Bermuda’s strict immigration laws are a drag on the economic regeneration of the Island, an expert said yesterday.

Peter Everson, a business consultant and former Chamber of Commerce spokesman on the economy, said: “Immigration policy and law as they stand have been a huge negative for the economy over the past ten years.”

But he said the OBA’s commitment, backed by last week’s Throne Speech, could revitalise the economy by making it easier for overseas businesses to set up shop on the Island.

The Throne Speech, Government’s blueprint for the coming Parliamentary year delivered by Governor George Fergusson, said: “The primary aim is to invigorate the engines of the economy — principally tourism and international business — because of their potential to improve the lives of more people more quickly than anything else.

“To achieve this, the Government is working on a broad front to rebuild investor confidence in the Island, opening new job and revenue-creating opportunities and new pathways for Bermudians to make a living.

“This is the context within which reforms to immigration, changes in corporate law, negotiations for new hotel developments and the pursuit of the America’s Cup can be seen.”

But Mr Everson said that much depended on the kind of amendments proposed — and Civil Service speed in implementing new legislation.

He added that the Throne Speech was simply a legislative agenda.

Mr Everson said: “It’s not the be all and end all of what the Government is going to do. It’s the legislative agenda — a good chunk of what the voters are looking for — jobs, increased investment, investment in the country — don’t have to depend on changing laws, but getting good direction with the laws already there.

“The question is then ‘how good are the prevailing laws?’”

Mr Everson added that he assumed the Throne Speech’s main thrusts were prepared after discussion with a wide range of the community, including the business sector.

He said: “They say they have been busy discussing investment prospects, both locally and with overseas investors and I’m assuming the Throne Speech was based on that feedback.”

The Chamber of Commerce said it welcomed the Throne Speech emphasis on rebuilding the economy and dealing with the country’s debt.

A spokeswoman said: “The Chamber endorses the focus on growing the economy and stabilising Government’s finances.”

She added that plans to create an America’s Cup Act would assist the bid for the money-spinning races.

And the spokeswoman said proposals to create a new corporate entities, Limited Liability Companies, (LLCs) were also backed by the Chamber.

She added: “Education and its support of business is a major determinant of success and we support the changes mentioned in that area.”

The Throne Speech also warned that the Island’s healthcare system was not “financially sustainable in the long term” and signalled a new Health Care Plan.

Mr Fergusson said: “To address the strain the cost of healthcare places on families and Bermuda’s economy and to provide the most effective care possible, the Government will introduce the Bermuda Health Plan, which will put prior healthcare proposals in the context of today’s economic climate and re-prioritise health system goals.

“The purpose of the Bermuda Health Plan is to provide a strategic approach to improve equity, quality and sustainability of our health system. Its mission, and that of the Ministry, is Healthy People in Healthy Communities.”

The Chamber spokeswoman said: “Healthcare and related costs is of particular interest to our members and we are interested to hear more of the Bermuda Health Plan.”

And she added that east end members of the Chamber would be eager to hear more information about Throne Speech proposals to upgrade the shipping channels in the area.