Welcome to Chairman’s Corner, my regular update on the activities of the Bermuda Tourism Authority (BTA). This week I will continue my discussion of the three divisions at the BTA with an explanation of the Investment Division.

The Investment Division will be responsible for attracting investment to the Island, encouraging focused investment in existing and new product and ensuring that allocated funding is deployed effectively, both in the building of new, and the improvement of, existing infrastructure. It will communicate the new vision of Bermuda to the global investment community including international and private equity ventures, hospitality funds and high net worth individuals. Its purpose will be to attract new funding to the Island and to maximise financial return for the island and its financial partners.

Bermuda’s current tourism product needs significant help!

We need new investors, new hotels and new infrastructure, as well as improvements and updates to existing products that are currently available to our visitors.

Bermuda must create an environment that meets, indeed exceeds, the expectations and aspirations of both new and returning visitors. The Division will identify, conceive and market new feasible tourism investment opportunities that will generate momentum in attracting capital for new products, experiences and real estate opportunities.

The BTA plan has outlined various activities needed to achieve its goals. These activities are varied but will all culminate in improving the tourism product of Bermuda.

One of the activities, for instance, will include the identification of different developable sites and renovation opportunities available in Bermuda. Once these sites and opportunities have been identified, they can be marketed to potential investors. All of the investment opportunities in Bermuda will be clearly catalogued providing easy reference for both potential investors and the general public.

In order to help manage investor relations, the Investment Division will attend investor and tourism conferences. Through the attendance of these conferences, the BTA will build on existing relationships, create new ones and learn from the experiences of other countries.

The Investment Division will assist foreign investors as an “investment concierge” to navigate local rules, regulations and available incentives provided by the Bermuda Government. It will roll out the red carpet, make investors feel welcome and make it easy to do business with Bermuda.

As investment in Bermuda’s tourism industry increases, we, the people of Bermuda, will begin to see and experience the benefits. One of the main benefits will include the introduction of new jobs in the industry, as well as an increase in revenue for both the Bermuda tourism industry and Bermuda as a whole. But before we experience the benefits we must be prepared to put in the work, and we at the Bermuda Tourism Authority look forward to working with you, the people of Bermuda, in succeeding in the goals outlined in the National Tourism Plan.

Thank you for your continued support.