Government has been warned by the Association of Bermuda International Companies (ABIC) to show its "unequivocal support" of Bermuda's international business sector if the Island is to avoid being overlooked as an offshore jurisdiction of choice.

ABIC, which represents more than 140 international companies incorporated in Bermuda, has called on Government to act now in the face of stiff competition and an tough global economic environment.

"There is a critical need for words and actions from Government which exhibit that Bermuda welcomes high calibre international companies and capital providers to the Island, and that it will do its utmost to maintain an environment, both economically and socially, that supports these companies and their employees - both Bermudian and expatriate," said ABIC chairman David Ezekiel.

Bermuda's political stability was raised as an issue of concern at an international news conference earlier this month, when the CEO of UK-based Brit Insurance, Daniel Douetil, said the Island was not the first choice for a new domicile for his business.

"All of us working in the Bermuda environment are confident that Bermuda, for a host of good reasons, should be the domicile of choice for companies looking to redomicile," said Mr. Ezekiel. "But we cannot ignore the perceptions currently out there amongst some established business leaders, as exemplified by Mr Douetil's comments." Mr. Ezekiel also noted that the physical presence of international companies in Bermuda had been the driving force behind the growth of the Island's economy over the past decade.

"The job-creators who sit at the top of these companies must receive an unequivocal message of support, as that is the message that will then be transmitted into the global marketplace and will determine how we are viewed by our current and prospective clients," he said.

"All of this is brought into even sharper focus in these difficult economic conditions."

But Finance Minister Paula Cox rebuffed ABIC's comments, claiming the Ministry of Finance maintains an ongoing dialogue with the international business sector and in July members of the International Business Forum discussed issues of concern, such as the uncertainty and the volatility of the global markets and how best to position Bermuda.

As a result of the debate, she said Government set up a meeting in September, which Premier Ewart Brown attended, to address the issues, at which the importance of the international business sector to Bermuda's economy was highlighted.