Business expert Nathan Kowalski has welcomed increased debate on the technological advances that are transforming the Island’s job market and economy.

“I am pleased that we are looking into this and it’s now part of the common lexicon,” said Mr Kowalski, the chief financial officer of Anchor Investment Management.

The Royal Gazette columnist, who has written about the topic extensively in recent times, was responding to Opposition MP Rolfe Commissiong’s call for Government to take action in order to avoid losing jobs due to technological advances.

Mr Kowalski said Bermuda needs to take heed of the book by Andrew McAfee and Erik Brynjolfsson, Race Against the Machine, that warned businesses are increasingly considering substituting technology for people.

“I would agree that there is a risk for job growth and even job potential if the ‘Race Against the Machine’ is ignored,” Mr Kowalski said.

“Rolfe’s comments regarding technological disruption have essentially elaborated on what could be a major problem for Bermuda.”

He added that this is an international problem.

“If we are to compete in the global jobs war we need to be exposed to the winning industries and the ones with enormous potential,” Mr Kowalski said.

Mr Kowalski said that the Business Development Agency is looking into these new areas and is working to bring the new economy to Bermuda.

In his set of recommendations, Mr Commissiong also called for a reform to the Island’s education system with an increased focus on science, technology, engineering and mathematic (STEM).

And according to Mr Kowalski, this is where the Island’s future lies.

In a column last year, Mr Kowalski wrote that without focusing on developing newer industries in the areas of STEM on the Island “it will become increasingly likely that Bermuda will miss the train of future job growth”.

“While we should continue to support our current industries, we are slowly becoming more irrelevant to the future areas of job growth if we do not push our economy into future areas of progress and diversify away from more stagnant or non-innovative sectors.”

Mr Kowalski said he is “encouraged and positively surprised” to see grass roots developments beginning to push for the exposure of STEM in Bermuda, and is happy people are “at least trying to help”, but added that the driving forces behind such initiatives need support and exposure.