Forging closer understanding and partnership with International Business, while at the same time improving the ability of young Bermudians to secure careers within the Island's leading economic sector is a major plank of the United Bermuda Party's approach to the future direction of the economy.

A raft of other measures, from streamlining the cost of running Government and the civil service, to eliminating payroll tax for anyone who earns less than $42,000 a year and ensuring at least $70 million of Government contracts each year go to small business on the Island are among other promises.

The Party will also provide training for small businesses to help them bid competently for Government contracts and review the tax structure on small business "to ensure fairness and encourage economic growth."

Further, the UBP will create an all-new Ministry of Economic Development and Empowerment to run alongside the Ministry of Finance, a move it intends to further the business and career aspirations of Bermudians.

It will also conduct an immediate review of the work permit term limit policy.

Promoting the UBP's agenda for the economy E.T. 'Bob' Richards warned the Island is falling behind when it comes to educating its young people to a level where they can, if they wish, climb the corporate ladder.

"Our first priority must be to raise our educational standards so that more young people graduate from our secondary school system with the necessary training to go on to university or to technical colleges," he said.

"We will offer more scholarships, interest free loans and bursaries so that any economic barriers to higher education are removed for those who are keen to continue their schooling.

"We must start providing children in Bermuda with an education that enables them to take advantage of career and workplace opportunities.

"It is essential to ensure that our public education system does a better job of preparing our young people to participate successfully in the economy.

"That improvement has to be much broader than merely in the area of academics.

"We must also create a system of integrated technical education, from the middle school level through to Bermuda College."

A UBP Government intends to offer education grants in the form of interest-free loans up to $15,000 will be available to students entering a third year of higher education.

Regarding the Workforce Equity Act, Mr. Richards said it had been set up in an impractical way. "We believe the Act is unnecessarily divisive and does not address the real issues, which are how we create opportunities for both black and white Bermudians to succeed and how we fight discrimination of all types in the workplace."

He said the UBP would ensure equality of opportunity and fair treatment in the workplace.

A UBP Government also intends to conduct an immediate review of the six-year work-permit term limit policy. Why? Because it hasn't worked, according to Mr. Richards.

"Today, non-Bermudians hold 31 percent of jobs, up from 23 percent when the PLP came to power in 1998. Thus, the term limit policy is not creating job opportunities for Bermudians," he said.

"In fact, it has had the unintended consequence of creating an incentive for business to outsource their entry-level and mid-level positions to jurisdictions where those jobs can more easily be filled.

"Those are the positions that Bermudians traditionally filled, so the result is there are fewer opportunities for Bermudians than there were before the policy was introduced."

Regarding International Business he said a UBP Government would work in close partnership to ensure the Island maintains its competitiveness regarding "taxes and fees, housing, immigration and so on."

Other key points of the UBP's agenda which affect the economy are;

• Streamline Government by reducing the civil service, cutting ministerial salaries and consultant fees, cutting ministerial travel and reducing the number of GP cars on the road.

• Enhance the Employment Act, including an increase in minimum maternity leave provisions.

• Create a Tourism Authority managed by tourism professionals.

• Offer a duty-free tax system for Bermuda's tourist-orientated retailers.