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BIBA carries out Independence survey

The Bermuda International Business Association (BIBA) has conducted a survey among its clients gauging their reception to Independence.

However the results of the questionnaire will not be released to the public just yet as they are first to be sent to the Bermuda Independence Commission (BIC). The survey has not been shown to Premier Alex Scott, who admitted yesterday that he was unaware of its results.

The Premier did say that Government has met with international business stakeholders, however, and that after discussion most were ?comforted? by Government?s approach to Independence.

Part of BIBA?s role involves constant communication with those overseas who are Bermuda?s ?clients?, BIBA chief executive Deborah Middleton explained.

?The Government came to us with a request for our feedback on the issue of Independence, and we felt it important to have a clear understanding of what our clients? reaction was,? she said. ?So we asked them.?

As expected, she added, the financial community was concerned. ?They do not like uncertainty and fear anything which could potentially impact on their ability to continue to do business successfully.

?I think this is understandable. We would feel the same way if, for example, we had our money invested in a company whose management was changing.?

Bermuda?s prosperity comes from those clients choosing the Island as a place to do business, she said. ?It is different from a tourist choosing Bermuda as a holiday destination. Their needs are totally different.

?This is why we have to conduct ourselves with great care during the discussions on Independence and demonstrate that we are everything that we purport to be: a sophisticated, blue chip financial centre.

?We have communicated our results to the Government and the BIC will also received our submission and recommendations.?

When asked if could also obtain a copy of the results, Ms Middleton declined, saying they must go to the BIC first.

Yesterday, Mr. Scott said he has not had the benefit of seeing the BIBA questionnaire and was not aware of its results.

?However I have been meeting with various sectors of the international business community and the insurance/reinsurance company heads that represent them in Bermuda,? he said.

?We have provided them with a background appreciation of the Government?s intention in setting up the BIC. We?ve explained to these individuals and groups that the PLP has a long-standing commitment to educate Bermudians on each and every aspect of this subject that we believe they should be aware of, whether we continue as a dependent territory or choose to go the route of self-determination.

?BIC will be the conduit for gathering and dispensing information to the entire community in an objective and dispassionate manner ... It has been observed that this is the most democratic and unique solution to the process of educating a community on the subject.

?We have generally concluded our discussions with the international representatives, and have pointed out that no lesser personality than the Governor himself has endorsed the way Government is handling this all-important subject.

?And I can report that at the conclusion of our various meetings, most have declared themselves comforted by the Government?s approach.?