Special team to be set up to boost economy
A “project management team” is to be created to help boost the economy, the finance minister announced yesterday.
Curtis Dickinson said during his 2021-22 Budget statement that a list of 30 policy changes and initiatives had been developed to “accelerate medium-term economic growth”.
He added that the policies would be tackled by a team of people with “the right experience, mindset and knowledge” that was independent from the “day-to-day operations of the Government”.
Mr Dickinson said several initiatives were planned to stimulate the growth of new industries and the development of financial markets.
He added that growth would be encouraged by the creation of “an environment that encourages innovation, entrepreneurs, businesses and start-ups”.
Mr Dickinson said: “Examples range from an energy regulatory sandbox that will allow Bermuda to benefit from innovative technology in the energy sector, a marine development zone and exploring options to encourage fintech and digital players to innovate on the island.”
He added new construction would also take place to provide “direct and immediate stimulus for our economy.”
Construction plans included a new waste and water management centre, as well as a shoreside fishing centre and charging points for electric vehicles.
Existing buildings were also expected to be upgraded.
Mr Dickinson said there were plans to expand the population to diversify the market and create a larger consumer base.
He added that legislation would be developed to tackle minimum wage and affordable universal healthcare.
Mr Dickinson said labour markets changes and “social development initiatives” were also on the table and would include several employment strategies, as well as a revamped public education system.
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