Bermuda could launch a bid to host the Global Entrepreneurship Congress (GEC) in 2018 — which would attract thousands of delegates to Bermuda in the wake of America’s Cup.

Home Affairs Minister Michael Fahy told Senate yesterday that the bid package for the 2018 event will be released in April.

He added: “It is yet to be determined whether it is in Bermuda’s best interest to enter in a bid hosting arrangement as the financial requirements will not be known until then.”

Sen Fahy said that South Africa would host the 2017 event — and that Bermuda had already been in touch with key individuals behind the South African bid and that the Island would be looking at their winning proposal this week.

He added: “Initial discussions with senior Global Entrepreneurship Network (GEN) staff and Mr Jonathan Ortmans, GEN’s president, provided the impression that scale was not the primary concern, but rather the ability to provide keynote speakers and the financial support for the event.”

And he said the announcement of former New York mayor and tycoon Michael Bloomberg at the One Bermuda Alliance conference next month had boosted the Island’s credibility.

Sen Fahy said the event would held in March 2018, offering an opportunity to showcase the Island’s attractions and push hotel and airline group discounts.

He added: “We believe that Bermuda is a global leader in entrepreneurship in many sectors and that the GEC would be the perfect event to showcase our capabilities in the months following the 2017 America’s Cup.

Discussions on hosting the GEC took place at this year’s event, held in Milan, Italy, last week.

Sen Fahy added that discussions had also taken place with the Kaufmann Foundation around introducing its FastTrac entrepreneurial curriculum to the Island and with other organisations with a view to boosting successful entrepreneurs on the Island.