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ABIC: Cup will lead to ‘substantial’ investment

Business chiefs yesterday joined forces to predict the Bermuda Cup would be a top money-spinner for the Island over the next three years.

George Hutchings, chairman of the Association of Bermuda International Companies (ABIC), said there would be “substantial” investment and employment opportunities in the run-up to the 2017 event, the biggest competition in world sailing.

Mr Hutchings added: “This is just what we need to create confidence in Bermuda, drive the development of hotels and other visitor amenities throughout the Island and provide a critical stimulus to the construction sector.

“It will increase the competitiveness of our Island as a destination and it will promote investment and job creation for Bermudians.

“This is a win-win for international business as well, given how our customers and suppliers utilise the Island's tourism infrastructure such as hotels, restaurants, transportation and leisure amenities when they visit the Island.”

Mr Hutchings said the global economic slump continued to affect Bermuda, with unemployment and apartments lying empty — but that the America's Cup would give the entire Island a shot in the arm.

He added: “This event is an important win as we formulate and execute substantial strategies which maintain and grow tourism and international business and seek additional revenue sources for Bermuda.”

Mr Hutchings said: “Bermuda is business-friendly and the domicile of choice for those companies that are currently here and those companies and business opportunities that may be created here in the future.”

Mr Hutchings echoed earlier views by the business world that the entire economy would benefit from the series of ocean races.

Peter Everson, head of PE Consulting, and an expert on economics, predicted that the Island could benefit to the tune of $300 million through the decision to host the Cup in Bermuda, the first time a defending US team has chosen to stage the race outside its own waters.

ABIC chairman George Hutchings

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Published December 03, 2014 at 4:51 pm (Updated December 03, 2014 at 4:51 pm)

ABIC: Cup will lead to ‘substantial’ investment

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