In the first of a two-part series, Alex Wright looks at the hopes and aspirations of Bermuda’s international business leaders for 2010, including the impact of the global economic crisis and the following recovery, immigration issues and the critical role of insurance industry. The second part tomorrow will focus on the local market, economy and retail and tourism sectors.

Resolving the issue of work permits and term limits is top of the agenda in 2010 for one of Bermuda's top business chiefs.

David Ezekiel, chairman of the Association of Bermuda International Companies (ABIC), said his organisation would like to see a follow-up to the recommendations contained in the recently published Bermuda First report, which suggested waiving term limits and work permits for certain expatriates as one way to strengthen the Island's economy.

But Cheryl Packwood, CEO of the Bermuda International Business Association (BIBA), believes that Bermuda's efforts to establish global standards of excellence in regulation and oversight as well as strengthening ties through tax information exchange agreements and its leadership in the Organisation for Economic Co-operation and Development Global Policy Forum will present some real opportunities to differentiate the Island from its rivals at a critical period of time.

Mr. Ezekiel said ABIC also hoped for a return to normalcy in the global environment and a continuation of the public and private sector's latest initiatives to re-energise in the international business sector.

"The efforts of ABIC, ABIR, BIBA and the other major business organisations, combined with other private sector efforts most notably from the major law firms, have added to the excellent work done by the Ministry of Finance and the BMA in putting Bermuda firmly on the front foot once again," he said.

He said that his organisation wished to see some "real energy and effort" being put into the recommendations in the Bermuda First report, especially as it relates to work permits and term limits, and ways of attracting major new employers to the Island.

Over the long term, she said the Association's goal was to ensure that Bermuda continued to be a key participant in the global economy and that Bermudians play a meaningful and increasingly important role in the international business employment opportunities that exist within the jurisdiction.

"I am looking forward to a steady increase in growth in international business in all aspects of our economy," she said.

"I hope that our message that Bermuda is a solid financial center with a regulatory and legislative framework which meets international standards will continue to register with our customers. I look forward to congratulating our Minister of Finance on concluding more TIEAs with our important partners.

"And, finally, I hope that we will continue to open up new markets in Asia, Latin America and India. There is a whole world out there ripe for developing business opportunities for our economy."

She also hoped to build upon BIBA's messages in terms of its Economic Impact Study and the relative importance of Bermuda for the US economy.

"This year will still be a financial struggle for the global financial sector but I do believe that we will see growth towards the third quarter," she said. "I hope that Bermuda will play a significant part in the world's recovery, bringing growth to our economy and that of the world."

Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange Index (BSX), said he hoped to see a greater use of the local capital market by domestic institutions to meet their needs for raising capital, including Government, thus increasing shareholder participation in the Island's recovery and success.

Mr. Wojciechowski said he hoped for a continued and accelerated global economic recovery and a minimal ongoing impact on the local economy by the current global market dislocation.

He also wished to see the continued development of a domestic regulatory culture that embraces shareholder rights and protections, underscoring the importance of public companies and thereby accelerating the maturation of the capital market and economy.

Meanwhile, Mr. Wojchichowski said it was his hope that Bermuda, through innovative regulatory changes such as the ability to create special purpose insurers and with the support of the BSX, would become the world leader for the creation, issuance, listing and trading of insurance-linked securities, thus creating a centre of convergence of the capital and insurance markets.

Furthermore, he wished that the Island remained at the forefront of financial product support and innovation in the offshore world, retaining its position as the jurisdiction of choice for its client base, while the international markets would reward Bermuda's hard work in creating an internationally recognised commercial environment that is conducive to the formation and support of complex business transactions through Bermuda-based service providers.

"I hope that Bermuda-based service providers/stakeholders are realistic in realising that our international clients have a choice in respect of where they can do business and that we collectively adopt an attitude of customer service where excellence in client support is the mainstay," he said.

"Also, I would like to see that from time to time we recognise and express appreciation to those clients that have chosen to set up companies and operations in Bermuda from which to do business and ensure that we as stakeholders remain vigilant in providing an environment that is conducive to their and future clients' business needs."