Minister makes bid to reassure int'l companies
Finance Minister Eugene Cox yesterday moved to make clear Government's support for international business.
And he asked for those who speak publicly on the matter "to do so on the basis of fact, not speculation''.
Mr. Cox also emphasised the Progressive Labour Party's wish to ensure that the development of the industry "includes opportunities for the upward growth and development of Bermudians''.
In a press release yesterday, he moved to quash any speculation that Government is "somehow taking a hostile approach to international business''.
He said recent figure estimates showed that the industry as an industrial sector amounts to 13.7 percent of GDP (Gross National Product) and the fact that 1,594 Bermudians are employed in the sector shows that the Island "has a significant stake in the presence of international business''.
Mr. Cox added: "International business has made significant commitments to Bermuda for their future and the future benefit of the Island.'' He pointed to last month's Budget Statement, which he said outlined the Ministry of Finance's present and future efforts "to support the business environment against a broad spread of international initiatives that could prove harmful.
"In light of the benefits that international business brings to Bermuda ...those companies that are here and those companies that may be considering coming here will realise that the Government supports the continued development of this form of business activity.
"Unlike the former Government, however, this Government wishes to ensure that the continued development of international business consciously includes opportunities for the upward growth development of Bermudians and that such growth occurs within the parameters of what is considered sustainable in the structure of the Bermudian economy and society as a whole.'' Mr. Cox added: "Government is not about to embark on any negative policy towards international business and encourages those who speak publicly on these policy matters only to do so on the basis of fact, not speculation.''
