New economic ideas
August 25, 2011
The global economic crisis is being felt more and more in Bermuda. With Bermudians unemployed, international businesses domiciling to other jurisdictions and crime becoming more prevalent, we have still not developed a new mindset of changing and challenging the old ways of doing business. Bermuda needs to change, re-invent itself and move forward.
There must be a collective meeting of the minds between Government, business leaders, educators, community leaders, nedical professionals and young citizens to express and exchange ideas that will be beneficial to Bermuda and its future as a whole. The Government and the private sector must work together in developing infrastructure and initiatives that will set Bermuda apart. Committees could be set up and meet regularly to keep abreast of new developments and ideas that could be implemented on a continuous basis to ensure that Bermuda stayed ahead of the curve.
We must concentrate on making Bermuda attractive to overseas businesses and fostering our international relationships with government leaders to demonstrate to the world that Bermuda is a place of new opportunities.
We should encourage not just insurance companies but innovative companies in fields such as technology and medical research to look at Bermuda as a place to expand their business such as GE Healthcare, Otto Bock, Google, Facebook and Twitter. These companies have the financial fortitude and technological savvy to inject not only revenue into the economy but intellectual stimulation as well. These companies pride themselves on being good corporate citizens which translates into environmental awareness, educational grants and donations to charities, all of which would benefit Bermuda and her people.
Bermuda must also be in a position to host high level conferences, such as the OECD Conference that was recently held, to put in us in the international spotlight as a place with an atmosphere that stimulates innovative, creative and economic problem solving ideas and discussions.
Even in this economic downturn, there are companies who are still turning a profit. The Government needs to sit down with these Captains of Industry and acquire some of the techniques they use to continue to thrive in this economy and apply them to Government’s daily housekeeping. Government must be willing to learn from persons who are being successful in this environment to keep the Government running at its maximum efficiency.
We have a unique ability to provide a platform for oversees companies and high net worth individuals to domicile here. Government needs to be proactive in ensuring that these companies and individuals have incentives that will attract them here such as PRC for individuals and removal of the 60/40 rule for companies. Government needs to take notes as to what these individuals and companies would require or desire in order to make Bermuda more attractive as their home. Benefits to them would translate into benefits for Bermuda such as foreign exchange and jobs.
We must all take an active role in rebuilding Bermuda’s economy with business and government leaders driving the process. In this environment, new and fresh ideas are required to enact change and take Bermuda on a path to continued success now and for future generations.
City of Hamilton