By Mairi Mallon Five thousand jobs are predicted to be created in Bermuda in the next few years if growth of international business continues to grow at its current pace.

This is according to Kit Astwood, head of the Economic Development Division of the Chamber of Commerce.

He said that international business has generated $1 billion for the first time, and was vital to the prosperity of the Island.

Mr. Astwood said that the boom would enable Bermudians to keep the high standard of living they enjoy. Latest figures released last week show that there are now 12,261 international businesses registered on the Island -- a 40 percent increase on five years ago.

In 1995 the sector generated $659.9 million, a figure which has increased by half a billion or 76 percent to $1.16 billion in 1999.

They paid $394.5 million in wages locally in 1999 and $203.8 million for professional and bank fees. Rentals reached $34.4 million and land tax plus other payments to Government reached $68.9 million.

The total contribution of the international business sector was up 20.5 percent from 1998 to 1999, according to figures released on Friday.

Mr. Astwood said that his division has predicted that if the same growth in the economy is maintained, the working population will go from 37,000 to 42,000.

And he says if this happens, the job market for Bermudians will be increased and the Island will flourish.

He said: "We have predicted, if the economy goes on growing, we can expect the number of jobs in Bermuda to grow from 37,000 to 42,000 in the next few years.

"And if we go growing at the rate expected, we can see the job specialisation widen for Bermudians.'' And he said new growing industries like e-commerce offered endless possibilities for the Island and its workers.

He added: "Good business decisions have made Bermuda prosper, and long may it continue to provide the standard of living we all enjoy.'' Speaking after the budget was announced on Friday in which Government upped spending, borrowing and income, Mr. Astwood said that Bermuda had to continue to encourage International business to come to the Island.

"The strength of the International Business sector is to be welcomed. It is amazing to see that we have passed the $1 billion mark. It has contributed to taking up the slack in other sectors.'' In an up-beat interview about the economy, he added: "The actual position of Bermuda in the world seems to be more established after the various reviews thanks to the members of Government.'' He said that the economy of the Island had done well under both the past and present Governments, but said: "Now perhaps is the time to be prudent about where funds are placed.'' He added: "The Government has to make sure we encourage international business through the regulations we have in place. We have to ensure Bermuda is a good jurisdiction in which to work.'' He singled out the Monetary Authority for having done a particularly good job in this respect.

"When we look at the economy, there has been some downturn in tourism and retail, and international business is very buoyant.'' Kit Astwood