Diversification is key to the success of Bermuda, according to shadow economic development minister Jamahl Simmons.

In his reply to the budget, he outlined opportunities for diversifying the economy already shared by the Progressive Labour Party and called for a dedicated, long-term plan.

Mr Simmons suggested the creation of an economic development unit within the Bermuda Government that would be made up of people with track records of diversifying economies.

“What we have been calling for is an economic development plan,” he said.

Such a plan “would set out our vision for Bermuda, our goals and objectives”.

“We must set benchmarks so we can be held accountable and our people know where we are going,” he added. “We see the tourism plan — our economic plan must be that far reaching so we can have set goals that will not be radically changed by a change in government.”

Grant Gibbons, the Minister of Economic Development, said that much of what the One Bermuda Alliance was doing was intrinsic to a plan that included the work being done with the Bermuda Development Agency in growing business in such areas as risk and asset management, and with the Bermuda Economic Development Corporation.

Mr Simmons said he had heard “very little mention of an effort to diversify the economy”, saying the PLP had been “flogged, laughed at and chastised” over some of the ideas it came up with in its reply. At the top of his list was the “blue economy” in the form of aquaculture, which he described as “one of the fastest growing food-production services in the world.” He said aquaculture could create jobs but also local food security and foreign exchange while protecting the livelihoods of local fishermen.

Dr Gibbons said reports carried out in Bermuda were not hopeful, with fish contracting disease and dying off in the colder months. The minister could not pinpoint the root of problem, saying: “It doesn’t seem to have worked out terribly well here. It may be a question of the cost of labour or the fact our water temperatures change so dramatically.”

Mr Simmons also mentioned vertical farming, saying it too could create jobs, food security and foreign exchange while driving down the costs of imports.

Dr Gibbons said: “I’m not sure that is ever going to be a huge sector here but it might be helpful in terms of looking at ways to provide hotel restaurants and grocery stores with additional products.”

Other areas Mr Simmons outlined for potential diversification included coding, bandwidth and attracting and retaining super yachts.

Mr Gibbons said some 80 yachts were expected to visit the island for the America’s Cup next year, which Mr Simmons described as “a huge opportunity”.

Dr Gibbons said the Government was looking at creating a new super yacht policy, adding: “The current policy that has been in place for visiting ships does not fit very well with what we need to do to bring these super yachts back on a regular basis. There is a plan in terms of the South Basin to look at ways to berth and service super yachts there.”

Dr Gibbons said the Government was looking into the possibility of a ‘Freeport’ hub in Dockyard after the America’s Cup, targeting “high-net” individuals.

Mr Simmons also said Bermuda was not likely to see an influx in international business, adding that a larger influx of capital would not translate into jobs and that a contraction in the sector had been tarnished by consolidation.

Dr Gibbons disagreed, saying the industry was merely going through a “consolidation cycle”. He added: “Bermuda has been quite lucky in terms of amalgamations — most of the impact has been in other places. Yes, there have been job losses here but as a consequence a lot of those companies are stronger.

“We have seen extraordinary growth in the insurance-linked security sector. I read of statistics suggesting we have well in excess of 60 per cent of that entire market to such a degree that London and other markets are trying to move in on that. Some say it doesn’t create jobs, that simply isn’t true.”