Programmes to help businesses set up have already started to bear fruit, according to Grant Gibbons, Minister of Economic Development.

Dr Gibbons hailed the work of the Bermuda Business Development Agency (BDA) and the Business Development Unit in helping to attract foreign investment as he presented a breakdown of how the ministry’s budget would be spent in the coming year.

He told the House of Assembly that of the $12.2 million allocated to the ministry, a little more than $6 million would be allocated to economic development, while $6.2 million would go to the America’s Cup.

“Nearly 70 per cent of the amount allocated to economic development reflects the grant to the BDA,” he added.

“The BDA, through its focus groups, is putting thought and effort into new business ideas for Bermuda. The BDA is working with Government, the BMA, the AG’s Chambers, and local and overseas experts, to turn these ideas into business development plans that can be executed quickly and effectively. The main objectives are to make a positive impact on Bermuda’s economic growth, to help create new jobs and reduce job losses.”

Dr Gibbons said a new concierge programme that walked potential companies through the process of establishing in Bermuda and provided them with a starting and consistent point of contact had proven successful.

“Approximately 65 companies have used the Concierge Service to gain information about Bermuda and explore the possibility of registering a business in Bermuda, “ he said. “Eight companies have set up a physical presence.

“We can point to renewed confidence in Bermuda as a place to do business. This is very important. Potential new international business looks to the existing business on the Island as a gauge. The strong and encouraging growth, in 2013 and 2014, speaks for itself.”