Revitalising international business and tourism as the Island’s twin pillars is a priority in revitalising the economy, Government said yesterday.

In the Throne Speech it added that it was “working on a broad front to rebuild investor confidence in the Island, opening new job and revenue-creating opportunities and new pathways for Bermudians to make a living.

“This is the context within which changes to immigration, changes in corporate law, negotiations for new hotel developments and the pursuit of the America’s Cup can be seen.”

The Throne Speech, delivered on behalf of the One Bermuda Alliance by Governor George Fergusson, said: “The Government’s programme for the year ahead, therefore, will continue to focus on the need to grow the economy and stabilise government finances while implementing a broad range of common sense, progressive measures to improve the quality of life for all Bermudians.”

The Speech added that more jobs and rising incomes would come as economic activity picked up — and cited the first increase in five years in the Island’s gross domestic product, almost one percent for 2013, as evidence that Bermuda was turning the corner.

It said that the 72 percent jump last year in new insurance company registrations signalled increases in both traditional and alternative risk transfer sectors, while the 16 percent rise in international company registrations — the highest number added since the recession started in 2008 — was further evidence of a stronger economy.

The Speech added that first half of this year showed a six percent reduction in government spending and a 1.1 percent rise in revenue — and predicted 2014-15 as the financial year when the decline would be turned around.

“This macroeconomic shift, however, has not yet had an appreciable effect on quality of life across the Island,” it said. “The Government will continue to put in place confidence-building policies for broad economic recovery, but there clearly is some distance to go before the turnaround generates the level of activity that enables out of work and underemployed Bermudians to regain their role as providers for their families and dependents.”

Government said that it was committed to boosting the Island’s reputation as a stable home for international businesses.

“In partnership with the Bermuda Business Development Agency, as well as the private sector, it has been working to diversify and improve the Island’s business potential in a number of areas, including fund and asset management, high net worth and trust services and insurance-linked securities,” Mr Fergusson said.

Government added that it would also introduce legislation aimed at creating limited liability companies (LLCs).

“In the private equity arena, the LLC is well established in the United States and coming into greater use in competing jurisdictions,” the Speech said. “The global recognition of the LLC and its administrative ease and flexibility will strengthen Bermuda’s competitiveness.”

Government also announced a string of amendments to existing legislation to help Bermuda “compete effectively with other jurisdictions by providing greater flexibility relating to partnership conversions, re-domiciling, registering of charges and partners’ powers.”

New amendments aimed at beefing up the US-Bermuda tax convention and tax information agreements to boost “consistency, transparency and compliance” with the latest standards for information exchanges with other countries.

The Throne Speech added that there will be new fees for a share of the Island’s radio frequency spectrum.

“The policy has been designed to ensure fair access to the spectrum’s frequency bands for all existing and new service providers,” Mr Fergusson said.

“The new fee structure was designed to encourage greater competition among service providers, leading to customer benefits such as enhanced network speed and reliability, and more rapid introduction of new mobile products to the market.”

Mr Fergusson added that Government was committed to increasing cybersecurity on the Island and completing work on data privacy and protection legislation.