BDA releases end-of-year report
The Bermuda Business Development Agency has released its end-of-year report for 2022, providing details of the impact its work had in bringing direct economic investment and stimulation to the island’s economy.
The purpose of the BDA is to promote and protect, in collaboration with the Government and the private sector, sustainable and equitable economic growth, diversity and prosperity in Bermuda.
The report captures some of the highlights of its efforts to promote Bermuda’s unique attributes in targeted overseas markets, attract foreign direct investment, stimulate job growth and create opportunities for Bermudians.
David Hart, the chief executive, said: “2022 was a watershed year for the BDA. In March 2022, despite ongoing social and economic uncertainties raised by the Covid-19 pandemic, the BDA successfully organised Bermuda’s first large in-person conference on island since 2019, our inaugural Bermuda Risk Summit.
“As the world began to carefully reopen in 2022 after a forced two-year travel hiatus, the BDA organised business development missions from San Francisco to Singapore, and most major financial services markets in between [including New York, London, and Toronto].
“We also launched the inaugural Bermuda Climate Summit. As the BDA celebrates its tenth anniversary on April 1, 2023, we look forward to continuing to use our unique skill sets to help build and bolster Bermuda’s economy for future decades to come.”
The BDA said key metrics include:
• Engaged 1,459 new contacts through business development outreach
• Created 80 new leads through business development activities
• Provided 45 referral opportunities to key stakeholders
• Organised 45 conferences and events in Bermuda and around the world
• Issued 41 press releases to more than 100,000 media outlets in 162 countries promoting Bermuda as a place to do business
The BDA provided examples of how some of its recent efforts relate to actual investment and job creation:
• The BDA assisted a US company with setting up an office in Bermuda. After a referral to a local realtor, other local companies and the Economic Development Department’s government concierge service, a local company was incorporated in March 2022, an office was secured and five new positions were advertised locally
• Similarly, the BDA assisted a client with setting up a Class 4 reinsurer in Bermuda within a limited time frame in December 2022
• After attending the BDA’s first Bermuda Risk Summit, the island was subsequently chosen as the jurisdiction to form a new insurtech company, which was incorporated in June 2022 and later granted a regulatory sandbox licence by the Bermuda Monetary Authority
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