Premier Jennifer Smith's speech to the International Division of the Chamber of Commerce on Tuesday.

Her promises to speed up processing of work permits, work closely with new companies on their employment needs and to improve awareness of the importance of international business throughout the Island all show that Government is committed to the sector's continued growth.

International companies were concerned -- with some reason -- before the General Election that the new Government would restrict work permits.

Government's record since taking office and Premier Smith's statements on Tuesday will have reassured them.

Both international companies and the Government have difficult challenges when it comes to work permits.

The companies have to recognise that Bermudians have legitimate aspirations to succeed in the sector and that the Island's stability depends on Bermudians feeling they have a real stake in its continued success. They also have to recognise that Government has a responsibility to see that qualified Bermudians are not shut out and are given the opportunity to succeed.

Bermudians and Government have to recognise that international companies compete on a global scale and must have staff who can match up with the best in the world. At times this will mean bringing in foreign expertise, and it also means that Bermudians, once given an opportunity, need to work as hard, if not harder, as the non-Bermudians who are here. That is the only way to end the perception that non-Bermudians are better.

International business and Government need to get their relationship right because the future success of the economy and the legitimate aspirations of Bermudians depends on it. Ms Smith and her Government have made a good start.

TAXING TIMES EDT Taxing times The report published in yesterday's newspaper that the Cayman Islands would seek Independence rather than drop its bank secrecy requirements should probably not be read to mean that any such move is imminent.

But it is a sign of the importance that is being attached to the moves by international organisations to crack down on offshore domiciles, including Bermuda.

The threats from the OECD, the European Union and so on do have the potential to damage Bermuda's economy and need to be viewed seriously. It seems unlikely that Independence is the answer to the problem. While it is true that Britain has some ways to force Bermuda as a dependent territory to change its financial laws, the reality is that if the OECD wants to crack down on all offshore domiciles, it will find ways to do so whether they are dependent territories are not.

A better approach is to continue to make the argument in international forums that on the one hand Bermuda is not a tax haven and maintains high standards of financial responsibility and on the other to point out that having a lower rate of tax does not make a country a tax haven.