Minister highlights progress on building Bermuda’s economy
Headway has been made cutting red tape and encouraging investment in the island under the Bermuda Economic Development Strategy, MPs heard.
Jason Hayward, the Minister of Economy and Labour, said that a progress report tabled in the House of Assembly this morning highlighted the removal of barriers to investment and job creation, while addressing housing challenges.
The report focused on retaining and expanding local and international business, the first strategic priority under the plan.
Mr Hayward added: “This report sets out what has been delivered, what is under way and what comes next.”
Mr Hayward pointed to the Bermuda Business Development Agency’s transition into an investment promotion agency, working with industry leaders to make Bermuda more competitive.
He highlighted the BDA’s focus on established areas like financial services, proactive areas such as high net worth services and aspirational areas including the blue economy.
Mr Hayward said each pillar was undergoing “the next stage of intensive analysis to ensure the correct priorities, sectors and markets”, while the agency kept the advantages of Bermuda “consistently presented” in the spaces where investment decisions get made.
Housing was being bolstered to accommodate, including “island-wide mapping of development opportunities, updated needs and demand analysis and early design concepts to shorten the path from interest to construction”.
He said the Approved Residential Schemes programme, encouraging development in select areas by allowing investments by non-Bermudians and exempted companies, now included the City of Hamilton, with one application approved and more in the pipeline.
Mr Hayward added: “It is worth noting that many units across the island remain empty simply because the renovation costs place refurbishment out of reach for many homeowners.
“The Private Sector Refurbishment Programme is bringing empty units back into use by offering up to $125,000 in interest-free support for refurbishment, repaid from rental income.
“To date, 48 landlords have registered interest, and 32 properties have been assessed.”
Mr Hayward said airlift to the island was up more than 50 per cent over the past two years, with the Bermuda Tourism Authority now undertaking an assessment of what extra was needed to support reopening the Fairmont Southampton.
Work to support local food production included an arable land audit, upgrading post-harvest storage capacity and modernising inspection and surveillance capabilities.
Mr Hayward said that the draft Marine Spatial Plan has been completed, with the draft Blue Economy Strategy prepared.
He added: “Next steps depend on drafting and enacting the Marine Development Act, which will provide the framework to take both documents forward.”
Mr Hayward said the report also highlighted work on Bermuda’s fintech strategy, stating that licensing activity under the Digital Asset Business Act had increased significantly.
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