Bermuda needs to make a fundamental shift in the way it does business with the rest of the world in order to tackle some of the most significant issues and challenges facing its economy.That is the view of George Hutchings, chairman of the Association of Bermuda International Companies (ABIC), which represents more than 130 international companies on the Island, who gave his backing to Sir John Swan’s comments last week on the state of the economy.Mr Hutchings said that over the past few years the global economy had changed dramatically but Bermuda’s business model had not adapted to the new reality with international businesses having far more choices of jurisdiction and tourists opting to holiday in other destinations in addition to the challenges posed foreign regulatory and tax authorities which may have a further negative effect on the economy.“Sir John Swan has detailed a plan of action that has a number of legitimate initiatives that could provide a badly needed stimulus to our local economy,” he said. “Members of the Bermuda community should seriously consider his suggestions for improving the economic well-being of all Bermudians.“While ABIC may not agree with all of his suggestions, a good majority of them have a great deal of merit.”He continued: “The reality is the world is changing at an exponential rate and we must position ourselves to respond to both the challenges and the opportunities.“In order for Bermuda to maintain its current standard of living and employment opportunities for its people, policies encouraging investment in the Island need to be considered. Undue amounts of current protectionism could be detrimental to Bermuda’s long-term prospects.”Former Cabinet Minister Quinton Edness said supported some of the comments made by Sir John and think-tank BermudaFirst which came out with its statement in favour of the former Premier’s proposals for turning around the economic situation.He said it was important to ensure that everyone in Bermuda understood the contents of those reports and for Government to talk to further with the various groups and adopt some of their recommendations.But Mr Edness said that while he was opposed to the idea of opening a casino in Hamilton, he thought that it would be a viable proposition to have licensed operations in the Island’s hotels.He also took issue with Sir John’s suggestion of cutting tax benefits for seniors and said the provision of such breaks could be done on a means-tested basis due to many seniors being close to or below the poverty line.Among the ideas that Mr Edness proposed were an industrial zone for IT firms to encourage companies such as Canon, Intel and Microsoft to come to Bermuda, as well as putting together a package to sell the Island better as a top international business centre and attract new business.