Log In

Reset Password

Forum to explore ideas for building a more inclusive economy

With one of the highest standards of living to be found anywhere in the world and a roaring economic success story many could be forgiven for believing everything is rosy in present day Bermuda.

But that is not the case and finding a way to bring some of the economic good times to those who currently do not share in it forms part of the theme to be discussed at a public forum in Hamilton this evening.

The first of five open consultation gatherings to consider the draft Sustainability Development Strategy and Implementation Plan for Bermuda will be held between 6 and 8 p.m. at the Leopard?s Club.

Bermuda College economics lecturer Craig Simmons, Bermuda College director of Professional and Adult Continuing Education (PACE) Eugenie Simmons, political commentator Rolfe Commissiong and Butterfield Bank chief executive officer Alan Thomson will be on the panel for the discussion, which will be moderated by Editor Bill Zuill.

As the future of Bermuda is placed under the spotlight and ideas and thoughts are gathered this is an opportunity for the ?voice of the people? to be heard.

During this final round of public consultation new ideas can be brought forward for consideration ? or ideas already included in the near 500-page draft plan can be tweaked.

To open the three-month consultation the first of the themed discussions is entitled ?Building and Maintaining an Inclusive Strong Economy?.

Ironing out inequalities in Bermuda?s economic pie so that those missing out are brought into the circle to play their part is one of the objectives.

Suggestions for how that can be achieved include making it easier for Bermudians to set up small businesses, to be entrepreneurs or be mentored and guided by experienced business leaders on the Island.

Already in the pipeline is the establishment of a North Hamilton Economic Empowerment Zone, there is a suggestion to create a cash fund to help Bermudians secure the money they need to set up a business, as well as a possible free or low rent ?market vendor space? where fledgling businesses can test their ideas and create a market niche before going on to rent shop premises.

Also up for discussion is how to safeguard the more than $1 billion of economic activity from international business and tourism.

Keeping the international business sector vibrant in the face of the ever-changing dynamics in the global market place and balancing the conflicting benefits of tourism with the negative impacts such as strains on the natural environment, infrastructure, water resources and waste management are two further areas for debate and consideration.

There is a need to diversify Bermuda?s economic base rather than continue to rely on international business and tourism.

Areas identified as possibilities include offshore fishing, ?aqua culture?, international conferences and sporting events, and expanding potential economic benefits from Bermuda?s international rights over several thousand square miles of surrounding ocean and ocean floor under the Exclusive Economic Zone.

Peter Everson, president of the Chamber of Commerce, said the ideas so far put forward were starting points.

The idea of carving a niche for international conferences makes sense in one way because of the Island?s attractiveness and the expense of Bermuda is not prohibitive compared with some other conference destinations.

But Mr. Everson said the large number of competing conference venues in the US, as an example, would make it tough for Bermuda to break into that market.

Regarding offshore fishing, he said: ?Bermuda has a 200-mile exclusion zone and the fish are there, but the fish swim by. They are not ?permanent residents?.?

However, he believes it is worth keeping an open mind on any opportunities that arise regarding underwater mining and such-like, should they materialise.

A further idea in the draft plan is to relax foreign exchange controls.

Overseas investment is already the third largest revenue source for foreign currency in Bermuda.

A knock-on effect of relaxing the controls could see wealthy Bermudians decide to invest their money elsewhere rather than in Bermuda?s housing market.

The draft plan also puts forward an idea that companies that provide lasting benefit to Bermuda should be given incentives and rewards, such as fast-tracking work permits and offering lower fees.

An idea to create a ?Good Corporate Citizen? scheme foresees benefits such as mentoring and allow Bermudians to work shadow, doing voluntary work, donating a percentage of profits towards affordable housing, youth schemes, environmental clean-ups, and alike, having wellness programmes for staff and monitoring energy, water and waste production and usage.

In return companies will score points and the more points scored will attract greater rewards from Government.