Bermuda's economy, a Shadow Minister has said.

And Bermuda must not sacrifice its autonomy at the altar of overseas investment even though such investment is important and necessary if it is managed carefully.

Shaodw Finance Minister Eugene Cox said in the House of Assembly he was worried that any change to the present 60-40 ownership rule that requires a company to be sixty percent Bermudian owned, would be a fundamental one that should not be taken lightly.

And he said he as concerned that the change could take place overnight, as had Bermuda's departure from Sterling as a currency in the early 1970s.

And he warned that it was important for Bermuda not to throw out rules like the 60-40 ownership doctrine "wily nily'' because the country needed some protection.

Mr. Cox said that it was crucial, with the increased globalisation of the world's economies, to look at these issues closely.

"With all the changes, overseas investors will impact on everything from real estate to banking,'' he said.

"And the social cohesion of the country is sometimes uprooted if things are done without fully looking at the ramifications of changes to economic policy.'' But Finance Minister Grant Gibbons said Mr. Cox's worries were unfounded because the 60-40 rule was a matter of legislation and was contained in the Companies Act 1981.

Therefore he said there was absolutely no question that it could be eliminated unless that was what Parliament wanted.

Still Mr. Cox maintained that his concern was still a valid one. He added: "We must look and ask how these things impact on the social cohesion of the Country as well as on our economic autonomy. We must always keep these things in mind.''