Senators give go-ahead for economic empowerment zone
Senators approved legislation granting business owners and residents of South East Hamilton Economic Empowerment Zone status.
Under the Economic Development (Designation of Economic Empowerment Zone) (South East Hamilton) Order 2023, presented in the Senate by Leslie Robinson, the Junior Minister for Economy and Labour, occupants in the area will be able to apply for a host of concessions and tax breaks.
The initiative is part of a drive by the Government to encourage development in the area, and follows on from the creation of an EEZ in the neighbouring northeast quarter of the capital. EEZs have also been created in Somerset and St George’s.
Douglas De Couto said: “Governments should not pick winners or losers but set the conditions for success.”
Dr De Couto asked how other economic empowerment zones had faired since their introduction, while John Wight, an independent senator, questioned how much the breaks would take from the consolidated fund.
Ms Robinson told both senators she would have to provide the information at a later date as it wasn’t readily available.
She said the Bermuda Economic Development Corporation produces an annual report highlighting the achievements and progress of the EEZs, and information would be available there.
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