The Ministry of Economy and Labour has established a new body intended to manage Bermuda’s economic co-operation agreements.

The ministry said in a statement that the National Economic Co-operation Committee would oversee the implementation of memoranda of understanding, monitor progress, identify opportunities for collaboration and “ensure that Bermuda’s international economic engagement remains relevant and responsive”.

The committee will include senior representatives from government and economic institutions including the Minister of Economy and Labour, who will serve as chairman.

Jason Hayward, the minister, said that the island must be ready to adapt and compete in a rapidly changing world.

He added: “The NECC will help ensure that our international partnerships are practical mechanisms that create opportunities for investment, workforce development, innovation and economic development.”

A government spokesman said: “The cross-composition of government, public and private will ensure a co-ordinated approach to advancing Bermuda's economic interests internationally.

“Establishing the NECC reflects the Government’s commitment to a clear and confident strategy for navigating an increasingly complex world.

“As global economic and geopolitical dynamics evolve, Bermuda is taking proactive steps to diversify its international relationships, strengthen economic resilience and position itself to capitalise on emerging opportunities.”

The spokesman added that the NECC would help to diversify Bermuda’s global relationships, reinforce the island’s position as a “beacon of stability”, leverage tourism opportunities and prepare Bermuda’s workforce for the future economy.

He said: “The committee will support Bermuda's efforts to expand economic co-operation across key regions, including the Middle East, Africa, the Caribbean and North America.

“Recent engagements with the United Arab Emirates, Ghana, Nova Scotia and Florida, together with Bermuda's continued pursuit of deeper regional integration through Caricom, demonstrate the Government's commitment to building a broader and more diverse network of economic partners.

“Expanding Bermuda's international relationships is not about replacing longstanding partners. Rather, it is about building a wider circle of trust that provides greater resilience, access to new markets, enhanced investment opportunities and more secure supply chains for essential goods and services.”

The establishment of the NECC was described as an important step in the Government’s long-term economic strategy aimed at building a more resilient, competitive and prosperous future for all Bermudians.