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Cox and Gibbons outline visions of Bermuda's economic future

Bermuda could position itself as a leading destination for continuing education courses, according to Shadow Finance Minister and Opposition Leader Grant Gibbons.

While Finance Minister and Progressive Labour Party candidate Eugene Cox says Bermuda needs to return to the grassroots and church halls to ensure the voices of all Bermudians are heard in economic decisions of the Island.

Speaking as part of a focus on the economy, both candidates offered up solutions to diversifying Bermuda's economy and moving away from the growing reliance on the international business sector.

Dr. Gibbons said that growing the financial services sector was a way of giving Bermuda's economy a “third pillar” - but that by tapping into existing tourism expertise on-Island Bermuda could reap handsome rewards.

“There is a huge world-wide industry in continuing education,” said Dr. Gibbons. “And often times that means people travelling to a site which has a tourism base to it and then having continuing education courses.”

He said that this would fit in well as extension of conferences which are regularly held on the Island and bring in big bucks for the Island, particularly in the off season.

“It would fit very nicely in here,” added Dr. Gibbons. “I have had conversations with the Biostation. A lot of the hotels here have conference facilities, but that is the type of thing we could look at. This sector of continuing education, particularly which is resort-based and is high level is something that would fit in very nicely.”

The interviews, found in today's issue on page four, are with Dr. Gibbons and Finance Minister Eugene Cox, who said that his party is to go back to its grassroots and take its Budget discussions to church halls once again to make sure its voice is heard by what Mr. Cox calls “our people”.

He said that the PLP had proved its critics wrong - and had managed the economy successfully for nearly five years with good growth and economic prosperity - despite the September 11, 2001 terrorist attacks and a global economic crisis.

“The naysayers and the purveyors of doom and gloom were predicting an economic collapse if the PLP won the election,” said Mr. Cox. “Well we won the election and contrary to the negative prognostications, Bermuda has been blessed as a result of our economic policy and management .”

He said that they would be going to church halls across the Island - in a bid to counter the biased press coverage which he said exists across Bermuda which gives his party an unfair hearing.

Mr. Cox said that real GDP had grown by more than seven percent, household income had increased, more than 2,400 jobs had been created, the balance of payments has remained in surplus in very difficult global conditions, inflation has been moderate and the Island has received high credit ratings each year they have been in power.

In the same series on the economy Dr. Gibbons said the Biostation has a lot of ideas for educational type-courses such as in the bio medical areas, alternate energy sources, information technology, and marine science.

Speaking about the UBP's plans to diversify the Bermuda economy, he said that banking may not be the way ahead because Bermuda had managed to stay out of trouble because it did not have any real offshore banking.

“I think there are a lot of things that can be done with the financial services sector. Hedge funds and private equity have grown in Bermuda particularly over the last five years, but there are other things beside financial services we could look at, and other things beyond tourism we can look at. Some may fit in with tourism, for instance continuing education courses.”

He said in diversifying the economy the first place to start was tourism.

“We have the infrastructure here, we have people who are trained in that area,” he said. “Part of it is going to be a structure for day to day management through a Tourism Authority which will take the politics out of management and put the professionals back in charge.

“It is a structure that has worked well in other places. We need to have a structure that is proactive and that is why we are suggesting an Economic Development Ministry for an economic development void.”

And he said what they have set out in the UBP platform is what it would do to diversify international business and look for ways to develop the tourism product.

“We have places like Club Med, the Baselands, the Par-la-Ville Hotel here and some of the discussion about the Hamilton water front and North Hamilton. We are looking at all those to aggressively developing our tourism product - to provide more interest for visitors, and more nightlife.”