuda not ranked anywhere in top 10)
Source: Financial Times’ fDi Intelligence
The quality of life in Bermuda is great, but the Island falls flat when it comes to business friendliness and the quality of its labour force.
The eye-opening findings are contained in a new report by the Financial Times’ fDi Intelligence division.
British Virgin Islands is named as having the Caribbean/Central American region’s best quality of life, followed by number two Bermuda.
The report also found that the Island’s GDP PPP per capita in 2010 was more than double that of the number-two and three ranked US Virgin and Cayman Islands. And Bermuda was found to have the most Internet users per capita, followed by Saint Lucia.
In addition, Bermuda was number four in terms of having the best economic potential, and number six in having the best infrastructure.
However, despite being wealthy and web-savvy, Bermuda did not rank anywhere among the shortlist of countries considered to have the best business friendliness, best human resources, best FDI strategy and best cost effectiveness.
Puerto Rico was judged to be the most business friendly country in the region with Bermuda rival Saint Lucia coming in at number five, followed by Martinique, Guatemala, Dominican Republic, Grenada and Barbados.
Costa Rica won the best human resources/labour force category, followed in order by the BVIs, Grenada, Barbados, the Dominican Republic, Panama, El Salvador, Antigua, Saint Kitts and Nevis and Jamaica rounding out the list at number 10.
The judging criteria for the business friendliness ranking was based on such factors as: number of jobs created by FDI, number of days to start a business, firing costs, ease of doing business index, perception of corruption, technology services, and number of trade agreements.
Scoring for the best human resources category was based on a country’s labour force, literacy rate, number of universities, secondary and tertiary enrolment rates, school life expectancy, education expenditure and number of international baccalaureate schools.
The quality of life ranking was based on a number of factors, including life expectancy, infant mortality, GDP PPP per capita, unemployment, crime and secondary enrolment.
The fDi report, which ranks what it deems the region’s “Countries of the Future 2011/12”, named Costa Rica as the most attractive country overall for foreign direct investment (FDI).
Bermuda did not rank anywhere in the top countries for FDI.
But competitors Turks and Caicos, Antigua and Barbados did, coming in at number four, number six and number eight respectively.
The report’s judging panel was comprised of Alfredo Coutinho, director for Latin America at Moody’s Analytics, Bowers Consulting owner John Bowers and Jacqueline Wells, senior investment analyst at fDi Intelligence.
The shortlists are created by an independent collection of data by the fDi Intelligence division across 31 Caribbean and Central American countries. Countries scored up to a maximum of 10 points under each criterion, which was weighted by importance to give the overall scores.