International business leader David Ezekiel yesterday called upon Government to encourage job-creating businesses to Bermuda as the Island faced up to the impact of the global financial crisis.

Speaking at the annual general meeting of the Association of Bermuda International Companies (ABIC), of which he is chairman, Mr. Ezekiel said Bermuda had to find a way to "put aside the envy and the stuff that stops the job creators from coming here".

He said Bermuda needed to welcome job creators to "keep the economy as vibrant as it has been".

"As I've said many times, the only competition we have is ourselves," Mr. Ezekiel said. "We just need to look right here."

Mr. Ezekiel, who hinted he may step down as ABIC chairman before next year's AGM, added that Government had made "tremendous improvements" in turnaround time with work permits. "Our surveys have shown a measurable improvement in that area," he added.

On the issue of work permit time limits, the ABIC chairman said: "I would like to say we are making progress.

"We have got a Minister (Immigration Minister David Burch) who is listening. We don't demand immediate results, but we do ask for dialogue and we do ask for people who are dealing with this to be educated on the issue.

"Relations are good, but you can rest assured that where we see issues that are worth commenting on, on your behalf, history has shown we are not shy to get up and talk about them."

Other issues ABIC is working on include a response to the Workforce Equity Act draft legislation. Under the proposed law, companies will be forced to set up policies to ensure blacks gets a representative share of the top jobs. Those who refuse could be hit with $50,000 fines.

Mr. Ezekiel said ABIC had also looked at the issue of housing allowances — a big issue at companies where non-Bermudian staff receive them, while Bermudians do not.

The ABIC chairman said Bermuda's insurance sector had fared well during the global financial crisis.

"It's made fools of many of us in terms of what's happened in the last 12 months, but you can't plan in terms of a one-in-100-year event," Mr. Ezekiel said.

"One bright spot, I'd like to say, is the way the balance sheets of the insurance companies have held up relative to other industries.

"That's something we can take great comfort from and it speaks so well to the leaders of our industry and how they have managed the assets side of their balance sheets."

Financial regulator the Bermuda Monetary Authority had done a great job of improving the image of Bermuda on the world regulatory scene, which was getting better with every month, he added.